The 'offer'

tim_n

I made my second offer, standing firm at the amount I can afford and not that the vender needs.

It's 8k less than the asking price on a 135k property. It requires a lot of expensive work but not complicated work (new bathroom, plenty of plastering and finishing touches and a replacement of carpet)

I'm a first time buyer, who's stretched at 130k (4.5x mortgage!) not inc all those fees and of course, stamp duty!

The location is lovely for me, the house big enough and a good buy at my offer.

I know that yesterday they had another viewing, and whilst I've made an offer, I'm fingers crossed they're not that interested.

I'm playing a waiting game - I've not heard a reply from my second offer and I made it clear I wasn't going to budge - though I might. Presumably the estate agent would still come back to me?

Reassure me! - this must be the hardest part!

lewolf

tim_n wrote:

I made my second offer, standing firm at the amount I can afford and not that the vender needs.

It's 8k less than the asking price on a 135k property. It requires a lot of expensive work but not complicated work (new bathroom, plenty of plastering and finishing touches and a replacement of carpet)

I'm a first time buyer, who's stretched at 130k (4.5x mortgage!) not inc all those fees and of course, stamp duty!

The location is lovely for me, the house big enough and a good buy at my offer.

I know that yesterday they had another viewing, and whilst I've made an offer, I'm fingers crossed they're not that interested.

I'm playing a waiting game - I've not heard a reply from my second offer and I made it clear I wasn't going to budge - though I might. Presumably the estate agent would still come back to me?

Reassure me! - this must be the hardest part!

Good luck - you can only try.

Have you lined up a solcitor already? Got your Mortgage offer in principle? It can help your position if you can offer this and say you are willing to proceed immediately.

benood

You're in a strong position - to make it stronger try to find lots of faults with the house you're after - it will strengthen your resolve to get a good deal and insulate you from the risk of the other viewing being positive - unfortunately the EA will let the viewers know there is a low offer on the place and this is bound to make them think more positively - herd behaviour and all that.

Whatever try to stay calm and don't make any quick decisions, when the vendor accepts your offer make it conditional on marketing being stopped.

PJD

Here's an idea:

If the seller wants a genuine sale, and is slightly tempted by your offer, you could sweeten the deal slightly by offering to lay down a deposit of say, I don't know - £250 - £500. This deposit will tell the buyer that you're serious and unlikely to pull out.

If, after surveys/searches/etc - there turns out to be a genuine problem with the property, you will get your deposit back. If you simply change your mind, you won't.

You could further sweeten the deal by upping your offer by a grand.

tim_n

I could indeed raise the offer by a grand - it's not a problem now but it will be when I come in to complete - I need every penny to pay stamp duty, solicitors fees.

I rang today to be told that he wasn't pleased with the offer but it hadn't been firmly rejected yet - and that a grand might make all the difference. I'll have to go into conference - I think I could safely offer £500 extra which I'd put as a deposit now as a show of good intentions. It's arguing about very little money, but I want to be in a good position if prices fall in the region. The south is definately more stable but yet will suffer from a big downturn.

Most of all I really want it, but as I said, I've no rush and the longer I wait the bigger the deposit. Just delaying until January will cover me for the cost of the solictors etc.

tim_n

Well a few months on it is time for an update!

I finally found a property for £112k after the £135k flat fell through. Shortly after my offer was made someone met the asking price, but that sale fell through due to the discovery of asbestos! ;- ) and because their prefered mortage provider wouldn't insure a property over a hairdressers.

The property is now being rented! hehe

This new 112k property however is progressing nicely. I ended up in a bit of a bidding war over the price - ended up meeting the asking price plus five pounds (rounded up nicely).

Due to muppets at the agency my first mortgage deal fell through because the rates went up and the mortgage advisor couldn't be bothered to tell me they'd jumped .25%. I ended up getting a better deal from C&G using a fee broker (I just wanted to get it done in the end!)

At this point the vendor did a dissapearing act to Japan for two weeks to look for a property - without leaving a key or telling anyone when he was back. My agent arranged a mortgage valuation three days after the mortgage application was accepted and suddenly the vendor appeared again! The paper work got through to the solicitor today (posted last week to the other sides solicitor - according to my solicitor they're not a great company to deal with) and the searches should mainly be done by tonight - we'll only be waiting on the water search.

Mortgage company has suggested that I should hear from them by friday though I've already received the valuation saying the property is ok.

So it's looking good for the move before easter!

Jeewhizz

Congrats!

I'm still waiting to get my survey back!