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

Bermuda_John

tell these people to take a hike

if they come back and say 192250 tell them you are at you absolute limit and tha tyou may be able to get some extra cash from family.

then go back about 2 or 3 days later with and extra £500 and that is it.

they will feel liek they have extracted every penny possible out of you and they have "WON" the negotiation process

thats all this is, someone needs to feel like they got the best deal possible out of the other

wheresmydoshat

is it a couple who live in the house ?

if so just you wait until her indoors spots a house she likes now they've had a solid offer, all of a sudden 190k would be just fine !

if not, you can sleep easily in the knowledge you did what was right for you.

you'll quickly fall out of love with this property and find another (sounds like you already did ?).

Conel

Hi everyone,

Thanks for the replies.

Shirlgirl. Arrghhh I know how you feel! I hope you're brother is ok

Bermuda John. Thanks for the advice I think this is definitely it, we both want to feel like we have had a good deal. I feel the difference is we can move on and find somewhere else...they will have to wait around for another buyer. Ah well ,looks like I am going to be in for another wait.

Wheresmydoshat : It is a couple with young children, but I have that feeling about the wife, hehe.

We did find somewhere else but I was concerned about the master bedroom size. However, this was a 3 bed so we were fine with it. It need a bit of work doing to and things like wonky floors were concerning us. We think the couple have split up and originally bought this house to do up but have now run out of money so want to sell.

According to the EA that has it on now, it had been on the market before they had it for 240k+. They placed it at 223k then reduced 3 weeks ago to 216k (all backed up by property bee, nice to have an EA tell me the truth!).

Anyways we started low and offered £192500 (with room to go up) and the EA said he wouldn't bother putting it to them as he knows she will only accept 215k. If it was him, to go in at 205k and 210k. We called back the next day and said we're sorry but with our budget and considering the amount of work needed doing to it, we wouldn't be offering at all if her expectation was 215k. The EA was very understanding and didn't push. I don't think they will sell soon as we were the first offer (been on with this EA since March) and it wouldn't even be considered.

Ah well, on with the hunt!

ShelleyC_2

Conel wrote: »

Anyways we started low and offered £192500 (with room to go up) and the EA said he wouldn't bother putting it to them as he knows she will only accept 215k.

I thought they had to pass all offers on or did he suggest you didn't make the offer

chickmug

ShelleyC wrote: »

I thought they had to pass all offers on or did he suggest you didn't make the offer

It is possible tha the EA had a signed mandate from the seller not to pass on offers below a certain amount. However I doubt many agents will bother with these mandates as we never did. Unless a seller insisted.

Conel

ShelleyC wrote: »

I thought they had to pass all offers on or did he suggest you didn't make the offer

He said they wouldn't pass it on.

To be honest the feeling I get is that they may have remortgaged to update the house and that is why they won't accept a low offer. Fair enough but I'll be damned if I am paying off their debt for them, especially when the house is not finished!

Conel

Hi everyone,

Just an update that we have seen another house , liked it alot more and had an offer accepted of 210k.

I am little worried as until we have the survey done the vendor won't take it off the market but has suspended all viewings for 2 weeks, is this normal? He said because he has done this before and the buyer couldn't get a mortgage and isn't willing to risk that again.

Also, we had a little trouble with our mortgage as that product can no longer be offered through a FA. So our FA had to call and tell the EA this, but said they have been accepted he just can't organise this for us. So he is coming round this week to help us apply directly.

So my question is...what do I do now? I have some solicitor quotes. How do I instruct a surveyor?

Gotta say, I am a little scared!