Put in an offer on a house last night last night............

alexlyne

If a house is realistically priced, don't expect too much of a discount! Our experience was with a 150K house, first offer at 142 which was rejected. Our last offer was 147.5, winner got in at 149.
If we had started at 20% under, talking a 120K bid - it would have been a waste of our time to put in.
To be fair, compared to other houses in the area, it could have sold for more.. just depends on the market, and how desparate the sellers are.

I was told by one local EA when valuing our house that property is being much more realistically priced nowadays, the only overpriced ones being the ones that have been on for over a year, where the sellers know how much their house was worth near the peak!

charliee_3

if its only just come on the market and they are getting a lot of interest they may be reluctant to accept an offer under the asking price..particularly if they are not in a real urgent hurry to sell... if they reject it, they may accept it in a few weeks if the interest dies off... but its a big gamble if you love the house that much..

go and look at it again, but look with critical eyes, notice faults, look for cracks, etc..take someone with you who can look at it with an unbiased view... you may overstretch yourself financially because you love it now, but then when the rose tinted glasses come off it may not look so nice in the cold light of day??

good luck!!!!

suisidevw

Thanks for all advice

When it's compared with everything else we have seen/on the market, even asking price seems reasonable. Maybe the bank will lend us the extra £5k with no worries and minimal extra repayment.

alexlyne

Did the bank not tell you what you could borrow from them initially? When we went the other week, they said we could borrow a silly high amount - therefore we were free to spend anything up to the limit, assuming we could get enough deposit. Therefore the amount we offered was up to us, not the bank.
Although, they did do credit checks on us (with our permission), which confirmed to them the value they would lend us.

newbienewbison

Just hang tight leave the offer on the table dont keep moving price....

suisidevw

Mother in law said the same newbie.

I'm sure we could borrow 250k but it's the repayments etc. Will update after speaking.

mumoftwoandapig

newbienewbison wrote: »

Just hang tight leave the offer on the table dont keep moving price....

Spot on. As a previous vendor i can tell you that when the purchaser keeps raising the price quickly you feel very powerful and in control.

...but it's amazing how much that confidence evaporates if you aint heard from them for a while, particularly if other viewers come and go without offering.

Now i don't know about pricing and value in your area so it may well be priced accurately but use cold facts to tell you this not rose tinted specs.

stolt

gotta agree with the last two posters, if anything say you have had a word with the bank and thats the final offer and leave it ont he table. Might take til monday for them to realise that its a decent offer and in this current climate it might be the only offer for a 6 months.

We are now in the final stages of buying our 2nd house and its very true about if the purchaser reoffers very quickly the vendor has control and the power.

alexlyne

Holding out only works until you get the call from the EA saying that someone has put in a higher offer than you - that's when the game begins ;-)

jasper12

stolt wrote: »

gotta agree with the last two posters, if anything say you have had a word with the bank and thats the final offer and leave it ont he table. Might take til monday for them to realise that its a decent offer and in this current climate it might be the only offer for a 6 months.

We are now in the final stages of buying our 2nd house and its very true about if the purchaser reoffers very quickly the vendor has control and the power.

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