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Need some advice please. Put in a low offer on a repo and its been accepted....
LadyMuck
Posts: 16 Forumite
Just in need of some advice as to what to do next.
We are FTB in the sense that we have nothing to sell but have owned our own houses in the past.
We looked at a repo on market at 135K. Was origionally put on market in Jan at 155K ( houses in same area in good condition are on at 160K/165K).
A sale fell through quite early on in the year and from what i can tell there hasnt been any more interest hence the new price of 135K.
Its not in a bad state either. Mainly just bit of plastering and cosmetic (dad's a builder). We put in offer of 120K a few weeks ago expecting to go upto 125K/130K.
Our first offer of 120K was accepted today. Im kicking myself as DH wanted to put in an even lower first offer.
I said id phone EA tomorrow to let her know if we want to proceed. Im tempted to try and reduce our offer to maybe 115K and see how it goes. I didnt expect our first offer to be accepted.
Do i try reducing our offer to find the lenders rock bottom price OR do we just go ahead????
We are FTB in the sense that we have nothing to sell but have owned our own houses in the past.
We looked at a repo on market at 135K. Was origionally put on market in Jan at 155K ( houses in same area in good condition are on at 160K/165K).
A sale fell through quite early on in the year and from what i can tell there hasnt been any more interest hence the new price of 135K.
Its not in a bad state either. Mainly just bit of plastering and cosmetic (dad's a builder). We put in offer of 120K a few weeks ago expecting to go upto 125K/130K.
Our first offer of 120K was accepted today. Im kicking myself as DH wanted to put in an even lower first offer.
I said id phone EA tomorrow to let her know if we want to proceed. Im tempted to try and reduce our offer to maybe 115K and see how it goes. I didnt expect our first offer to be accepted.
Do i try reducing our offer to find the lenders rock bottom price OR do we just go ahead????
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Comments
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just go ahead. you could just be the loser if they have another offer of £500 more in the pipeline. If you like the house and it seems like a real bargain grab it with both hands and think of the cash you have saved already. good luck in your new homemake the most of it, we are only here for the weekend.
and we will never, ever return.0 -
So you got a house for £35,000 less than the original asking price.
What is the problem exactly? Withdraw your offer if you regret it.Been away for a while.0 -
Go for it.
The worse they'll do is wait for you to increase the offer back to the original.0 -
poppysarah wrote: »The worse they'll do is wait for you to increase the offer back to the original.
Or sell it to someone else who is prepared to offer more!0 -
I'd back out now and wait for prices to fall even further.No reliance should be placed on the above! Absolutely none, do you hear?0
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Ok, so lets see if i've got this right.
You put in a low offer of £120,000 thinking that they will probably refuse and you would go up to £125,000? But because they accepted your low offer you somehow think that you are paying more than you should be?
Why not just be happy that your offer was accepted.Questions are a burden for others; answers a prison for oneself.0 -
Either get a surveyor in to assess and value.
Or visit two or three local EAs and ask them what they think it's worth.Warning ..... I'm a peri-menopausal axe-wielding maniac
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You were willing to pay 125K
Pat yourself on the back and keep thinking how lucky you were to save 5k0 -
Most repos go to people with the money and willingness to move quickly. The moment you start acting like a timewaster they will sell to someone else, probably for less.Been away for a while.0
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It's good form to kick yourself in this situation, but bad form and a waste of time to reduce the offer. They now know that you are good for £120,000. If you reduce the offer, they will have you down as time wasters, and start to protect themselves from being gazundered - possibly to the extent of selling it to someone else for £115,000 who they are more confident will close the deal without fuss.... We looked at a repo on market at 135K. Was origionally put on market in Jan at 155K ( houses in same area in good condition are on at 160K/165K). .... Our first offer of 120K was accepted today. Im kicking myself as DH wanted to put in an even lower first offer.
I said id phone EA tomorrow to let her know if we want to proceed. Im tempted to try and reduce our offer to maybe 115K and see how it goes. I didnt expect our first offer to be accepted.
Do i try reducing our offer to find the lenders rock bottom price OR do we just go ahead????
[edit: I see runninghorse posted the same between me starting and finishing]After the uprising of the 17th June The Secretary of the Writers Union
Had leaflets distributed in the Stalinallee Stating that the people
Had forfeited the confidence of the government And could win it back only
By redoubled efforts. Would it not be easier In that case for the government
To dissolve the people
And elect another?0
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