Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Kissmekatie
    • By Kissmekatie 16th May 17, 10:07 AM
    • 2Posts
    • 0Thanks
    Kissmekatie
    Newbie - nervous & feeling down
    • #1
    • 16th May 17, 10:07 AM
    Newbie - nervous & feeling down 16th May 17 at 10:07 AM
    Hello,

    I'm looking for some guidance from someone who has more experience on house buying than I do!

    We have fallen in love with a house, it's only been on the market for 3 weeks. We had a first viewing and offered full asking price (it's on for OIEO 225k) but it was rejected as the house had been on less than a week and we hadn't put ours on the market. The sellers want someone in a proceedable position with a short, uncomplicated chain.

    Our house went on the market and sold within 48 hours, as predicted, for 25k above asking price (yay!)

    We told the estate agents of our new position, we have a first time buyer for our property, with a 70% deposit and mortgage in place, ready to go. The house we like is end of the chain. Easy peasy for everyone involved.

    So we reoffered 225k and got rejected again. We went to 230k the same day and got rejected again with no counter offer. No other bidders against us. The estate agent said the vendor is after around £240k despite previously telling us if we went into the 230s he will probably take it. He said £235 would give him something to think about maybe.

    Now I'm stuck, we really like the house... but I'm reluctant to go another 5k with no one bidding against us and he might even turn it down again. Or sit and think and just accept us in a few weeks if no one else comes along.

    Why he put his house on the market for £225k when he wants £240+ is beyond me 😭

    Shall I re-offer? Or sit and wait? They've had lots of viewings and second viewings on the house, but no offers over the OIEO (only one below and a cash offer for the asking price) realistically is there anyone who will view it and want to offer 15k above asking price without being in a bidding war?

    Feeling really down, we thought £230 would secure the sale, especially the position we're in. 😭
Page 1
    • hazyjo
    • By hazyjo 16th May 17, 10:20 AM
    • 9,090 Posts
    • 11,375 Thanks
    hazyjo
    • #2
    • 16th May 17, 10:20 AM
    • #2
    • 16th May 17, 10:20 AM
    The EA will keep going back to you for more until you say whoah... At least try saying that's reluctantly all I'm prepared to pay I'm afraid. Give them a couple of days - say to give you a call if they change their minds.


    Jx
    2017 wins: Opera tickets; film preview; lipstick; Ideal Home Show tickets + afternoon tea & bottle of Champagne; 2 cases of NKD; notebook; bath rack; books; film Premiere; Broadchurch DVDs; lipbalms
    • pimento
    • By pimento 16th May 17, 10:22 AM
    • 5,139 Posts
    • 6,677 Thanks
    pimento
    • #3
    • 16th May 17, 10:22 AM
    • #3
    • 16th May 17, 10:22 AM
    So you got £25k more than asking for yours, the house you want is your dream house but you aren't willing to go £25k above asking for it?
    "If you think it's expensive to hire a professional to do the job, wait until you hire an amateur." -- Red Adair
    • AnotherJoe
    • By AnotherJoe 16th May 17, 10:25 AM
    • 6,546 Posts
    • 6,975 Thanks
    AnotherJoe
    • #4
    • 16th May 17, 10:25 AM
    • #4
    • 16th May 17, 10:25 AM
    Why would they not ask for more when you keep coming back with a higher offer even without competition?

    Tell the EA that that was your last and final and whilst your current offer remains open, you are now looking elsewhere, indeed start looking elsewhere, with this EA if possible so they know you are serious. They may be able to persuade the vendor they've got the maximum from you.
    • Kissmekatie
    • By Kissmekatie 16th May 17, 10:28 AM
    • 2 Posts
    • 0 Thanks
    Kissmekatie
    • #5
    • 16th May 17, 10:28 AM
    • #5
    • 16th May 17, 10:28 AM
    There was a bidding war on ours, three buyers pushed it up and up within 48 hours. We would have accepted lower, we had no idea it would go for that much. So, that's why we put it on for OIEO what we expected we would accept.
    • The_Logans
    • By The_Logans 16th May 17, 12:23 PM
    • 227 Posts
    • 163 Thanks
    The_Logans
    • #6
    • 16th May 17, 12:23 PM
    • #6
    • 16th May 17, 12:23 PM
    It's the EAs job to get as much for the house as they can. They have succeeded in getting more out of you already, without any competition. I would go back to the EA and say that is your final offer, leave it on the table until the end of the week but request viewings at another couple of places with the same EA. Good luck. House buying is a nightmare, we complete on Friday and I can't wait for it all to be over.
    • Keezing
    • By Keezing 16th May 17, 12:25 PM
    • 222 Posts
    • 167 Thanks
    Keezing
    • #7
    • 16th May 17, 12:25 PM
    • #7
    • 16th May 17, 12:25 PM
    It is somewhat ironic that you were happy to accept 25k above asking price for your property but wouldn't do the same for your dream property.

    Nevertheless, you should only pay what the house is worth to you. The next dream property is just around the corner if this one doesn't work out.

    It's possible that the vendor has speculatively listed their property as an ego-stroke and isn't really serious about selling.
    • The_Logans
    • By The_Logans 16th May 17, 12:26 PM
    • 227 Posts
    • 163 Thanks
    The_Logans
    • #8
    • 16th May 17, 12:26 PM
    • #8
    • 16th May 17, 12:26 PM
    PS, be prepared that the seller may be kidding himself. We viewed a house that was on for OIRO £499000. It was overpriced, we offered around £460k, went up to £470 still didn't accept (we are chain free buyers). 13 weeks later it is still for sale, price changed to OIEO £480k. Still overpriced! Seller clearly has a figure in their head and won't budge from it.
    • Crashy Time
    • By Crashy Time 16th May 17, 12:35 PM
    • 4,247 Posts
    • 1,988 Thanks
    Crashy Time
    • #9
    • 16th May 17, 12:35 PM
    • #9
    • 16th May 17, 12:35 PM
    Got a link so we can have a look?
    • movilogo
    • By movilogo 16th May 17, 1:11 PM
    • 2,253 Posts
    • 1,526 Thanks
    movilogo
    We have fallen in love with a house
    That's the key. You have mostly expressed your emotion to vendor. Currently housing market is cooling down. .So if you wait, you may find a better & cheaper house.
    Happiness is buying an item and then not checking its price after a month to discover it was reduced further.
    • Crashy Time
    • By Crashy Time 16th May 17, 3:10 PM
    • 4,247 Posts
    • 1,988 Thanks
    Crashy Time
    That's the key. You have mostly expressed your emotion to vendor. Currently housing market is cooling down. .So if you wait, you may find a better & cheaper house.
    Originally posted by movilogo

    Yep, seller probably knows that they need to move fast, so want someone ready to pay up quickly.
    • glasgowdan
    • By glasgowdan 16th May 17, 4:09 PM
    • 2,194 Posts
    • 2,439 Thanks
    glasgowdan
    and offered full asking price (it's on for OIEO 225k)
    Originally posted by Kissmekatie
    You didn't make a full asking price offer. You made a minimum offer. The seller has possibly got other interest. If you're super keen on the house at this price then there's a good chance others will be too.

    Your options are to leave £230k on the table and emotionally detach yourself from it while you go look elsewhere, up your offer (I wouldn't do this right away), or withdraw. Buying a house isn't always straight forward or about making a good offer, it's often about putting up with the seller and managing their behaviour! Especially when there are more buyers than houses.
    • trailingspouse
    • By trailingspouse 16th May 17, 4:40 PM
    • 1,971 Posts
    • 2,723 Thanks
    trailingspouse
    You have to ask yourselves a few 'what if' questions.

    What if you don't offer and more, and you don't get this house? How will you feel?

    What if you make a higher offer? What is the absolute highest you would be prepared to go to?

    What if someone else comes along and offers a bit more than your last offer, and they get it?

    If there's a bidding war, then there's a bidding war - you have to decide how high you're prepared to go, and stop when you get there.

    Only you know the answers to these questions. This may end up being 'the house that got away', or it may one day be the house you call home. How much are you prepared to pay for that to happen?
    • BlueMini05
    • By BlueMini05 16th May 17, 9:26 PM
    • 14 Posts
    • 17 Thanks
    BlueMini05
    Just thought I'd drop a message to say I know how frustrating and emotional this part of the process is.. I was in the same situation myself a few weeks ago, bidding against myself for a house that had been on the market for 10 months! I ended up going right to the asking price and they accepted. I felt I didn't want to loose it as I had fallen in love and the location was perfect! You can't make them sell to you, you just have to set a maximum amount you are prepared to pay and then hope for the best! Good luck!
    • wantonnoodle
    • By wantonnoodle 17th May 17, 9:46 AM
    • 125 Posts
    • 80 Thanks
    wantonnoodle
    I would leave the offer on the table for a couple of weeks, and continue looking.

    The house we bought was OIEO £250k when we offered, but £250k was the max we could afford, and to be honest, we didn't value it any higher. It had been on the market for a couple of months at higher prices but had been reduced twice in the meantime.

    We initially offered £240k as a long shot to have that rejected, so increased to £250k. That was rejected also, with the comment they were looking for nearer £260k, so our response was (and we were pretty sure there was little other interest) that we couldn't afford any higher and we would leave it on the table for a couple of weeks.

    Eventually, about 10 days later, the estate agent contacted us and advised that the seller had decided to reluctantly accept the offer, as he realised the market was slowing down, and he wanted a quick sale.

    The moral is, if you don't want to go higher, and there is no competition, as you suspect, it may be a worthwhile strategy to leave it on the table til the end of the month, and see what happens. If there isn't any competition, the seller may well decide a bird in the hand is worth two in the bush, and cut their losses, accepting your offer.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

126Posts Today

1,426Users online

Martin's Twitter