should i put in a third offer?

serina_2

im a first time buyer found a lovely property 3 bed detached house with the asking price of 199.500 been on the market since december the average price for that property in the same road is 175.000 looking at the property it needs modernisation throughout, all carpets have been ripped up, the house will need re-wiring new boiler system as the efficency rating is low, partial double glazing and theres a bit of damp in downstairs toilet. however on a positive note the property has good size rooms and a extreamly large garden with scope to extend the property on all sides. i think we made a mistake on showing the estate agent were really keen, we put in an offer of 168.000 then 175000 over the phone which were both rejected we been told the vendor is looking close to the asking price if we wish to increase then we can. We think the vendor is holding out till he recieves another offer from potentially another buyer whos going to view it for the third time. We just feel deflated as there was no counteroffer and we thought that 175000 was quite a fair offer as nothing is going to be included in the house and there are no new suites in the bathroom or kitchen. Were not sure if we should put in another offer and how much and how long should we hold off for, its been two days so far.

poppysarah

Don't overbid to get ahead of "other buyers"

slopemaster

Two days?
You need to be prepared to wait a couple of MONTHS
If they don't find a buyer ata better price, they'll be back to you...

Pyewacket338

2 days is nothing, I wouldn't contact them again, let them come to you. If you've made an offer for what you think the property is worth, then don't go above it, it's not as if there's a shortage of houses on the market.

Maisie11

I dont agree, there is a shortage of decent houses on the market. People are only selling if they HAVE to. A house around here had three people fighting over it because it was realistically priced. If you really like it, can afford it (maybe with a good fixed rate mortgage for a reasonable length of time), have stable jobs and are planning to stay for a number of years have a hard think about whether you want to make another offer. Of course once the survey is done there might be some room for further negotiation but some of the posters on this forum want a £400k house for £200k and post replies accordingly.

You cannot put your life on hold forever. There are people on here who rent and rent and rent, always 'planning' to buy when the time is right.

With this house or any other house you plan to buy it is yours, you can paint it black and not worry about a landlord coming in unexpectly which happened to my SIL. Once poster said that her landlord doesnt have a key to her rental, IMHO - of course he does......

SavingSteve

Agree with slopemaster.

Say to the EA your original offer is on the table and if the buyer wants to come back you're all ears. By the sounds of the amount of work needed I doubt others will pay asking price in this market, considering similar properties have sold for 175.

When did these sell for 175 btw? Because unless it was yesterday then your 175 offer is too high in this market.

TONKAJOYCE

Sit tight, they should be chasing you as you are a first time buyer with no chain behind you, let the vendors panic in a couple of months time when they fail to find a buyer and you will get the chase up call, don't wobble and say yes ok and let them take your offer. The EA is prob just after a bigger cut in commission, if I were the vendor I would snap you up, no chain bliss and less stress. Good luck and keep looking, there's always something better out there, if its meant to be its meant to be x

SavingSteve

Also - in a couple of months your 175 should no longer stand.
You can then tell the EA that you're still willing, but at a lower price as now the market has moved.

Imp

Don't forget, if it is your perfect house at a price you can afford, it may not still be there when prices are at their very bottom. If you do buy, make sure you can see yourselves in the house in ten years time, as you may have negative equity for that long.

Apparently during the last crash the quality of houses on the market plummeted, as anyone in a good house just didn't move.

serina_2

ive been on 2 valuation sites that have come back with average sale prices in the last 3 years 1 was 182,000 the other was 175.590 over 7 years! however the only detached property sold in that road is £169,950 05-07-2002 £198,000 29-03-2004


thanks every 1 for ur replies very helpful

spuds_2

I guess I fall somewhere between the two steams of advice being given here.

The house hasn't been on the market that long so they are probably reluctant to accept the first offer that is not near the asking price, especially if they have other interested parties. If you love the house, can see yourself living there for a while, and can afford to ride out several years of possibly negative equity, then improve your offer. If the house is not that special, tell them your offer still stands if they want to reconsider.

It sounds like you are paying a premium for the large garden and extension potential. There is a house I looked at recently which needed a total refurb - CH, rewire, windows, had no kitchen units, been empty for 2 years. It is on at £250k - they couldn't sell the one next-door-but-one for £250k and that had a 2 storey extension, Moben kitchen, and 3 bathrooms. Some EA's think 'potential' means add 20% to the price.