FTB - First offer rejected.. how long till next offer?

pocketftb

I’ve been actively viewing here for ages - your advice is always so good so wonder if you could offer me some...

Went to see a property yesterday which I’m very keen on. 2 bed maisonette, Sussex town, great area, no chain ... needs a new kitchen and general updating but I could easily live in it in the meantime. It’s only been on the market since last week. The asking price is £169950... I put in an offer of £161k in the afternoon …this was rejected last night ... EA says - vendor hoping to get nearer the asking price.

Now I’m buying on my own and although I could reach the asking price (I have seen an independent broker and who says I could borrow up to 180k :eek: ), I really don’t want to over stretch myself. I would like to have some spare cash to make the place my own, save up to do the kitchen etc.

Question? How do you think I should approach putting a revised offer in? My max would be £164k I think. I was contemplating phoning up today and putting in £163k... is this too early? I don’t want to seem too keen too early and start entering a bidding war.

cuffie

How many other viewers have they had? Has anyone else put in any offers? You could let them sweat a bit, but they could have a viewer tonight, that person offer £164 and they take it.... It doesn't hurt to let them wait a bit though. Maybe put in your interest at £163 now and then wait and see what happens. It just depends if they get a better offer really, and then the EA will come back to you and ask what you want to do.... you can decide then.

Gorgeous_George

Depends how keen they are to sell. I would be keen to sell to you because of your FTB status and I'd try to pass your discount on to my next house.

Go back to the EA and ask for more properties to view and let it be known that other EAs have houses that interest you. They may not get an offer better than your £161K. If they want to sell, they will. A few grand won't make much difference IMO.



GG

pocketftb

Thanks for the quick reply. EA said there had been quite a few viewings - as I left my viewing there was a couple waiting to view. Its odd as the property went onto rightmove over the wknd but is no longer there?!

The EA said when I was viewing yesterday that an offer had been put in already, but they were sorting out their finances and so the vendor wouldnt accept until this is this is finalised.

The sale is being dealt with by executors so I get the feeling they want someone who can move quickly (i.e. myself.. no chain as ftb, finance agreed).

mrsc_4

If you really want it that much I would test the water again by offering 163K you can help your case by explaining your mortgage ready, and are able to give them a quick sale etc, when we put our flat on the market these things made potential buyers seem more serious to us.

snuffy

I would say put an offer in for 16x,800 and say you have scraped together some extra money to secure the property as you really want, can move in quick because you are a FTB etc - milk it. Going in at a different figure such as 800 instead of 000 will kind of show willing to get a deal.

squibbs25

Where i live in Sussex, not many houses are selling at full asking price.
In fact not many houses seem to be selling at the mo
I know of one house that was reduced from 174000 to 169000 to 165000.
Its now on the market for £155000. The condition of the house is not all that great, It does have some issues :rolleyes:

If you really want the house then its only worth whatever you are prepared to pay for it. If your limit is £164K then try that as a last offer, but make it clear that its a final offer.
If the vendors are not willing to play ball, i would personally look elsewhere.

Good luck,

Squibbs

grovej

If it is the property of your dreams and you really want it then secure the deal, I would make another offer sooner rather than later. If you lose the property over £5K then you will kick yourself in the long run. Over 25 years what will the extra £5K on the mortgage cost you at current rates per month £30 maybe?

John

cuffie

Good luck and keep us posted....bear in mind that if someone else has already put in an offer and its so soon on the market, you may have to up yours now to show your interested. Best of luck - its all a game - you don't know what they are willing to drop to, but you are in an excellent position, and you can't "buy" that.
xx

pocketftb

Update:
The estate agent called me on Tuesday afternoon to ask what I wanted to do - so think they are obviously interested in me - I put in my 163k offer. Said it was my final offer on this property, explained why I felt it was a fair price (work to do etc) and reiterated that I was able to complete in quick time (finances in place , no chain etc).

Wait... wait....

Call from EA just now - offer rejected . Vendor really wants near asking price but will give it 2 or 3 weeks and then come back to me if still no offers. Suggests to me they are still interested in my offer.

Think I’m ok with this ... I’m happy to carry on looking around as I’m not in an immediate rush, although think a move out before Xmas now seems unlikely. I really don’t want to offer any higher, my gut feeling is that 163k is a fair price and ensures I’m not overstretched.

Question: Say I see a property I like equally as much as one above and decide I may want to offer - is it acceptable to –

1. Go back to first agent and say "I’m about to put offer in on another property, would your vendors like to reconsider my previous offer?”


-- thanks 4 your help and interest so far.

gil13

There are many buyers who offer on a number of properties and run the chains along side by side, not nice for the vendors when you pull out a week or so later mind. If the vendor is saying they want to wait around and see if they get a better offer that's their choice, but if I was the EA and I had a very sensible offer from a FTB with finance in place I would be moving to get an acceptance, as a few grand doesn't make a big difference, they want the sale tied up and the commission in. I suggest you put your offer in writing to the EA and ask this be relayed to vendor, upping it to 164,000 as final offer trusting this to be acceptable to the vendor and as a sign of your desire to complete and if acceptable respectfully ask for all marketing of the property to cease. Give your solicitors details and your mortgage company and leave it at that, say you will not view any other property until monday (although you could with other agents!) and then you pull it. Also check regarding the chain above, have they offered on something but need to get under offer first (probably). If they want to hang around in the hope they may, or may not, get an offer of 1k more or something then I wouldn't bother.