When to make a second offer?

milliebear00001

Hi there

I offered £122000 on a house, on the market at £130000, about 6 weeks ago. The owners had already accepted an offer of close to the asking price on the day the house went on the market (!) I was initially refused a viewing because of that offer. A week after, the property was relisted as available because the original buyer appeared to have some financial issues. My offer was rejected when this buyer came back and appeared sorted (house relisted as 'sold') on RM. I wrote it off, then received a phone call about a month ago from the agent, asking if my offer still stood. This was just after the budget, and we had decided to hold off looking at any further properties until we had a better idea of where the market might head (and so we could get our finances in better order). I told the agent our offer was withdrawn and that we might submit again in a few months time if the property is still available.

I was feeling good about that decision, but has time has gone on I've started to wonder if we did the right thing! The house is a good deal, but close to the top of what we can afford. I was hoping by holding out, we might get it at a slightly better price, but it seems so much better than the alternatives, and I don't want to miss the boat!

What would you do? Should I reoffer now, or wait another few months and risk losing it? My main worry is that we'll offer now, be accepted, and then not be able to secure the mortgage (we have a couple of late payments on credit cards over three years) and we are stretched on income multiples as it is (approx 25% deposit if I accept a gift from mum and dad!).

gemmalouanna

Get your mortgage sorted and then make the offer based on what you can afford - that way less disappointment for you and the vendor if youy can't borrow what you initially offer.

milliebear00001

But don't I have to have an offer accepted before I can apply for a mortgage? My broker (L&C) reckons an AIP isn't worth the paper it's written on...