When to put in 2nd offer?

tenacious

Hi All,

I am new here but have found the forum incredibly helpful whilst we are attempting to buy a new home. I am in a situation now where I dont really know what to do and a little third party help would be appreciated. You all seem to know your stuff!

Basically, we have a property that we rent out and have an agreement in principle to get a second mortgage. 15% deposit in place and we are currently renting ourselves so are ready to go whenever, also willing to wait for vendors to find a place etc.

Basically we have found a house we really like. Its on the market for £374,950 and has been on for 12 months with no offers or price drops. From a lot of reserach online and looking at many properties, I genuinely think it is worth around £350/355. We went in this morning with a cheeky offer of £325k and our lovely story of flexibilty and serious buyers etc. Obviously this was rejected (which we expected). We have been told they would probably want to meet somewhere in the middle, so around the £350K mark. I think we go back today with an offer of £338K and if they say no, leave it a couple of days and go back with £345K final offer. I am prepared to walk away if they are not interested. (we would pay £350 max I think)

My husband wants to wait until tomorrow to put the second offer in but I am the kind of person who just likes things sorted. I dont like playing games just like to get to the point and get on with it. I will do whatever I can to get what I want (hence the username) but I am also incredibly impatient.

What do you think - is the 2nd offer fair and do we do it today or leave it until tomorrow?

Any advice is much appreciated.

martinthebandit

I would wait till next week before putting in a ' final' offer of 335 ish

tenacious

ah, you are a patient person unlike myself!

We are going on holiday on Saturday for 2 weeks and would prefer something to be agreed before we go so I can go and enjoy my holiday. If not that, then to have at least put in our final offer before we go... Am I being silly?

kiki*_2

I was so excited when I did mine that I went from 112000 to 117500 in a day! But it was agreed at that and we always thought we would have to pay 120000. But I know wonder if I should have waited longer so try to wait as much as you can.

Gwhiz

Use the holiday to your advantage. Put in the second offer tomorrow and tell the EA you need to hear before you go as you'll be out of touch for 2 weeks.

I bet that makes them run a little faster

Just to add...it IS a game so you need to play it skilfully.

tenacious

I thought I would update. The agent rang my husband this morning and he subsequently put in the second offer we had agreed on of £338,500. She came back this afternoon, suspiciously at exactly the same time she came back yesterday and said they are considering the offer. They still think it is a tad on the low side but are going to see if they can offer lower on a house they have their eye on. She said it may be later today or tomorrow that we hear...

What do you think - is she blagging it or could we maybe get it!?

Excited but nervous!

rob7475

It sounds like you may be in luck.

Now is the time to be patient - wait for them to call back. If they refuse the offer, tell them you don't think the house is worth any more than that but you will make a final offer of £340,000. The EA may try and talk you into raising the offer before they put the offer to the vendor but don't fall for it - stick to your guns.

It's also worth telling them that you have found another property that you are considering making an offer on, but you will wait for the vendor to make a decision before you make an offer on the next property.

Don't be afraid to haggle hard - you won't offend anyone.

kiki*_2

Ooh sounds promising! Don't give in, wait for them to ring you.

tenacious

Nope, I wont be giving in. Since sleeping on it I am actually very laid back about the whole thing and happy to ride it out. Fingers crossed for a good result! Then there is the next hurdle of getting through the full mortgage application!

Gwhiz

I put an offer in on a place 3 weeks ago. It was rejected but I'm convinced the EA will come back to me at some stage..... patience, patience, patience

779

tenacious wrote: »

What do you think - is she blagging it or could we maybe get it!?

My experience of dealing with EA, is to ignore absolutely everything they said unless it's a hard, provable fact. No point discussing reasons, mights, maybe's, other buyers, what something is worth in their opinion, dependancies on other properties. EAs have an answer to everything, and a different answer depending on what their edgender is. I don't trust a single word they say.