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

princessamy86

It is showing your hand, but only to a certain extent. At the end of the day, they can't force you to up your offer on house 1, you pay what you think it's worth, and if house 2 is worth more then you will pay more! If they push you, just say you've got more funds for this house as it's better than the first. They don't need to know anymore than that. Either way they get a sale, so I doubt they'll really push for you to go back to house 1.

nansenst

Pay what the house is worth to you. I put an offer in on a house about 3 years ago that was £10,000 less than they wanted, but was more than what i thought it was worth. They had already moved out and so i knew they didnt need the money either. So i walked away. They rang me in a week and accepted my offer.

If you look at a lot of houses in the area you start to suss out how much a house is really worth. Make and offer and stick to your guns, or go in slightly less than what you think it is worth and negotiate upwards. Dont ever go above what you think it is worth or you can afford. Walk away!

Conel

Hey eVeryone,

Just an update to tell you...heard nothing! However we are still looking and now feel our offer was justified from seeing more houses. Saying that the EA are complete morons at this place, never pass on messages and usually get 2 phonecalls from them for feedback (where they don't communicate!),

Anyway, we are potentially interested in another house so may be booking in another viewing...I am sure I will be on here asking for advise as this one too, I feel is overpriced.

Francesanne

fatpig wrote: »

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

That sounded a pretty fair offer to me. I know it's a buyers market at the moment but certainly wouldn't expect sellers to give it away.

bluejake

Francesanne wrote: »

That sounded a pretty fair offer to me. I know it's a buyers market at the moment but certainly wouldn't expect sellers to give it away.

Give it away? They paid £110k 8 years ago and want £200k now?! Oh I forgot this is property. I am surprised they weren't so insulted by the Conel's offer that they refuse to speak to him again.

Conel: you are just way way too keen and excited and are communicating that to the EA and the seller. Slow down and realise there is no need to 'hurry hurry or you will miss out'. There will always be another one coming onto the market and the way house prices are going it will cost you less in 6 or 12 months time. Your first offer was way too high. Don't act like your money is burning a hole in your pocket. Be a buyer who is looking for a good deal and is prepared to walk away if he doesn't get it.

Honestly, you should slow down and start again. Remember mortgages take a long time to pay off and long after the excitement has worn off you may need to work for years more if you pay more than you need to now.

RobertoMoir

Conel wrote: »

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.

Oh well, if you're already emotionally tied to this house or one just like it then you're boned.

You need to negotiate from a position of strength, and between your initial offer and apparent desire to buy this particular home or one very similar, you've not left yourself a lot to play with.

Either walk away, if you can, or offer something close to what they want. I'd personally suggest the former and then starting again with a new selection of houses you like, but it's really up to you.

Francesanne

bluejake wrote: »

Give it away? They paid £110k 8 years ago and want £200k now?! Oh I forgot this is property. I am surprised they weren't so insulted by the Conel's offer that they refuse to speak to him again.

Conel: you are just way way too keen and excited and are communicating that to the EA and the seller. Slow down and realise there is no need to 'hurry hurry or you will miss out'. There will always be another one coming onto the market and the way house prices are going it will cost you less in 6 or 12 months time. Your first offer was way too high. Don't act like your money is burning a hole in your pocket. Be a buyer who is looking for a good deal and is prepared to walk away if he doesn't get it.

Honestly, you should slow down and start again. Remember mortgages take a long time to pay off and long after the excitement has worn off you may need to work for years more if you pay more than you need to now.

I paid £11,500 for my property back in 1976 and my neighbours property has just sold for £251,000. So what would you consider a fair price for mine?

Conel

Hi everyone,

Bluejake - thank you for the advice. Maybe at the beginning we were a little excited but now that has waned and I think the EA knows that and knows were are interested elsewhere. I do understand offering low, but no way was I going to start at 160k (for example) when another house on this road sold for 225k last month. To me we would look like time wasters, coming up to what we would reasonably pay (near our 2nd offer) from 160k...I don't see the point.

RobertoMoir - thank you as well. We have calmed down now (this was the first offer we ever put on a house!). We have been prepared to walk away, hence why we left our last offer on the table and continued viewing. To be honest we were not really expecting them to come back to us, then....

The EA called us back, saying the vendor called them to say they really liked us and asked if we would up our offer. I said we would re offer our last offer and that is where we stand, but we are interested in another property at themo. Bit miffed we still haven't received a counter offer as such, but I suppose that is not always the norm?? Anyways, dunno what will happen but I thought we would update you

P.S I am a girl

Conel

Hi guys,

Still no news from the EA. We got the call at around 4pm yesterday asking us to increase our offer. When would be the norm to hear back? Do you even think I will hear back?

Sorry, I know I am impatient.

Francesanne

Conel wrote: »

Hi guys,

Still no news from the EA. We got the call at around 4pm yesterday asking us to increase our offer. When would be the norm to hear back? Do you even think I will hear back?

Sorry, I know I am impatient.

My sister put offer in at noon and got call back within 2 hours say 'no' so she increased offer this afternoon and they called back late afternoon and after a slight compromise on both sides they agreed. Good luck and hope you don't have to suffer too long.