First Time Buyer, when to put in a second offer?

Conel

Hi everyone,

This is my first time posting (after months of reading) so please be gentle.

Myself and my OH are first time buyers, mortgage and fees ready and waiting for us and a mortgage in principle agreed.

We have seen a house, 2nd viewed and offered. The offer was rejected (as we knew it would be), when would you advise to put another offer in?

Here are the details:

On sale last week at an asking price of 200k.
They bought for 110k 8 years ago.
2 bed semi detached house, Greater London (SE)
Other houses are priced similarly, prices sold last year vary alot for this road and none are showing yet for how much have sold for recently.
Our offer: 180k.

Any help will be appreciated :o

princessamy86

How much are you going to up your offer by? Realistically, if they only came on the market last week and have already had one offer from yourselves, they are probably going to hang on for more money. I would probably wait a few more days then increase your offer, let them really think about it and cross your fingers they don't get any more viewings in the meantime, as this will increase the likelihood that they will accept your offer. Try and get some feedback from the agent regarding a figure the vendors will accept as you can sometimes negotiate to meet in the middle of your figure and theirs.

Bermuda_John

180.650

then go 180,900

Conel

Thanks Princessamy86.

How do I go about finding out from the EA? (Can you tell we're new to this). She did say to let her know if we would put in another offer but wouldn't give away how much they would expect. If I were to put in a second offer, would they likely come back with a counter offer?

I think we would go to 190k at the absolute max, but considering they have yet to find somewhere else to buy I would be wary as I feel the market will continue to fall, especially if they don't find anywhere for a while.

obsessed_saver

Go in with £175k next.

Conel

fatpig wrote: »

I think you offered way to much in the frst instance. You've severely compromised any future dealings on this property.

To be honest, I didn't want to go in too low as other houses of this standard are going very quickly around here at the moment and don't come up often.

pawpurrs

If they really do go very quickly then unless your not too fussed about losing it, I really dont see the point in game playing? They will have an amount they are willing to accept and you a price that you are willing to pay. Why not ask for a counter offer to guage what they are willing to accept, they may not come back with one, but they might, and theres nothing stopping you putting in an offer below it.

Bermuda_John

confusing this ........... the houses are selling like hot cakes......... where is this house??

post a rightmove link

i think you should have offered at least 15% lower than the asking price ........so 170 was the starting point with a maximum offer of around 172k

im sure other houses will turn up

Conel

pawpurrs wrote: »

If they really do go very quickly then unless your not too fussed about losing it, I really dont see the point in game playing? They will have an amount they are willing to accept and you a price that you are willing to pay. Why not ask for a counter offer to guage what they are willing to accept, they may not come back with one, but they might, and theres nothing stopping you putting in an offer below it.

Thanks Pawpurrs.

Since we put the offer in yesterday, is it ok to go back today and ask for a counter offer without putting in a second offer? (Sorry for all he questions).

princessamy86

Just ask the EA when you put your offer in. Something like, we're thinking of another offer but don't want to waste anybody's time, can you give me a ballpark figure they will accept? EA should know this, or they should find out straight away. I think you would then be best to think about it for a few hours, and go back with a figure which is slightly under their acceptable price. See what they say! You could also say that since you are ftb and concerned about a falling market, your offer is only on the table with a condition that you will have completed in x amount of weeks. Be careful if you do this though, might be better to mention it after your offer gets accepted.

princessamy86

Conel wrote: »

Thanks Pawpurrs.

Since we put the offer in yesterday, is it ok to go back today and ask for a counter offer without putting in a second offer? (Sorry for all he questions).

Yes it's fine, the more questions you ask the better informed you are! Talk to the EA, find out what they want. Good Luck!!!