How To Negotiate a Property Purchase

[@Naa-ee7nq]

I'm impressed. So much fluff on the internet on those topics, but this was pretty straight to the point and full of good insights.

[@TheSajHussain]

Thank you

[@neilcharlton]

Be great to get an updated version of this for 2023 onwards 😊

[@AronW4]

love this logical approach about how much is it worth to you. We recently had an offer accepted and here's my justification, it may help someone: House went on for 350,000 reduced to 335,00 after some time, (owner needs to move out for a bungalow for a better living standard for them.) New price drew in allot of interest to the point It had an offer already which was being considered. The house is in a good area, lots of land space, off road parking, double garage, good school catchment and matches price mark of other houses that are in worse areas with less of everything. To us we would of paid the asking but to not be too hasty with emotions and to compete with the other offer, I went in at 330,000 with a caveat of a second viewing which they gladly accepted and after that the offer was accepted! For a while I thought it was too easy and I must have overlooked something but after re-checking everything we believe what we have is amazing for us and there is nothing on the market better in our area for the price. We even took a builder family member with us on the second viewing and they approve.

[@charlesstevenson3647]

Oooh, crafty! I love the ".... include the curtains..." approach. Very Ninja!

[@mogheesmir]

Another great video Saj! I have been in sales for the past 15 years and your tips and tricks are definitely transferrable outside of property. The silent pause is a favourite of mine :)

[@TheSajHussain]

Absolutely! Thank you Moghees.

[@rajaraza4037]

Great video but i'm afraid negotiations don't work now a days. Market is crazy. For a decent property in a decent area you either pay the asking price or lose out. That pause after the silent tip was hilarious 😂

[@TheSajHussain]

😁

[@fuzzynavel]

Depends what your definition of "decent property". Some people swear by the thought of buying the worst house on the best street to force value on the property.

[@kashfortheking]

If a lion operated that way, it wouldn’t eat.

[@RD-fp6xu]

@@kashfortheking what a weird metaphor to use. I’m sure it sounded smart in your head though.

[@davidlenton8627]

Who’s buying lions ?

[@artbyrobot1]

i am shocked by how complicated and conniving and clever this all was. so complicated. why can't it just be simple. head games, tricks, all kinds of stuff going on. i see alot of this stuff on shark tank

[@pamsimpson3964]

That was absolutely brilliant, Saj. Thank you for your top tip on over offering to secure the deal. I'm certainly going to use it.

[@TheSajHussain]

You're so welcome!

[@lijie2511]

A year later it is a buyers market now. Can you believe when I asked the agents the lowest offer the sellers would be willing to accept, 66% told me if I go over the asking price by 5k then the seller will definitely take it? P.S.: they know I am a cash buyer.

[@RyoHazuki1]

Estate Agents need to start going out of business before we start seeing realistic asking prices. I bought my first house in 2011 and it was such a simple, easy process - a fair priced house and I knocked 10% off. Today, I'm offering on more expensive houses that are overpriced by 25-30% based on very detailed research of sold prices. It's just a crap experience.

[@BarcellosIgor]

I will apply this video while buying my first property this year (I am sure I can find someone desperated to sell it) and if it works expect to receive a thank you at your mail box :)

[@TheSajHussain]

Best of luck!

[@vinprm]

Probably one of your best videos. Great tips and good revision!

[@TheSajHussain]

Wow, thanks!

[@ianh9871]

If i really what a house I outbid to get it, 20 years later that extra £5 -10k is insignificant. Value and potential over price every time

[@TheSajHussain]

Absolutely!

[@damme91]

depends on demand in your town. i don't understand why anyone would pay more doing that is foolish that's how you end up with negative equity on a property. it pays to do your research

[@davidlenton8627]

Salesman’s dream!🙄

[@jacquelinepaul9731]

Great tip about the cup of 🍵 tea..I'll start accepting from now.

[@TheSajHussain]

👍🏼

[@angiej4865]

Good advice about dealing with agents....I just want to shout at one agency who have overvalued a property and just don't seem to understand that having no deeds, unconfirmed boundaries and poor condition are detrimental elements....🙄

[@c46236]

I never do that. I simply go and make an offer on the spot base on the research and what I am willing to offer. If he play on it we negociate and make a deal, if not shake hands and exit. Time is more precious than dealing with owners that are just testing the waters.

[@victoredwards3959]

Unfortunately, all this won’t apply in a seller market. In fact right now people want extra money , and agents are now using , guide price or offer over the real price. So this is not applicable right now .

[@TheSajHussain]

Some things are market specific

[@victoredwards3959]

@@TheSajHussain absolutely, and thanks for all your helpful advice for young landlords like myself.

[@oxymogurl72]

Saj, thank you so much! Great succinct video...Step 3 was the 'golden nugget' as just had our home valued y'day and we so don't agree with agent's valuation. I'm currently trawling KZbin to find out what 'formulae' is used to value UK homes as the proffered - 'quarter of a mile radius from your front door' just seems like nonsense!! Tell me - What if our neighbour HAD to sell their home for £350,000 out of desperation a year ago but houses on the road typically sell for £420k, how can their sale price be used as a fair representation for a comparable sale price for our home?? New subbie👌

[@TheSajHussain]

Agreed

[@lindokuhleemmanuel4978]

Hello thank you so much for this content ,this is what i was struggling with ,very helpful thank you so much .im from South Africa in Durban,

[@TheSajHussain]

Thank you so much. It always great to hear from an international audience.

[@barmy_irooni]

Great advice & knowledge as always Saji much appreciated, keeping making these wonderful videos

[@TheSajHussain]

Glad you like them Hamid. Thank you.

[@charlesstevenson3647]

Very value packed. Thank you.

[@aj7803]

Thanks Saj. A lot of these tips are also useful for FTB'ers. Also when are you going to do another video in cannon hill park? :-)

[@TheSajHussain]

Thanks, as soon as a the sun is out 😎

[@wojciechwoszczynski6693]

How long property is on the market? 2021... usually about first viewing day and they are gone 3-5% + of asking price... end of negotiations.

[@TheSajHussain]

It's a tuff market.

[@teiubesc1708]

Love your videos. Thank you for being so open and educational.

[@umairahmad4711]

Great video because I will definitely use this to improve my negotiation skills.

[@TheSajHussain]

Glad it was helpful!

[@lorenavincent776]

Very good information. Thank you

[@bakieliacik5949]

Thanks So Much Such a Great Video

[@TheSajHussain]

Glad it was helpful!

[@cu99460]

Hey, Saj. I'm interested in buying a property. Viewed it yesterday. The agent showed me the house and the owner was at home. I managed to get the owners personal phone number, which the agent wasn't happy about. The owner said to give him a call if I wanted to view the property again with my wife (who was present at the time). Is it a good idea to speak to the owner without the agent there and start a negotiation with the asking price? Please advise. Really love your channel and content. Regards, Mickey.

[@anthonyacquah-ghann8667]

Great video. Really got some quality knowledge from this!

[@TheSajHussain]

Glad it was helpful!

[@mrsupershaf]

Great Video Saj. Thank you for your tips

[@user-oe9gv1nz3t]

Great video. How to deal with "Guide price".

[@David-yn5bs]

Tricky question for you Saj, upon registering and views, how does a buyer respond to the agent when asked what their maximum budget/ price they're will to pay? Btw this has been my favourite video!

[@TheSajHussain]

It is tricky. You can give this information, but it's doesn't your budget is what you are willing to pay.

[@David-yn5bs]

@@TheSajHussain But Saj, let's say the agent knows you have a max budget of 120k how do you compete and negotiate for something lower, at say 100k. What words would you use??

[@arfanmedni7294]

@@David-yn5bs I went back for another viewing and took my dad, as a builder, he made comments like that needs replacing , this needs doing. Ten grand!. Using that I told them it needs work hence I have to take that into account with regards to the purchase price.

[@David-yn5bs]

@@arfanmedni7294 Excellent, what a brillant tactic you used, even if it wasn't intentional. Don't have any mates who are builders though but the overall idea is fantastic. Thanks for sharing that buddy!! :)

[@ruinunes8251]

@@David-yn5bs If you don't have any mates who are builders, get some knowledge about the cost to refurbish a house/flat in case your new purchase needs refurbishment and negotiate the price when making an offer based on the work that the house or flat needs. I have seen some houses for sale with an unrealistic price tag. Then a few weeks down the road the prices drop because no one buys them due to the sellers asking a fortune for a house that need thousands and thousands in order to bring to modern day standard. Does your new place need a boiler? Does it need new carpets? Does it need old wall paper off the wall and plaster it? New kitchen? New bathroom? These and many more are things to have in consideration when making an offer. Remember, your profit is made when you buy the property, not when you sell it. If you buy a property for the wrong price, then pour thousands in it in order to bring it up to scratch, you may/most possibly will end up negative.

[@yasinahmed375]

Thanks Saj, very useful. Hope you have a great eid! I did wonder during the final stages and once surveyor has provided a full report. Is it worth sharing the full report to the seller or estate agent as evidence of issues? Or is it best sending snippets from the report? Thanks

[@Keephopealive2013]

Nice tips

[@TheSajHussain]

Thank you

[@HDY0903]

Thanks for the awesome video saj. Can you please make a video on investing in city centre apartments and is it actually a good investment. Manchester city buy to let is going crazy as well as Birmingham.

[@TheSajHussain]

Will do soon. In the mean time you might find this one useful kzbin.info/www/bejne/i2KafIxqa8aZqZY

[@mohammedbabu6959]

Thank you Saj…👍🏼

[@TheSajHussain]

Welcome 😊

[@dgngas]

A really great video! If you get to see this by chance Saj - Thank you! I'm a gas engineer from London but at the beginning of my property journey (not started yet - still trying to gather knowledge). Hopefully get to attend a couple of your networking evenings soon. Ravinder Singh

[@TheSajHussain]

Nearest one is 16th May - hope to see you soon!

[@johnmcmaster8307]

Absolutely wonderful video from Australia

[@TheSajHussain]

Thanks John. I have more content on the channel, hope you stick around.

[@kimtutorials3116]

Great video, the only bad thing is the sound in the background

[@MrCommandert10]

How do you know if someone else actually offered on the property? Can agents bluff?

[@TheSajHussain]

They shouldn't but could bluff.

[@Carolinapetroska]

Of course, agents bluff all the time.....

[@boomeranguk1]

Amazin key points excellent👏👏👏

[@Carolinapetroska]

Unfortunately in many countries the price at which the property sold for is not published anywhere so nobody knows and seldom the agent wants to make that extra effort to find out on each single property you are interested in buying.

[@bodymindgateway2902]

Awesome video Saj. 👌🏽

[@Dani-qc3th]

In theory sound good but end of the day who's pay more is buying the house maybe you have a chance if the offer is same.

[@TheSajHussain]

Yes this can be the case in a strong market, like Summer 2021. But things are settling in the market place.

[@boomeranguk1]

Nice1 lots of dimonds in creativity lots of bangg on info, Respect🤜🤛🧿 👏👏👏

[@remarastadas1248]

Great tips😊

[@NottinghamAzn]

I'm always first. Shahid

[@TheSajHussain]

Thank you Shahid.

[@arfanmedni7294]

Go on Shahid

[@Dr.Cluefinder]

Well done mate 👍

[@TheSajHussain]

Thanks 👍

[@runumiah2459]

Amazing 👏

[@TheSajHussain]

Thanks 😄

[@jasminrahman4378]

Great video. Unfortunately it's not working with me.

[@mugstore99]

*What if the house price says 'Offers in Excess of £400,000' How mush should i offer?*

[@ruinunes8251]

I love that one “ offers in excess of”. Then a month down the line it is reduced by 25k and again offer in excess of 😀

[@desib6596]

Great video again Saj. I have actually started negotiations today on purchasing a property. Its in a much sought after area, I've put a full ask offer in now the agent has come back and said the seller now wants more money, very annoying. Any advice how I can move forward would be appreciated.

[@TheSajHussain]

It is a tuff market and some sellers are being greedy.

[@desib6596]

@@TheSajHussain it very much is a tuff market and because of that, both sellers and agents are abusing the situation. If I have to walk away because seller is not being realistic then I will have no choice but to do so. Keep up the great videos and advice 👍🏽

[@inforealcare7486]

Thank you.

[@TheSajHussain]

You're welcome!

[@ManiSingh-hn7ff]

Great video Saj, thank you. When agents ask for mortgage in principle and proof of funds, regarding the latter if you are planning to negotiate this deal and intend to use investor money not yet secured and dont have a deposit yourself, how would you work around this? (intentions are to flip the property) saying that, would you still need a mortgage in principle if you are hoping to purchase using all investor money again not yet secured?

[@TheSajHussain]

You can get a letter from a Bridger that they are happy to lend in principle. You don't have to use the bridge to complete the purchase.

[@ManiSingh-hn7ff]

@@TheSajHussain I see, brilliant tip, so there's no need to go to the high street banks to get a mortgage in principle really leaving foot prints on your credit file etc.

[@Steve-nz6ek]

Great video Saj, how frequently would you say you make an offer on a property?

[@TheSajHussain]

Regular follow ups are key. Frequency depends on the deal, e.g. SSTC, Direct to Vendor, just listed by agent etc.

[@tarakkhandakar]

Hi there , me and my wife have offered 248500 on a property that's up for sale for 290000. it's been on the market for 22 months and had no serious offers. owner died and now the daughters own it who both live in the US. 1 property in the same building sold for 260k in December last year and one across the court sold for 245k in March this year. we are cash buyers after the sale of our current property. did we do the right thing?

[@TheSajHussain]

Yes, as it needs to work for you regardless of the asking price. It doesn't mean you will get the property though.

[@Carolinapetroska]

You did. Maybe you could have gone up a little and if they were still not open to negotiate, well, next......

[@Keephopealive2013]

I am a property owner but currently renting in another town due to work move. I have learnt that the property I am renting is about to come to the market for sale. I want to make an offer before the property comes to the market. I have never communicated directly with the landlord. I have only communicated with the agents so far but not with the seller/landlord directly. I do not have the contact of the Landlord but can write a direct letter to their address. I cannot see them under the pretext of a viewing as they dont live in the property. What is the best way to get to speak directly to the owner. I tried to guage what the asking price may be through the agent but they came back to say the owner didnt provide a price yet but is happy to entertain an offer

[@TheSajHussain]

There are many ways to find the owner. E.g. land registry, details may be on your tenancy paperwork, ask the neighbours, google them 😀

[@davidsmith7047]

Outdated and out of touch advice. 30 minutes covering points that should have taken no more than 1 minute….