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I haggled over a desirable maisonette and won … but it's a hollow victory I haggled over a desirable maisonette and won … but it's a hollow victory
(about 13 hours later)
They say you have a feeling or you just know when you have found the place you want to call home. Stepping into a one-bed maisonette a few miles from Southampton’s city centre, in one of its more desirable suburbs, I came the closest yet to that sensation. It had recently been refurbished and the £140,000 price was slightly less than my budget of £146,000. With green space nearby and good transport links it was desirable, more so because it was close to my work.They say you have a feeling or you just know when you have found the place you want to call home. Stepping into a one-bed maisonette a few miles from Southampton’s city centre, in one of its more desirable suburbs, I came the closest yet to that sensation. It had recently been refurbished and the £140,000 price was slightly less than my budget of £146,000. With green space nearby and good transport links it was desirable, more so because it was close to my work.
I’d made offers several times before – with one flat I was put off after stumbling on a Facebook residents’ association page showing major damp and security issues. The same happened with a flat I was close to buying around Christmas, but Googling the address saved me. Another with time management fees of £1,550 a year put me off a property. I’d almost made offers several times before – with one flat I was put off after stumbling on a Facebook residents’ association page showing major damp and security issues. The same happened with a flat I was close to buying around Christmas, but Googling the address saved me. Another with time management fees of £1,550 a year put me off a property.
This time, possibly influenced by the agent’s claim that I wasn’t the only person interested, I offered the Monday after my Saturday viewing. It wasn’t a house, but was split over two floors – and with my own front door it felt like one. The lack of central heating and allocated parking weren’t deal breakers.This time, possibly influenced by the agent’s claim that I wasn’t the only person interested, I offered the Monday after my Saturday viewing. It wasn’t a house, but was split over two floors – and with my own front door it felt like one. The lack of central heating and allocated parking weren’t deal breakers.
Calling the agent was exciting yet nerve-racking. I offered £126,000, a typical 10% below asking price and £16,000 more than what the vendor paid for the place in 2014 – a fact I found online. While Southampton is apparently on the up, and with city centre redevelopment reinforcing that perception, making £30,000 so quickly seemed crazy.Calling the agent was exciting yet nerve-racking. I offered £126,000, a typical 10% below asking price and £16,000 more than what the vendor paid for the place in 2014 – a fact I found online. While Southampton is apparently on the up, and with city centre redevelopment reinforcing that perception, making £30,000 so quickly seemed crazy.
Sellers’ market or not, I perhaps naively thought I was in a good position, being able to move immediately – chain free and holding an agreement in principle. Knowing the previous purchase price influenced my offer too, as I felt the owner might accept as there was still healthy profit. I followed up with an email stating that the offer was subject to survey and contract. Also, I proposed working towards a convenient completion date.Sellers’ market or not, I perhaps naively thought I was in a good position, being able to move immediately – chain free and holding an agreement in principle. Knowing the previous purchase price influenced my offer too, as I felt the owner might accept as there was still healthy profit. I followed up with an email stating that the offer was subject to survey and contract. Also, I proposed working towards a convenient completion date.
The rejection was swift. I wondered if I had made a mistake by asking questions and arranging a second viewing after my offer – perhaps this planted a seed of doubt in the vendor’s mind.The rejection was swift. I wondered if I had made a mistake by asking questions and arranging a second viewing after my offer – perhaps this planted a seed of doubt in the vendor’s mind.
The agent reiterated the high interest levels and I quickly returned with an offer of £130,000. My plan was to avoid going near the asking price as I did not want to be sucked into paying it (even though I could and would), keen to keep the money myself. Also, I was comparing this one-bed place to similarly priced two bedders I had seen. Two hours later I felt the annoyance of rejection again.The agent reiterated the high interest levels and I quickly returned with an offer of £130,000. My plan was to avoid going near the asking price as I did not want to be sucked into paying it (even though I could and would), keen to keep the money myself. Also, I was comparing this one-bed place to similarly priced two bedders I had seen. Two hours later I felt the annoyance of rejection again.
Trying to play hardball, I told the agent I’d be in touch and that I had other viewings lined up, which was a lie. Within a day, though, I crumbled and returned with an offer of £135,000. Out of desperation I reiterated my position and added that I had checked my finances and could just stretch to this offer.Trying to play hardball, I told the agent I’d be in touch and that I had other viewings lined up, which was a lie. Within a day, though, I crumbled and returned with an offer of £135,000. Out of desperation I reiterated my position and added that I had checked my finances and could just stretch to this offer.
And then, a chink of light. I received an email later that day saying the vendor needed to consult their parents who were assisting with the onward purchase. It turned out the vendor was after £138,500. The agent reminded me of the interest in the property and stated how appropriate they thought that figure was.And then, a chink of light. I received an email later that day saying the vendor needed to consult their parents who were assisting with the onward purchase. It turned out the vendor was after £138,500. The agent reminded me of the interest in the property and stated how appropriate they thought that figure was.
It’s hard to get excited about all of this though, as I don’t really have a burning desire to live in SouthamptonIt’s hard to get excited about all of this though, as I don’t really have a burning desire to live in Southampton
After Easter I returned for another viewing, which merely confirmed my interest, probably because I wanted it to. I hardly cast a forensic eye over the pad. The next day I offered £137,000. The vendor said the lowest they could go now was £137,500. And that’s what I offered, as long as the washing machine was thrown in.After Easter I returned for another viewing, which merely confirmed my interest, probably because I wanted it to. I hardly cast a forensic eye over the pad. The next day I offered £137,000. The vendor said the lowest they could go now was £137,500. And that’s what I offered, as long as the washing machine was thrown in.
Within the day, the agent congratulated me on having the offer accepted. A hollow victory perhaps, having only secured £2,500 off the asking price, but a victory nonetheless, in my eyes.Within the day, the agent congratulated me on having the offer accepted. A hollow victory perhaps, having only secured £2,500 off the asking price, but a victory nonetheless, in my eyes.
It’s hard to get excited about all of this though, as I don’t really have a burning desire to live in Southampton – it’s just that it’s kind of home and I work there. In fact I’m only buying as I think it’s the appropriate thing to do in my mid-30s, am fed up with renting, and feel owning offers me the chance of more happiness and security.It’s hard to get excited about all of this though, as I don’t really have a burning desire to live in Southampton – it’s just that it’s kind of home and I work there. In fact I’m only buying as I think it’s the appropriate thing to do in my mid-30s, am fed up with renting, and feel owning offers me the chance of more happiness and security.
At my request the property has been marked up as sold subject to contract and all viewings and negotiations are supposedly cancelled. I have got a conveyancing quote from a solicitor recommended by a family member, and am off to see my independent financial adviser to secure the mortgage.At my request the property has been marked up as sold subject to contract and all viewings and negotiations are supposedly cancelled. I have got a conveyancing quote from a solicitor recommended by a family member, and am off to see my independent financial adviser to secure the mortgage.
My concerns turn now, though, to how long it will take the vendor to find a house and whether any higher offers are forwarded to them. It came as a surprise that the law requires this, at least according to the estate agent. I have told the agent that I’m not getting involved in a bidding war. That’s in theory though.My concerns turn now, though, to how long it will take the vendor to find a house and whether any higher offers are forwarded to them. It came as a surprise that the law requires this, at least according to the estate agent. I have told the agent that I’m not getting involved in a bidding war. That’s in theory though.
• This article was amended on 27 April 2016. Due to an editing error, a previous version said the author had made offers on other flats. This was incorrect.