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  • FIRST POST
    • Victoria1611
    • By Victoria1611 11th Oct 17, 1:44 PM
    • 1Posts
    • 0Thanks
    Victoria1611
    First time buyers: What do we offer?
    • #1
    • 11th Oct 17, 1:44 PM
    First time buyers: What do we offer? 11th Oct 17 at 1:44 PM
    Hello,


    Myself & my partner are buying our first property together and need some advice please....
    We are struggling to work out what offer to put down on the house we adore!


    It is on the market for 'Offers in excess of £330,000'.
    They have received 2 'un-proceedable' offers on or around the asking price the EA says.
    We had an offer of £300,000 rejected yesterday.
    We have our Mortgage in Principle and deposit ready to go.
    We are renting to have so no chain either.
    The house next door, which is virtually identical, sold for £300,000 2 years ago in 2015.


    What do we do?
    Thank you!
Page 1
    • hazyjo
    • By hazyjo 11th Oct 17, 1:54 PM
    • 9,843 Posts
    • 12,487 Thanks
    hazyjo
    • #2
    • 11th Oct 17, 1:54 PM
    • #2
    • 11th Oct 17, 1:54 PM
    What is the local market like? In two years mine had gone up £100k or so (£200k the two years before). In other areas, prices have dropped. Mine's been fairly static for the last 6-12 months.


    What are other similar properties selling for? Are they selling quickly?


    How long has it been on the market, and have there been any price drops?
    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; hamper (food/wine/Echo Dot/Jo Malone goodies); Avon lippies; cowhide rug; Windsor luxury break, foundation; Flybe flight
    • oozle1989
    • By oozle1989 11th Oct 17, 2:27 PM
    • 169 Posts
    • 186 Thanks
    oozle1989
    • #3
    • 11th Oct 17, 2:27 PM
    • #3
    • 11th Oct 17, 2:27 PM
    It all depends on a) how much you want it b) how much you can afford to pay c) how much you are willing to pay

    I’m not surprised your offer of 30k below asking was rejected, especially if what the EA says is true and they have already rejected offers on or around.
    • glasgowdan
    • By glasgowdan 11th Oct 17, 2:54 PM
    • 2,642 Posts
    • 2,950 Thanks
    glasgowdan
    • #4
    • 11th Oct 17, 2:54 PM
    • #4
    • 11th Oct 17, 2:54 PM
    Sounds like they might consider 330, but probably want more.
    • Quizzical Squirrel
    • By Quizzical Squirrel 11th Oct 17, 4:20 PM
    • 171 Posts
    • 4,192 Thanks
    Quizzical Squirrel
    • #5
    • 11th Oct 17, 4:20 PM
    • #5
    • 11th Oct 17, 4:20 PM
    Without knowing what timescales we're talking about here, I'd say 320 would probably do it.

    They think it's worth about 330 because that's the offers they're getting but you're in a stronger position and winter is coming.

    Can you wait them out? 310 is going to look more tempting to them in January.
    • cjdavies
    • By cjdavies 11th Oct 17, 5:01 PM
    • 2,848 Posts
    • 2,885 Thanks
    cjdavies
    • #6
    • 11th Oct 17, 5:01 PM
    • #6
    • 11th Oct 17, 5:01 PM
    Offer what you feel it's worth, I know not helpful but without seeing it I can't say what my offer would be.
    • Cakeguts
    • By Cakeguts 11th Oct 17, 5:36 PM
    • 3,280 Posts
    • 4,573 Thanks
    Cakeguts
    • #7
    • 11th Oct 17, 5:36 PM
    • #7
    • 11th Oct 17, 5:36 PM
    What a house sold for 2 years ago isn't helpful for working out a price now. You need a property close by that has sold this year preferably in the last 6 months or so to help you work out what is a fair price to offer.
    • juniordoc
    • By juniordoc 11th Oct 17, 6:26 PM
    • 236 Posts
    • 202 Thanks
    juniordoc
    • #8
    • 11th Oct 17, 6:26 PM
    • #8
    • 11th Oct 17, 6:26 PM
    The term un-proceedable implies that the offers were from people not in a position to progress with the purchase (they may be owners who have not sold their own home yet) rather than their offers were too low.
    The fact they have not counter-offered your £300k suggests they want a fair bit more, but the longer it sits on the market with no other offers, the more attractive your offer will look.
    Do you think the property is worth 308/310 and could you get a mortgage in principle at that level?
    I'd wait another few days at least if you are considering putting in an increased offer.
    • Crashy Time
    • By Crashy Time 12th Oct 17, 1:13 AM
    • 5,302 Posts
    • 2,222 Thanks
    Crashy Time
    • #9
    • 12th Oct 17, 1:13 AM
    • #9
    • 12th Oct 17, 1:13 AM
    https://www.todaysconveyancer.co.uk/news/more-1-in-4-house-sales-fall-through/
    • Crashy Time
    • By Crashy Time 14th Oct 17, 8:38 AM
    • 5,302 Posts
    • 2,222 Thanks
    Crashy Time
    What a house sold for 2 years ago isn't helpful for working out a price now. You need a property close by that has sold this year preferably in the last 6 months or so to help you work out what is a fair price to offer.
    Originally posted by Cakeguts

    Good advice.
    • caronoel
    • By caronoel 14th Oct 17, 9:23 PM
    • 777 Posts
    • 986 Thanks
    caronoel
    Good advice.
    Originally posted by Crashy Time
    This eminent wisdom comes from a 50-something man who lives alone in a bedsit in Edinburgh, having sold up in the late 90s – just before a 20 year property bull run.

    He missed the buying opportunity of a lifetime in 2008-09 and seems to be just a little bitter.

    Take his economic advice with a pinch of salt.
    • glasgowdan
    • By glasgowdan 14th Oct 17, 9:40 PM
    • 2,642 Posts
    • 2,950 Thanks
    glasgowdan
    This eminent wisdom comes from a 50-something man who lives alone in a bedsit in Edinburgh, having sold up in the late 90s – just before a 20 year property bull run.

    He missed the buying opportunity of a lifetime in 2008-09 and seems to be just a little bitter.

    Take his economic advice with a pinch of salt.
    Originally posted by caronoel
    Just hit the ignore button...it's the only thing you can do with some people.
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