Buying my First house - What Offers to make?

richr74

Hi guys,

Just trying to get my first house with the miss's but have no idea what im doing when it comes to putting offers in (as in whats good/bad, how long to leave it)

Its was up Start of March for £139,950 (personally think it was over priced)

Then start of April they Dropped it to £134,950.

I put an offer in Last Friday of £126,500 - REJECTED Monday

I put an offer in This Morning of £128,000 - REJECTED Just


Ive done a bit of research on the area/sold prices but there hasnt been any with the same size/style house sold in the last 5 years BAR 1!!

The one i found was Sold January 2010 and its about 15 houses away (so exactly same area) and this was sold for £132,950, however this house has a Tarmac with Block Paving edged Drive and a 5ft extension on the ground floor front of the house. (door is on the side so they have just extended kitchen by 5ft and dining room by 5ft) - Obviously the one im going for has neither of these extra features but apart from that, the sizes of rooms are identical


I am just totally lost now as just by looking at it i would guess its worth around 130k (but i have no idea really)

If the other sold for 132,950 then - a Tarmac Drive & 5ft Extension i would assume somewhere around 127-128.

I have also heard that most house are sold for around 5% from what they were listed for. which would also mean from the advert price it would be worth 128,200.

If you have any advice please let me know as i am very eager and just want to ring them right now offering 130k (but i wont).


P.s. On the last rejection the estate agent said that the Vendor is looking for offers in excess of 130k

andys15

What are you like at poker. those are the skills you need

daisbuys

View another house with the same agent. The last offer will soon get accepted, or at least a very good counter offer....

richr74

Poker indeed, thats exactly what it feel like, trying to figure out what the other is thinking.


Do you think that would get the ball rolling then, Would the estate agent contact the Seller and just say to them that im looking elseware.

I am guessing you think £128,000 is reasonable? (i know its hard without seeing the property but with the bit of info ive provided)

poppysarah

Offer 125k next.

Seriously. Say it's on the table for a week and then view other properties.

Move on.

Prices need to come down.

LE3

keep the offer of £128 on the table, let the EA know it's your final offer & keep looking for other properties

ItMightBeUsefulOneDay

You are wise not to offer 130k. Please tell me you haven't gone through the estate agent's "free" mortgage advisor: It's the estate agent's job to get the best possible price for the vendor and that includes knowing your maximum price. He (or she) is in effect working against you for this transaction.

I'd formally withdraw my offer of 128k and start requesting other viewings. You may well find the vendor comes back in a few days to "accept" your offer of 128k. Tell them that offer has been withdrawn and, if you still want to, start negotiating again but from a lower starting point.
There will be other houses and you may well find a much better one as you start to look at more. At the very least it will allow you to compare features and prices in your area.