Offer in.....just waiting! eeek

willywinki

We put our offer in on a house in North Lincolnshire on Tuesday afternoon, and are just waiting for a response.

To be honest I’m not overly surprised, the vendors are probably still in shock at embarrassingly low offer we put forward! The house has on been on the market for 2 years nearly. It was on at 295K, then went to 269K, and is now on at 229K………..I offered 175K!!!! (i was cringing :o as I told the EA). It’s in probate, and needs a complete overhaul (full redecoration, boiler, flooring, bathroom and kitchen, plus some work on the roof and some re-pointing), there’s some outbuildings and the barn will need a new roof in the future.

Luckily for us, the EA hadn't done a very good job of selling it with very few viewings, and those who have viewed thought it was too much work (the details make it sound like a finished article). It's perfect for us though, and the house could be stunning with some TLC.

We're not in a chain, have deposit,and agreement in principle with Abbey for mortgage. I'm hoping no news is good news, at least they didn't ring straight back and laugh at me down the phone!!

Doozergirl

EAs like ignoring low offers.

Call them. I've never had an EA not call back unless the offer has been insulting. It's happened a few times.

Fair enough it might have been overpriced but even if the right price would have been 250,000 a year ago, 175,000 is arguably still quite optimistic.

Good Luck though

Robert_Sterling_3

They may accept your offer subject to contract. Then later they may get a better offer. :eek: :eek: :eek:

willywinki

Hiya, no huge surpise, but the EA rang at lunch to reject the offer of 175K.

She said the vendors are looking for closer to 200K (29K under guide price), and asked that we go back with our best offer for the vendors to consider.

I won't be rushing back with an increased off though, as it appears most of the advice on here is to wait it out. I know the vendors want a quick sale, as they are having to share their time between their own house and this one, and they've had very little interest, and 2 years is a long time waiting for an offer. Fingers crossed us not rushing back with an increased offer will make them sweat a bit............also thinking of making some more viewings with the same Eastate agent

How long should I wait before going back......a month, longer????? I really have no idea!

If the vendor says they are looking for 200k, what would peeps recommend for next steps. I'd be willing to go to 185K (can't afford any higher), but is a 10K increase in offer too much????

poppysarah

Tell them 175 is your best offer.

More job losses today. The economy isn't getting better.

Cidersid

I'm in practically the same position....the house i as looking at has been on the market for 18 months and started at 300K and it's down to 225k i offered 175 on monday and got kicked straight in to touch....told that the offer had to start with a 2??? well i told him that was 2much haha!!, said 190000 next and was told to def had to start with a 2!!! thats still 2much!!!

I'm just playing the waiting game now ....prob be 195 next to test the water but wait until next week...i have mortgage and a massive 75% deposit waiting and no chain...

Doozergirl

willywinki wrote: »

Hiya, no huge surpise, but the EA rang at lunch to reject the offer of 175K.

She said the vendors are looking for closer to 200K (29K under guide price), and asked that we go back with our best offer for the vendors to consider.

I won't be rushing back with an increased off though, as it appears most of the advice on here is to wait it out. I know the vendors want a quick sale, as they are having to share their time between their own house and this one, and they've had very little interest, and 2 years is a long time waiting for an offer. Fingers crossed us not rushing back with an increased offer will make them sweat a bit............also thinking of making some more viewings with the same Eastate agent

How long should I wait before going back......a month, longer????? I really have no idea!

If the vendor says they are looking for 200k, what would peeps recommend for next steps. I'd be willing to go to 185K (can't afford any higher), but is a 10K increase in offer too much????

I think you need to bear in mind that most of the advice on this board is coming from people who aren't buying houses.

I always advocate waiting between offers - I've never said months though! It's important to establish dialogue so that they know that you are interested and a serious buyer. I think that two offers does this - they start to get a bit optimistic but may have to adjust their expecations slightly. One low offer will often have them view you as a bit of a timewaster.

Remember not to insult people with your attitude. It may well be a buyers market but you are still allowed to tell people you love their house. Flattery always helps. You have to get into people's heads and let them see that the sale is within reach, not be arrogant - people will feel insulted and not come back if tthey never really felt you were serious.

I would play by the same rules now that have always worked for me. That's basically being open, honest, friendly but a bit of a tough cookie

willywinki

Cidersid - oooh, almost indentical situation......good luck with your offer next week, keep us posted!

Doozergirl - that's great advice thanks They know we love the house, we'd been "nonchalent" in all the other houses, but when we saw this you couldn't wipe the smiles off our faces, and we told them it was what we were looking for. (I joked with my boyfriend that might put the house details under my pillow so the house fairy would arrange it for me!!!)

Waiting a week is reasonable, gives us time to think over the weekend (which vendors will prob expect), then maybe go back with another offer at ~185K. It's a reasoanble increase, but it would have to with the info that really is my best offer and based on my sole income, then keep everything crossed!!

How does that sound??????

BettiePage

Don't go to your max straight away. Go up by a bit, but make it an odd amount. Makes it look like you're scraping every penny together.

Doozergirl

I think your suggestion is as good as it gets really. If you are still far off the mark with your best offer, then the only you can do really is put down your best and hope it's enough for them.

I agree with Bettie too but it's easier when you know that what you want to pay is near to what the vendor wants. You're then just trying to find out what their best price is rather than convincing them that your offer is good enough to accept which is what you'll be doing now.

Giving them the impression that there's no more money in the pot will help.

becky2011

Where abouts in North Lincolnshire are you looking? We had an offer accepted on a house 3 weeks ago with about 18% off 2007 price, had been on market 18 months, in same area.
I'm moving up from Essex, can't wait!