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

princessamy86

Yes, just wait and see what happens! Don't let them push you any further, you've gone to your best offer and they have rejected it. I don't think £10k is too much to drop, and as you say they have not even started looking. You never know, they may be back trying to bite your hand off in a month or so.

Skyler

Hello

I've been following your thread, I think they are now worried that they may lose the sale and that's why they have got their FA to ring you. Stick to your guns now I think that you may be getting a phone call to say that they have reconsidered.

The way that you have got to look at it is that even after 3 months it will still be a falling market thus leaving you with a property which is worth less than you paid for it. You have already factored some of this in but you will still have more to lose even if you do complete sooner rather than later. You also don't know what your mortgage valuation will come in at and if it's realistic then it might not even meet your offer price

I know that if your planning to live there for a very long time the drop in price won't be too much of an issue, as long as it doesn't affect you when you come to remortgage after your initial fixed mortgage period runs out.

Good luck, I hope you get a better result soon

1echidna

Must say I would find it rather a cheek if a FA from a vendors EA tried phoning to tell me how much I can afford. They will have answers for everything and my advice is not to get involved in discussion about why you are making an offer of a certain amount in future, just make your offers, possibly with a time proviso and leave it at that.

ad44downey

Conel wrote: »

The financial advisor of the EA called us today (at the request of the EA) to tell us the difference in our mortgage payments

I don't think you should be dealing with vultures like this.

Conel

Thanks for replying everyone.

We will wait it out now.

PrincessAmy - I don't think 10k is much either, I am sure they will negotiate on their next property too - if they do find a buyer for theirs.

Hi Skylar, I hope they are worried! Apparently there is some interest in the property, but obviously no offers (or not FTB buyers). We'll see if they come back, I know the Vendors want us to buy it but are not giving up on this 5k drop from asking.

ad44downey - You know what, I wish I didn't have to but they are the largest EA around here, especially for the type of properties I am looking for - very annoying!

Thanks for listening everyone!

ad44downey

Conel wrote: »

ad44downey - You know what, I wish I didn't have to but they are the largest EA around here, especially for the type of properties I am looking for - very annoying!

no, I meant the 'financial advisor'. I doubt if any of his or her advice will be to your financial advantage.

Conel

ad44downey wrote: »

no, I meant the 'financial advisor'. I doubt if any of his or her advice will be to your financial advantage.

Oh, yeah I did. To be honest he was ok. He is independant of them and already told me about products I had been told about from my FA. In the end he agreed with my point saying the market is going to get worst before it gets better (meaning when the interest rates start to rise), so understood where I was coming from.

Shame the EA can't try and convince the vendor of this.

shirlgirl2004

Good luck Conel. We're in a similar position at the moment.

Conel

shirlgirl2004 wrote: »

Good luck Conel. We're in a similar position at the moment.

Thank you

What has been happening with you, if you don't mind me asking?

shirlgirl2004

We're trying to buy of one 2 houses. OH and I are split between them but we will both be happy which ever (if any) we were to end up buying. One of the house (my favourite) has had an offer which is too low for the vendor to buy the house they want. The houses are both on for £700k and I have offered 630 (90% of asking price) and have been declined. I then offered 640 which has been declined. One agent has intimated they will probably take 650 the other is not being very forthcoming. I am exhausted from negotiating especially as my brother has had an accident in Spain and I want to get this sorted before I fly out hopefully next week.

I am going to see my favourite again today. I want to check what work needs doing and then will up my offer to probably 645 with a final offer of 648 or 650. Both of these houses have been on the market a year and have come down from 800 and 750. What I feel like doing is just phoning and saying 650 take or leave it and then walking away. If I do that then I think neither will accept. I'd like to leave it a few weeks but before offering again but the OH doesn't want to wait. What with having to go to Spain, potentially at last minute, it would be easier to get the ball rolling and then try to forget about it whilst I'm away.