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

wheresmydoshat

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.

jokes ! tell them where to go.

repeat your last offer, say that stands for 3 weeks take it or leave it.

they're messing you about. we had the same last year and in the end i just told the EA someone wasn't playing ball and we withdrew our interest altogether. my last words were "maybe see you next summer" !!

if you offer more than you have you are playing into their hands, it'll be champange all round, for them !

Conel

Hi everyone,

Thanks for the comments.

This is such a difficult one, I feel if the EA actually were decent we would have come to a conclusion by now...either a definite no or an accepted offer!

My bf is pushing to offer more and we would be willing as this wasn't ever our top offer, but with no feedback from the agent (they don't even sound like they want to sell it!!) I am reluctant to as they do seem like they are playing us. I would appreciate something like "Well I think they will accept this", instead of me having to chase them to find out (and even then they don't sound convinced!!).

I have never said our offer was our final offer, do you think this is why? If I go back as PrincessAmy says with a small increase saying (as wheresmydoshat suggested) that this is our last and final offer,it stands for a week. Let me know.

Wheresmydoshat, what happened to you?

wheresmydoshat

honestly, if you lose this house because they try and get too much you won't regret it in the long term.

we were gutted when we missed out on a house last summer, but now its the best thing that could have happened.

the EA and/or vendor pushed it too far with us, to the point where I don't actually think the EA even passed on the last offer. this was all happening as confirmation of house prices dropping was hitting the press. we were holding all the aces.

but to no avail.

you really need to sit tight on this one. your offer is more than enough, now its time for you to make them sweat instead of the other way around.

good luck. be patient !

wheresmydoshat

ask yourself this, if you were selling in this current climate would u accept your offer ? if you were truely serious about selling ?

chickmug

Conel wrote: »

Chickmug...I thought this was the easy bit! Never again indeed!

It's about time the professionals, involved, like the agent and solicitor, realised the stressful times for their client and did everything in their power to keep it as stressfree as possible.

Instead most manage to crank up the stress levels

princessamy86

chickmug wrote: »

It's about time the professionals, involved, like the agent and solicitor, realised the stressful times for their client and did everything in their power to keep it as stressfree as possible.

Instead most manage to crank up the stress levels

Totally agree with this chickmug, in this case it seems like nobody is working towards a good all round outcome, just making it hard work!

Conel

Hello,

Just an update that we put in our final offer today at 190k. This again was rejected by the vendor, saying he we would meet us in the middle at 195k as a 10k drop was too much for him.

I asked if this was his bottom line and the EA said yes it was, did we want to go away and think about it. I said no, this would be our final offer.

Oh well, I guess you win some, you lose some!

1echidna

10k drop on 200k is 5%, doesn't seem a lot and I wonder how confident the vendor is that he will get a better offer. Given there seems to be no mention of competing bids vendor may well be being foolishly optimistic. But as you say you win some and lose some.

Conel

1echidna wrote: »

10k drop on 200k is 5%, doesn't seem a lot and I wonder how confident the vendor is that he will get a better offer. Given there seems to be no mention of competing bids vendor may well be being foolishly optimistic. But as you say you win some and lose some.

Apparently the EA said there had been a lot of interest (this was coming from the vendor) and I got the feeling he was waiting back on this.

It was a last stab as we are now interested in another property, although still thinking about it this other property.

I did say we wouldn't be increasing our offer as we feel we're in a good position, what with the vendor still not having somewhere to buy we would feel uncomfortable with the continuing falling market and we wouldn't know how long it would take for them to find somewhere. The EA didn't really say much here.

So we'll keep on looking.

Conel

Good Morning!

Another slight update for anyone who is still reading.

The financial advisor of the EA called us today (at the request of the EA) to tell us the difference in our mortgage payments of the 5k the vendor wants us to increase too.

Admittedly it is not that much, but my point was that we are in a falling market and the Vendor still hasn;t started looking for somewhere to live. For example, if it took 6 monthes to completion and there was a steady a drop of 2%, this would be my worry.

He advised to put a condition of the offer that we need to complete within 3 months to protect us from this, which I thanked him for his advise but we were currently offering on another property so we wouldn't be doing that.

So clearly they want us to buy, am I right to wait?

Thanks everyone for listening!