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

Bermuda_John

conel, your in the driving seat just remember that, but i agree it is exciting however dont appear to desparate by upping the offer every day as it makes your initial offer look like a joke.

If there is another offer im sure the EA will tell you as they will love a bidding war.

go onto https://www.houseprices.co.uk and type in the address of the house you are buying. You can find the prices of every house from 2000.

Then base your offer on 15%- 20% of the 2007 price. House prices have officially fell by this amount since then so you can see if you are paying way over the odds.

Armed with htis you can openly ask the EA why htey value the hosue at 200k when x sold for x in 2007 and there has been a 20% drop in prices. You wont get s traight answer, i guarantee it!

when i say cosmetic work i mean new carpets and changing the walls, nothing major but it will cost a thousand quid or so.

Conel

Bermuda_John wrote: »

conel, your in the driving seat just remember that, but i agree it is exciting however dont appear to desparate by upping the offer every day as it makes your initial offer look like a joke.

If there is another offer im sure the EA will tell you as they will love a bidding war.

go onto ...........and type in the address of the house you are buying. You can find the prices of every house from 2000.

Then base your offer on 15%- 20% of the 2007 price. House prices have officially fell by this amount since then so you can see if you are paying way over the odds.

Armed with htis you can openly ask the EA why htey value the hosue at 200k when x sold for x in 2007 and there has been a 20% drop in prices. You wont get s traight answer, i guarantee it!

when i say cosmetic work i mean new carpets and changing the walls, nothing major but it will cost a thousand quid or so.

Thanks for your reply.

Our offer was based on 20% drop for 2007 (a little lower actually). They bought for 108k so still a hefty profit will be made (if they haven't MEWed it...told I had been reading!).

Just had a call from another estate agent with another house we are interested in asking how we were and if we wanted to put an offer in, I asked if they were open to offers and they said it would be trial an error. It is priced 5k above the other house but other than that, pretty similar inside.

Blacksheep1979

Conel - run a mile, it's south of the river, cowboy country .

Personally I'd hold off a bit and be very careful about seeming too keen to the EA as this will filter back to the vendor. Maybe as said above offer 2-2.5k more and if they decline ask the EA for other similar properties. If the house is still available in a couple more weeks time go back in with the original offer.

Conel

Hi everyone,

Just an update that after a promise from the estate agent that I will be called back today regarding what the vendor would be willng to accept...but nothing.

I don't know if they are forgot to call me back (I have spoken to at least 3 different people at the estate agent regarding this property) or if they are game playing??

Bermuda_John

some EA are jokers ......... call them up and tell them you are withdrwing your offer

in a few weeks time go in with your first offer

Beardmidget

Conel wrote: »

I don't know if they are forgot to call me back (I have spoken to at least 3 different people at the estate agent regarding this property) or if they are game playing??

I've had this from so many agents. It drives me up the wall! As a would-be FTB, you are naturally nervous and NEED information! It would irritate me if I was selling to discover that the agent was not keeping buyers happy and informed.

There is even a national chain of EAs whose coffee cups I shall never be darkening again because they treated us so badly that my OH mutters darkly every time we pass one of their offices!

The place we're (touch wood) buying was actually with the best agent... so was it the house or the service... I don't honestly know!

Conel

Hi guys,

Thanks for the replies, thought I would update you all.

Well they eventually called us back on Wednesday and said the Vendors are looking for near the asking price. If we were to go in at 195k he would try and convince them to take that. Anyways, that afternoon I called him back with a 2nd offer of 186k. Not long after he called back and said it was rejected as it was still too low.

Anyways, I left it at that. So I call up yesterday to arrange a viewing on another property. Another chap at the EA books it in, but when he calls me back he asked how we got on at the house we liked. I asked him what he meant as I hadn't put in any more offers? Eventually I told him we have second offered to what he was surprised at as no one had told him and this was his client? I just said the offer is on the table, I am not sure why it was rejected as I didn't get much feedback and I didn't receive a counter offer either... but the offer was still there.

I don't know if this is a good thing or bad thing? We are going on another viewing but obviously are still interested in the first house. When he calls back for feedback should I mention anything??

Sorry for the long post, this sure is confusing!

Kam-uk

Hey Conel,

Same situation as you and same borough,
We've made 2nd offer on a house we like which has been refused,

EA keeps telling us about cash buyers offering more, another viewing booked today, someone has offered only 10k below asking price and been refused, another offer being submited tomorrow.

Yet the price has been dropped 5k even with all this interest.:rotfl:
I got to admit I firmly believe prices still have a way to fall...but I like the house a lot and would buy now. I just feel the EA is playing a bit of a game. details on the vendor change daily, and I don't trust anything they say now.

I'm sticking at my 2nd offer and sitting it out.
I've been watching the market for ages in bromley and loads of properties I've had bookmarked are still on the market after months. a few have gone SSTC and come back on again.

Some EA's I could say I've found to be freindly and fairly honest, but most seem devious and I can't understand why. As someone posted earlier the difference in their commision is like to be only £50-£100 and I would think in this climate they would welcome a quick FTB sale.

Good luck tho and keep us updated ..hope we don't end up in competition with each other :A

princessamy86

Honestly, your EAs sound like clowns. I find it difficult to believe that they don't log offers on their system, and surely, if this guy was actually in touch with what was going on he would know! Especially if it's "his" client. When he calls you for feedback, I would certainly say something. If, after viewing other houses, the 1st one is the one for you, speak to the agent you booked the viewing with and reiterate that your offer is still on the table. You never know, a week or two of the vendors sweating it out might make all the difference. You could also ask if their had been any other viewings on house 1? If there hasn't, it puts you in an even stonger position.

Conel

Hey Kam -

I'm not looking at Bromley, but a borough very close by so we shouldn't be in competition with other

PrincessAmy - they certainly don't seem professional- and they are one of the biggest ones round there.

Well we have just viewd another house - a tad more expensive but it is bigger. It may be an option and it is with the same EA! So not too sure what to say when they call back for feedback?!? The EA whose client it is knows the offer is still on the table so who knows?

If we were to put in a second offer for this second house, we would offer more as it is so much bigger. Would that be showing my hand to the EA on how much we can afford?