FTB! Advice on putting in an offer!!!!!

Anon1

You should offer a price that you can afford to pay and what you feel the house is worth.

Optimisticpair

Anon1 wrote: »

You should offer a price that you can afford to pay and what you feel the house is worth.

And bear in mind that some improvements will only be of value to you while you live there - which is a good reason to do them, but if you spent 5k on a kitchen now and sold in 10 years but I hated your now worn out, unfashionable kitchen I'd expect to pay less for the house to renew the kitchen not extra for it.

going2die_rich

If you take out the market conditions and just look at the £20k of work. If the property price reflects that £20k of work is needed, firstly ensure your £20k estimate is correct. Where did that figure come from? Guess, experience, a builder? Don't under-estimate whatever you do.

As long as the £20k was a correct estimate for the work needed, I'd want to buy at £25k lower than what the property price would be once the work was done. The £5k being for my time, but I'd like the fact the work would be done to what my tastes are.

After all, if you buy a house with everything done to it for the top value it can reach, redoing anything to suit your own tastes is no extra gain in it's value, it's just lost money. Doing the work yourself means you can pay a bit extra for areas you want quality and reduce it on places you think it's a waste of money. It ends up being the colours, style etc you wanted.

si-mate

Captain_Mainwaring wrote: »

It's done you a favour, let the EA know that your offer stands until the end of the week, then drop it to 98K.

Better to walk away from it.

Agreed. We were in a similar situation in April and ended up walking away. A nice property 2 doors down is now on the market for less than we offered and far less than the asking price of the first house.
Some poor !!!!!! actually paid 5k more than we finally offered (30k more than the other house).

We are now living in our dream house which is leagues away from the other place. I would kiss the vendor for not accepting our offer if I ever saw him.

Beckymarshall07

Thanks guys I take your point, but inclined to agree with going2 die rich post that really its about making your mark on a property. House is in best location in area we want to buy and we can afford it so not over stretching ourselves and v v few houses come up for sale on the street. House has bags of potential and we know we could stay there when we settle down to have family. I've put in final offer of 115k and made it clear to EA that I will walk if its not accepted. I'm biting my nails now!

Beckymarshall07

Grrr! Offer rejected at 115k can you believe! I've told EA thats our limit. Miraculously another bid has been made on property today for slightly higher (even tho yesterday when spoke to EA the only other party interested still owned a house and were considering renting to buy this one) I said good luck to them and that if bid is in same region as ours takes into account current market value. She said she would speak to vendor again and come back to us tomorrow morning. Vendor wants 120k. Dont know what to bloody think!

GDB2222

Beckymarshall07 wrote: »

Grrr! Offer rejected at 115k can you believe! I've told EA thats our limit. Miraculously another bid has been made on property today for slightly higher (even tho yesterday when spoke to EA the only other party interested still owned a house and were considering renting to buy this one) I said good luck to them and that if bid is in same region as ours takes into account current market value. She said she would speak to vendor again and come back to us tomorrow morning. Vendor wants 120k. Dont know what to bloody think!

There's a very good chance that you are the only buyer who can actually perform. There will be other houses if this one sells to someone else.

hethmar

Becky stand back for a while. IF the other couple have put in an offer and its suitable, why would the EA need to come back to you.

My son has just rung and told me his offer has been accepted on a repossession flat. The EA told him 4 other offers, 2 higher than his and they wanted best and final offers in by 4 p.m. yesterday.

They have now rung and said vendor accepted his offer because he was in a position to proceed quickly.

Just hang on til they come back to you tomorrow and start looking around to see if anything else is in the area that you fancy.

Beckymarshall07

Yeah I know just really fed up with being messed about and EA thinking I'm a mug. Yes, I'm taking a step back and going to wait and see. I think they are mad not to accept offer personally as we are FTB and can move quicly and they want the house sold with no upward chain.

Bf109

Becky, Chill!

Plenty more fish in the sea. Really, a better house will be along soon at a better price.