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

Conel

Hey everyone,

Thought I would update is anyone is still reading...

After the EA called to say to increase our offer...no phone call. So I called today and the guy I was dealing with wasn't in AGAIN...so I didn't get any feedback. Anyway spoke to the manager there (I think) and he said as we only offered the same amount it was rejected. I asked if this was put to them as he seemed very flaky when responding and he said yes...it was but this offer was rejected before so they rejected again.

I said we were expecting some sort of feedback regarding what they were willing to expect, maybe a counter offer but he said that is not how it works...the house is on for sale and you offer until they accept....hmmm.

I asked if their circumstances had changed (as in had they found somewhere else to buy) and he said he didn't think so (very knowledgeable this EA!).

He then went on to tell me that another house in the area that was up for the same (we went to see it, but not for us) sold at asking price today. Something has happened as it has been removed from rightmove. It was a nice house but I didn't like the road, but it had a bigger kitchen, bigger second bedroom and a south facing garden.

Anyways, even though this one sold...they still have another one on that very same road that hasn't....so I don't know what I am meant to look into this.

So, should I re-offer a higher amount? I was thinking of 189k later this week (to the guy who I prefer dealing with!!!).

princessamy86

Hey Conel, sorry, I can't remember what your offer was? They don't sound very on the ball! I can smell a rat with the manager telling you something sold at asking price, sounds like he is just trying to put pressure on you. If I was you, I would re-offer perhaps £500 or £1000 more, make sure they confirm it in writing as well. I really don't know why they won't give you a counter offer, it is in their interests to sell the property and encouraging you to offer "blind" with no guidance is not helping anybody. Have you met the vendors or did the EA show you round?

Conel

princessamy86 wrote: »

Hey Conel, sorry, I can't remember what your offer was? They don't sound very on the ball! I can smell a rat with the manager telling you something sold at asking price, sounds like he is just trying to put pressure on you. If I was you, I would re-offer perhaps £500 or £1000 more, make sure they confirm it in writing as well. I really don't know why they won't give you a counter offer, it is in their interests to sell the property and encouraging you to offer "blind" with no guidance is not helping anybody. Have you met the vendors or did the EA show you round?

Hi PrincessAmy!

Our last offer was 186k (which was up from our original offer of 180k). The asking price is 200k.

They're not at all, and he really put my back up! I don't get it either, even with what they would accept they seemed very vague. They are supposed to be negotiatiors...they're not doing very well so far.

We met the Vendors, twice now. They seemed nice and want to move to a bigger place as the 2nd bedroom is too small for 2 small kiddies. However, they hadn't started looking as they didn't want to until they sold theirs...another reason I am wary of upping my offer as who knows how long it will take for them to find a property?!?

princessamy86

Are you confident that your re-offer of the same price reached them? Would it be possible for you to go and view again, and have a discussion with them about what price they are looking for? I'm not recommending you circumvent the agents completely, as the vendors will still have to pay the fee so there's not much point.

However, if you can go round and say, "Look, we really like the house but we're struggling to get an idea of what you would accept. To cut down on the to-ing and fro-ing, can you let me know a ballpark figure and we will go away and think about it". You could also say that you are a bit worried about how long it would take, and that's the reason you're reluctant to up the offer too much, falling market and all that.

If they are nice, they shouldn't bother about an informal chat, I get lots of offers where the buyer has already agreed the price with the vendor on the viewing. Might just help speed it along for you a bit.

Conel

princessamy86 wrote: »

Are you confident that your re-offer of the same price reached them? Would it be possible for you to go and view again, and have a discussion with them about what price they are looking for? I'm not recommending you circumvent the agents completely, as the vendors will still have to pay the fee so there's not much point.

However, if you can go round and say, "Look, we really like the house but we're struggling to get an idea of what you would accept. To cut down on the to-ing and fro-ing, can you let me know a ballpark figure and we will go away and think about it". You could also say that you are a bit worried about how long it would take, and that's the reason you're reluctant to up the offer too much, falling market and all that.

If they are nice, they shouldn't bother about an informal chat, I get lots of offers where the buyer has already agreed the price with the vendor on the viewing. Might just help speed it along for you a bit.

I am not sure I would have the nerve. Is this a normal thing to be done?

Am I confident they passed on the offer...no. I am not even sure if the Vendor did actually call the EA asking us to offer again, I mean why would they? If they were not willing to drop their price why would we be willing to up it?

Has anyone had this before?

Also (I know I am lookign wayyyy into the future). But having a smaller 2nd bedroom compared to other same builds in that area....would that have an affect re-sale later on?

princessamy86

Yes, it may well affect your sale in the future if it is smaller than anything in the area. However, if you price realistically at the time then it probably won't be a problem, after all-you like it! I know speaking to the vendors might sound a bit scary, but you don't need to make it very formal, just a chat as you're going round- I have had several offers come through already agreed like this!

It is quite normal for vendors to ask EAs to revisit past viewers, but it's a good sign from your point of view as it indicates they are really looking to sell. If they weren't bothered, they would just leave it and wait for another buyer.

Conel

princessamy86 wrote: »

Yes, it may well affect your sale in the future if it is smaller than anything in the area. However, if you price realistically at the time then it probably won't be a problem, after all-you like it! I know speaking to the vendors might sound a bit scary, but you don't need to make it very formal, just a chat as you're going round- I have had several offers come through already agreed like this!

It is quite normal for vendors to ask EAs to revisit past viewers, but it's a good sign from your point of view as it indicates they are really looking to sell. If they weren't bothered, they would just leave it and wait for another buyer.

Would it not be a bit funny, knowing that we have put an offer in and been rejected? Like, tense?

Yeah I thought so, just a shame the EA are not very good. I had to call them for an update...no doubt tomorrow the guy will be back in and call me to tell me as his manager wouldn't have passed this on.

Also, when on rightmove...why is a house taken off instead of going SSTC?

princessamy86

Taken off means exactly that..taken off! PM me the postcode, I have magical access to rightmove plus and might be able to find out why for you.

If approaching them direct isn't for you then don't worry, it was just an idea to work around your situation. If the better guy is back in soon then try and deal with him and see if you get any further. Might be worth increasing just a teeny bit, to re-open negotiations.

1echidna

Sorry haven't read all the thread but it seems to me that both buyer and vendor, unless the situation is very friendly, want to keep each other guessing and it doesn't work one way with the vendor revealing his cards and the buyer hiding his. As a vendor one wants to get the highest one can and the amount one will accept may well depend on a period testing the market. Sure as a buye one wants to secure the property for the lowest amount possible but if one gives the impression one can always be played upwards that is what will happen.

Conel

1echidna wrote: »

Sorry haven't read all the thread but it seems to me that both buyer and vendor, unless the situation is very friendly, want to keep each other guessing and it doesn't work one way with the vendor revealing his cards and the buyer hiding his. As a vendor one wants to get the highest one can and the amount one will accept may well depend on a period testing the market. Sure as a buye one wants to secure the property for the lowest amount possible but if one gives the impression one can always be played upwards that is what will happen.

Thank you, so what would you advise?