first offer, too high?

Seanymph

Ah Thankyou Harrup!

We loved it straight away - and it had been reduced by £35k to someone else's offer, their valuation valued it at the price they had offered - and then for other reasons they pulled out.

The sellers dropped the sale price to the price they had agreed on that sale - and the price of the valuation.

So it seemed fair and right not to mess them about. We knew other people were interested - we'd viewed their house and they were trying desperately to get us to make an offer because they'd seen 'their perfect house' which turned out to be the one we wanted....... so we wanted to be in front of the market, snap it up, and get good vibes going with the sellers.

It was a sensible thing I think - whilst I do agree that saving money is good. in my case I wanted it, it was a fair price, so I paid it.

bumgum

harrup wrote: »

A most sensible decision.

As long as your new house represents a "good deal" to you - and this may incorporate MANY other things aside from price - it was a great buy and that is all that matters, surely. Congratulations on your new home!

I'm all for getting good-value-for-money...but I'm often surprised by the volume of posts who say "we've seen a house we really love, its everything we want AND we've got the money - how low should our offer be?". Then they dilly-dally around with silly offers, minute increments...and then they lose out. And feel huffy about the "greedy seller". What has that buyer gained?

As I said - puzzling.

Well in our case, we can't go asking price because we can't afford it. But like I've said before, our offer of £10.000 less than asking that was rejected by the vendors does frustrate me.

But anyway, they may see the light, hopefully next week.

harrup

bumgum wrote: »

Well in our case, we can't go asking price because we can't afford it. But like I've said before, our offer of £10.000 less than asking that was rejected by the vendors does frustrate me.

But anyway, they may see the light, hopefully next week.

bumgum...my reply to Seanymph wasn't a concealed dig at you. Honestly.

You offered what you were able to pay for that property. Time will tell whether the vendor is ultimately ok with the offer. I hope s/he is.

I'm not entirely clear, however, on why you are "frustrated" that an offer of 10 K less on a 145K property wasn't met with instant acceptance. It sounded as if you felt that vendor should be grateful to have received this offer at all. Yet they may have already priced it competitively and are perhaps fully justified to expect it to fetch AP or marginally less.

bumgum

harrup wrote: »

bumgum...my reply to Seanymph wasn't a concealed dig at you. Honestly.

You offered what you were able to pay for that property. Time will tell whether the vendor is ultimately ok with the offer. I hope s/he is.

I'm not entirely clear, however, on why you are "frustrated" that an offer of 10 K less on a 145K property wasn't met with instant acceptance. It sounded as if you felt that vendor should be grateful to have received this offer at all. Yet they may have already priced it competitively and are perhaps fully justified to expect it to fetch AP or marginally less.

harrup, lol, no offence taken!

I am suprised that they didn't take the offer, maybe it's because we had 10 long months (5 viewings & 1 offer) & the offer that came along was low, and I mean low. But we were/are stuck between a rock and a hard place, we want to move, the next offer could've been another year away & it could've been for a lot less.

The offer of 135.000 is a good one.

bumgum

hi all.
a little update.
our survey (well, it was actually the buyers bank valuation, so should be no probs) has been done so we are virtually cash buyers with no chain.
we viewed the property again yesterday & will possibly make another offer monday next week.
135.000 has been refused, what should be the next step?

any help is very welcome.

CloudCuckooLand

If you cannot afford it, you cannot afford it...

geoffky

try a grand more and get them crying with your sob story...

Seanymph

obviously you would have to increase your offer - or ask them what would be an acceptable price for them, so that you know whether or not to continue to pursue this property.

It may be that looking at properties 10k above what you can afford has meant that you are looking at properties you just can't afford. I could go view manor houses worth millions - but I couldn't afford to buy them.

harrup

bumgum wrote: »

hi all.
we viewed the property again yesterday & will possibly make another offer monday next week.
135.000 has been refused, what should be the next step?
QUOTE]

I'm confused....I thought you said that 135K was as high as you could go and that the vendor would possibly accept a 140K offer on a 145K asking price?

That's right, isn't it?

Could you borrow 5K from somewhere ( family, bridging loan)?

If so...perhaps try 138.500 or even 140K for your final offer ( I can't see a vendor refusing a sale for the difference of 1.5 K, but who knows).

Not sure what else could be done. .....

bumgum

harrup wrote: »

bumgum wrote: »

hi all.
we viewed the property again yesterday & will possibly make another offer monday next week.
135.000 has been refused, what should be the next step?
QUOTE]

I'm confused....I thought you said that 135K was as high as you could go and that the vendor would possibly accept a 140K offer on a 145K asking price?

That's right, isn't it?

Could you borrow 5K from somewhere ( family, bridging loan)?

If so...perhaps try 138.500 or even 140K for your final offer ( I can't see a vendor refusing a sale for the difference of 1.5 K, but who knows).

Not sure what else could be done. .....

Hi.
The highest we can go is 142K, but that would leave us on bread & water for a long long time, also need money for appliances etc....
There is another property we like & is considerably cheaper but it needs alot of work as it's a repo.

The estate agent will phone me on monday, I'm sticking to my guns & say 135k is our (final) offer on the table, cash buyer, no chain & if the vendors refuse (again), then we move forward with the other house.

good move or not?