FTB - How long to wait for counteroffer?

jmt

pararct wrote: »

Be aware most stuff is actually selling between 15 - 20% under the asking price. People in here will tell you different but use the web to do your research the answers are out there if you look. Once you have that information then consider your forward strategy.

If only this were true.....perhaps it is in your area? I think I would be laughed at and not taken seriously by EA if I offered £125,000 for a property I like as it is on at £154,950.

779

The property I am buying was agreed at around 25% under the original asking price.

If the mortgage surveyor's report also back's up the 20% reduction (which it did in my case), it'll soon wipe the smile of the Estate Agent's face.

Riq

If you're limit is £135k then I'd suggest offering £134.5k so it looks as though you've scraped together all the money you can.

Maybe that's just me then.

Either way, make sure you make it absolutely clear it is your final, last and best offer and if rejected there will be no 3rd offer. Stress you're in a good position to buy as a FTB, no chain and see what happens. Don't get into a bidding war and don't get emotional, think clearly and logically.

DVardysShadow

drbabbers wrote: »

... Thoughts?

Always when you have an offer rejected, immediately ask what the vendor would be prepared to accept.

That way, you don't put yourself in the position of creeping back a few days later. If there is a counter offer, then say you will think about it. And if they stick to asking price, you can act accordingly.

As they have relisted, you can probably go back to the agent and say you have seen the new price, renew your offer and proceed as above.

Make sure you have a walk away price in mind, which for £1 more, you would walk away.

Caveat_Mortgagor

drbabbers wrote: »

I am being told to walk away and be patient by friends and family,

You havent told us where you are. We cannot assess the market. Your friends can. Why would you listen to strangers on the interweb who only have a fraction of the information at hand rather than the people around you who you know and trust!

drbabbers wrote: »

but was just curious what other peoples opinions were on how long I should wait before I go back to them with a higher offer.

Never - a higher offer I mean. Wait a couple of months as the people close to you have said. If its still on, re-submit your first offer.

If its gone, there will be others!

motherofstudents

just to say that our experience of a probate sale with money going to charity was that the charity sent their own surveyor to value the house and were not prepared to go below that valuation. We left the offer we had made and eventually, after some wrangling by the executors the offer was accepted. Don't rush to up your offer but if you really want the house maybe you should give them your final offer and leave it at that. If they want to sell they will. There's always another house out there.

drbabbers

Caveat_Mortgagor wrote: »

You havent told us where you are. We cannot assess the market. Your friends can. Why would you listen to strangers on the interweb who only have a fraction of the information at hand rather than the people around you who you know and trust!!

I am after as much advice as possible, hence me coming to this forum in the 1st place. I have already had helpful advice on here for which I am grateful for.

D

drbabbers

Thanks for all the helpful tips everyone! :-) This upcoming Monday it will be 1 week since my rejected offer. I think I am going to wait another week taking it to 2 weeks and then increment the offer to £134K.

Thanks again.

D

jojo2910

We offered £195k on a house recently. Its currently on for £220k, but had been on for £250k at one point. The offer was based on the EA who told us they would take £200k. Long story short it was rejected, saying they would take £215 or more. It's certainly not worth it. Some weeks (I think about a month) later the EA rang to say the vendor would take £200k.

In the meantime we realised there was too much required at the property and its not the one for us, so we walked away. Its still on the market for £220k. If you wait, there is every chance you'll get it at the price you want.