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

pawpurrs

Personally I cant see a problem with going back today, if they are open, either increasing your offer or asking as PA says if they have a ball park figure they will accept, they may just say closer to the asking price, or a higher figure than you want to put forward, this wont stop you putting in a lower offer, if you want. Personally I think its silly to increase by a couple of hundred quid if you were that close to what they were willing to accept they would have accepted it.

Conel

Bermuda_John wrote: »

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

Hi Bermuda John

It is in Kent, Greater London. I would really prefer to not post a rightmove link up if that is ok. A lot of houses around here are now going to STC, especially these types of houses. I think a handful have come back on the market after selling STC.

pawpurrs

Kent? London? that must mean Bromley then?
Good Luck, fingers crossed, let us know how you get on.

Bermuda_John

Thats understandable not wanting to put the link up

A lot are coming back up after being STC, that is happening where i am from. The surveyors are coming back with values lower than the accepted price.

If you really want the house to live in iwouldnt be too worried about the price other than the affect it has on the mortgage payments.

Interest rates are only going back up in the future so depending on the mortgage you are taking out the price will need to be considered for this reason.

Bermuda_John

and do you know why the person is selling?

Conel

I have a 5 year fixed in place with C&G.

Bermuda John - They are a family selling as the 2nd bedroom is too small for their growing brood. They bought it as a couple (much like myself and OH) and now need to upgrade.

Pawpurrs....hehe, not quite but you're not far off

Bermuda_John

C&G are nutters, they turned me down for a mortgage becasue i wasnt on the electoral role.......... have a hard job living in Bermuda!!!

do you know what price they paid for it? you can check online if it was bought after 2000.

So they actually do want to sell and you are a first time buyer so there are no issues with a chain and you have the cash ready. I would actually write this when you submit your offer.

We have reconsidered our previous offer and recalculated what we are able to offer. We are stretching our strict budget and would like to offer 182,000. The property is in need of some cosmetic work and we are ina position to complete within 8 weeks as we are not in a chain and have the mortgage agreed in principle.

Something like that should also alert the EA to the commission they can get as you are first time buyers.

If they reject, tell the estate agent you will try and get an extra bit of deposit from a family member but int he mean time can they send you details of any other similar properties in the area.

Hopefully the EA will think the deal is slipping awway. YOu can even ask the EA if they think the vendors will be able to reduce their asking price or open to negotiation.

Conel

Bermuda_John wrote: »

C&G are nutters, they turned me down for a mortgage becasue i wasnt on the electoral role.......... have a hard job living in Bermuda!!!

do you know what price they paid for it? you can check online if it was bought after 2000.

So they actually do want to sell and you are a first time buyer so there are no issues with a chain and you have the cash ready. I would actually write this when you submit your offer.

We have reconsidered our previous offer and recalculated what we are able to offer. We are stretching our strict budget and would like to offer 182,000. The property is in need of some cosmetic work and we are ina position to complete within 8 weeks as we are not in a chain and have the mortgage agreed in principle.

Something like that should also alert the EA to the commission they can get as you are first time buyers.

If they reject, tell the estate agent you will try and get an extra bit of deposit from a family member but int he mean time can they send you details of any other similar properties in the area.

Hopefully the EA will think the deal is slipping awway. YOu can even ask the EA if they think the vendors will be able to reduce their asking price or open to negotiation.

Oh I hope they are ok with us

Thanks for the advice, only problem is no cosmetic work needs doing...however the rest rings true. I have just called the estate agent to ask what the ball park figure is, but the guy who is involved with this particular house is on the phone so they are calling me back.

I never thought I would be so nervous buying a house

princessamy86

Nerve wracking but it is exciting! Good luck Conel, keep us posted. I wish I had an offer to deal with today! Would certainly liven me up a bit lol

Conel

princessamy86 wrote: »

Nerve wracking but it is exciting! Good luck Conel, keep us posted. I wish I had an offer to deal with today! Would certainly liven me up a bit lol

Thanks PrincessAMY86...and everyone on this thread

I'll keep you all updated