Urgent advice please - making offer on house

suebfg

Hi fellow Moneysaving experts,

Can you help me with the following. Seen a house today which we really like but the estate agents received an offer yesterday. The house was on the market last year and didn't sell so has been tenanted for last 6 months and has just been re-marketed (in last few days).

We've been looking for the right house for ages (over 2 years plus). House is priced at £695,000. We'd like to make an offer but not sure what to go in at given that there is an offer already on the table.

Any thoughts???

Tinkaf1

No clue. I guess whatever it is worth to you. I would have "guessed" that if the offer put in was full asking price the buyer would have asked for it to be removed from sale straight away.
Also are you in a good position to complete quickly? The others might be. I guess if you offer a figure and the EA knows the other one is higher he/she would tell you straight away.

Tinkaf1

Assuming EA is telling the truth of course.

suebfg

Yes, we can complete quickly as we're renting and have all our paperwork in order. Not sure about the other 'buyers'. I did question whether the estate agents were telling the truth as (i) the house was on the market last year and didn't sell and (ii) I viewed another house with them a few weeks ago and they rang the next day saying that the vendors had had an offer and was I interested. Said house has now been taken off the market - not sure if it has sold or withdrawn from sale. But two separate ladies at the estate agents have both said there is an offer so not sure what to believe.

Tinkaf1

If it has been taken off I would assume their offer has been accepted. Have you considered contacting the vendors directly? Pop a note through or knock door asking if it has been sold. Ask agent directly if it is SSTC or still open to offers.
I have to say though... if I was selling my house through an agent and they tried to be clever by inventing offers, I would be furious. They could put people off.
Call up and make an offer, what is the worst that could happen?

suebfg

Hi Tinkaf1, sorry I was talking about the house I viewed a few weeks ago which has now been taken off the market. The one we really like is still up for sale - the offer from the other buyers has not been accepted ... yet...

tyllwyd

Umm - just because a house was on the market last year but didn't sell, why does that mean that it is unlikely for there to be an offer made on it this year? You've seen it and like enough to be considering making an offer, so why shouldn't someone else?

But I don't think you can start by trying to second guess what someone else has offered - offer what you think it is worth (or just below to give negotiating room) and see what happens. The offer on the table is probably quite low, so it hasn't been accepted. But if it has only been on the market a few days and already has two people interested, the vendors probably won't be looking at dropping too far.

suebfg

It was also because the house has literally only just come on the market (i.e. a day or two ago) and I would have thought any person with an ounce of negotiating nouse would play it cool before putting in an offer and at least wait a few days

tyllwyd

suebfg wrote: »

It was also because the house has literally only just come on the market (i.e. a day or two ago) and I would have thought any person with an ounce of negotiating nouse would play it cool before putting in an offer and at least wait a few days

Yes, but everyone is different - it might be someone who is in a chain, really keen to move and wants to jump in quick before someone else does. There aren't that many houses on the market at the moment - some are selling very quickly.

suebfg

Yes, maybe you're right. This doesn't seem to be the trend in this area though unless they're very keenly priced.

LillythePink

Why not ask the EA what the other offer was so that you can gauge whether you want to put a higher one in or at least ask the EA if the other party is serious about the offer (I know it sounds a silly question, but if they put in a really low offer they then don't appear as serious as someone willing to go near asking price)

The house we bought last year had previously been on the market the year before but didn't sell. We viewed and put in an offer the next day and ended up paying asking price as the seller wouldn't back down but also because of the size of the wing for my parents - they didn't want to let the house go.

You have nothing to lose by even putting in an offer - the EA should then really give an indication if the first bid was higher than yours. If they say that they will put it to the homeowner, then you know what it was lower.