(FTB) Ready to put in an offer

Horrid_Henry_2

Hello,

I am new to the forum so please bare with me.

Me and my partner have today had a second viewing on a house and have finally decided we would like to make an offer.

We are currently renting and only have to give a months notice, we have a mortgage in principle with a £26k deposit and £4k set aside for admin and legal fees.

The house is currently on the market for £152,000. Our maximum offer we can go to is £140,000. The house is of very high standard and will need nothing doing to it at all. The seller has already put an offer in on a house and it has been accepted pending the sale of their house.

The house has been on the market for approx 6 weeks and upto now we are the only people to view it but they have said they have got a few more viewings on it this week.

We now are unsure of what to do next.

Should we wait till next week after they have had the viewings before we put our offer in ?

We thought of going in with an offer of £138,000 because if we went straight in with £140,000 we would have nowhere to go after that or should we be totally honest and say we do not want to mess you around, £140,000 is our maximum offer and we cant go any higher, we are fully prepared to walk away cos going any higher is not an option of us.

Your advice is appreciated.

Thanks

Froglet

Hi and welcome to the forum.I work in an estate agents and can only go by what we would advise.

As the house has not been on very long,and they have other viewings booked you may well find that initially they won't accept your offer.Whether you go in at 138 or 140 won't make a lot of difference,but you must make it clear that you cannot afford any more.If you are prepared to walk away and not try and stretch yourselves then that is fine.

It may be that they will leave you in limbo and not make a decision until after the other viewings but with a bit of luck they won't get any further offers.As they have already found somewhere they may well be happy to take the drop.It all depends on what they need for their next house,and if it is with the same estate agents they may well be able to drop that price too.

So i wouldn't give up hope but i would advise you don't wait to put in the offer.If you can prove you have the funds then that will count for a lot ,being first time buyers.

Also have you shopped around for the mortgage? You may be able to get a better rate elsewhere which would mean you just might be able to go a little higher if need be.

Come back with any further questions and i will try to help.

boy76

It is a buyers market to a degree, have you looked at any other properties? or is this the first one?

If you have looked around and this is the house for you make the offer, if they accept it request that the house is taken off the market.

I would test the water with a lower offer first especially if it has been on the market for a while?

chewmylegoff

it may not help you to tell them the absolute maximum you can afford is £140k. it could create concern that you might not be able to proceed, should the mortgage company value the house at less than £140k.

if you decide to go straight in at £140k, it might be better to say that is the maximum you're prepared to pay for this particular house. if they reject it, so be it.


may not make all that much difference, in practice.

Horrid_Henry_2

Yes we have viewed about 10 other properties, this has been on the market for approx 6 weeks now.

socrates

It may be sensibly priced - who knows.

However this is the problem when you view houses that are beyond your budget.

When you go back to looking at properties within your price range - you will continually compare them to this one.

westv

socrates wrote: »

It may be sensibly priced - who knows.

However this is the problem when you view houses that are beyond your budget.

When you go back to looking at properties within your price range - you will continually compare them to this one.

But I suppose you won't necessarily know if they are within your budget until your offer is accepted or rejected.

Horrid_Henry_2

Hi,

Just to update those people who kindly replied to my question on putting in an offer.

Today we have had our maximum offer of £140k accepted on the house we wanted. Our initital offers were for £135k and then £138k which were refused then we made our final offer of £140k.

We have a mortgage in principle and our deposit ready, I am going to ring our mortgage advisor tomorrow and contact a local solicitor for a quote.

Is there anything else I should be doing ?

Thank you

pawpurrs

Congratultaions :j
Thats about it at the moment. Hope it goes through smoothly for you.

Conel

Congratulations! Very jealous

cattie

Well done & congratulations. Hope everything goes smoothly with the purchase.