Help! - Putting in RIGHT offer!

Miss_Money_5

Would appreciate any advice or help as i am a first time buyer in serious need of some objective guidance!

I have seen a property which has been put on the market at 109 950.It is an old terrace property in very good decorative condition. My first offer was 90k - yes, i know abit cheeky but i thought if you don't ask..! They obvioulsy rejected! Then i went in on £96k ... again they rejected! I am now in a dilema as my broker does not think that the value of the property is any where near the asking price. The vendor has not given a counter figure but states that he wants near enough the asking price. To be fair, the house has not been on the market for long so they could just be holding out to see what happens. In addition, they have not found anything so i'm guessing they won't be in any rush.

Problems
1. When should i make the next offer and what should it be?
2. Should i make offer myself or should i let broker do it as he has more experience etc (don't worry, she is not charging for this bit)
3. What do i do if i put a higher offer in and then the surveyor does not think its worth it! I will then have lost money for a surveyor and also possibly a mortgage offer!

Any help appreciated.

Thanks
Miss Money (or lack of should i say!)

poppysarah

Don't increase your offer if you don't think it's worth that.
Let them stew.

Bibliophile_2

You take a real risk offering more than your broker thinks it's worth. No one should be paying over the odds for a house in this market.

Just because they rejected your last offer, doesn't mean they won't agree to sell at that price. You might need to hold your nerve and be patient. Leave the offer on the table and see what happens. You still might not get it though.


Good luck!

keith969

Do some checking on what other similar properties in the area have sold for - you can use e.g. http://www.ourproperty.co.uk/. Offer what *you* think its worth, and more importantly what you can afford.

Miss_Money_5

Thank you for all your helpful replies. I have decided to hold tight for a while and see what happens. I've also decided to speak to the estate agent directly as i think that a personal touch might help.
I have looked at other properties in the area. Up until 2008, they seemed to be selling at about 110k approx but then in 2008, they have significantly reduced in value. At the same time however, i have seen other properties in the same area valued at 109 but seem to be in need of alot of work. the one i have seen seems to be the best of the bunch!

Miss M