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

Beckymarshall07

Thanks guys, fair points that you think I'm being a mug - your probably right but this is our future home I'm talking about where my and hubby likely to be for many years to come. We could have borrowed up to 200k with our combined salaries so think we are being sensible to have mortgage of 105k - if we get the house as vendor not accepted out offer. We've done our research belive me and house on street have sold upto 160k last year - which I know wont happen again for a long time but shows how attractive area is and demand to be on the street which is always a good sign. EA going to ring back this morning and I'm going to say our offer will expire on Saturday as not prepared to hold out in a rapidly falling local market.

hethmar

You arent a mug Becky, its difficult for the head to rule the heart in these matters particularly when its your first home. But the EA will take advantage of you rather than hardened buyers As you have said, stick to your price - you have the upper hand - they should be jumping through hoops for you to buy, not the other way round

Good luck.

angrypirate

I wont be surprised if they come back to you in the next couple of days accepting your offer. In which case i suggest you revise it down by at least 5k - heck, make it 10k less. Show them 2 can play that game. EAs are lucky to be turning over more than 4 properties a month - i find it hard to believe they've had offers from 2 different people on 1 property in the same day.

howler_2

cmart021 wrote: »

There is always one! Some silly comment lying around the next corner. They want advice not to be told how they are a mug.

Same thing happened us, played the first time buyer card and it worked.

Good luck, we know how stressful it is.

It wont be a silly comment if it helps stop her paying more for something which is plummeting in price

Alfie1999

Becky,

RUN RUN RUN!!!!

The market is crashing and we haven't even gone in to recession yet with all the hundreds of thousands of jobs that will go.

It's a crazy time to buy.

Beckymarshall07

ok so no phone call yesterday by EA. Guess its stand off time..wonder what today will bring? Noticed last night that a smaller semi next street down has reduced asking price by 5k - will be using this against should EA ring today!

hethmar

There will be other bargains Becky.

Beckymarshall07

Yeah I know hethmar - we're looking at 1 tomorrow and two on saturday. One is a reposession that is an absolute bargain - mother in law saying we should grab it quick:rolleyes:

hethmar

The one my son has had the offer accepted on was a repossession. As I said, half the price it was sold for 18 months ago.

rozzy_2

good luck Becky, its good that your viewing more properties. Its so easy to get wrapped up in "this is the property for me" and to keep increasing your offer to win it. This is exactly what the EA want, there job is to push you to your limit to maximise their commission.

I would ring the EA back and say you would like to withdraw your offer. When they ask why just say you have been viewing other properties which you feel reflect a more realistic value.

They will soon be ringing you asking you to reinstate your offer, this is when you can negotiate them back down to what your willing to pay.