Need advice asap!

msmaria7

Hi there

Just wondered if anyone could offer any advice on the following matter.

My partner and I saw a house we like a month ago and have since viewed it twice, researched the area etc. The house went up for sale for £175k and after two weeks was reduced to £160k. On our first viewing the estate agent said the house had had quite a bit of interest but only one offer for £140k which was rejected. The vendor is currently living with his partner so we have had no contact with him.

Anyway, my partner and I submitted an offer of £147k yesterday morning. This morning I had a call from the agent saying someone else had put an offer in a little bit higher than ours and would we be willing to up our offer. I said yes and he has asked both parties for full and final offers by close of business tomorrow.

My partner and I were just wondering if this is usual? How much should we go up by? And is there actually another bidder?

Any advice highly appreciated!

msmaria7

Forgot to add that the property has been on the market since June

msmaria7

Anybody?

The_Palmist

msmaria7 wrote: »

This morning I had a call from the agent saying someone else had put an offer in a little bit higher than ours and would we be willing to up our offer.

All depends on how much you want the house and how much you think its worth.

I would say don't up your offer by too much. Tell them your final offer is £149K and that's that, you can't go any higher. Highlight anything else which might go in your favour like you have mortgage ready, no chain etc.

If they say NO and if there is another buyer, I am sure they will let you bid if you really want the house that bad.

Scully38

msmaria7 wrote: »

Hi there

Just wondered if anyone could offer any advice on the following matter.

My partner and I saw a house we like a month ago and have since viewed it twice, researched the area etc. The house went up for sale for £175k and after two weeks was reduced to £160k. On our first viewing the estate agent said the house had had quite a bit of interest but only one offer for £140k which was rejected. The vendor is currently living with his partner so we have had no contact with him.

Anyway, my partner and I submitted an offer of £147k yesterday morning. This morning I had a call from the agent saying someone else had put an offer in a little bit higher than ours and would we be willing to up our offer. I said yes and he has asked both parties for full and final offers by close of business tomorrow.

My partner and I were just wondering if this is usual? How much should we go up by? And is there actually another bidder?

Any advice highly appreciated!

Are you in England or Scotland. There are different rules for the north and south.

Usually offers are put forward until one party says enough and wo't increase their bid.

For example you each keep upping your offers on the property until one party says i'm not willing to pay any more. All offers usually go to the vendor, and it's not necessarily always about money, sometimes it can be who's in the better position to proceed and proceed quickly without any problems.

As for if there really is another bidder, you will never know, you just have to trust the EA to be honest. All you can do is decide what price you think is a fair market value and stick to it. Say to the EA i'm offering xyz for the property i'm a FTB with no chain, and that's my final offer, then wait or walk away. £147 is low for a property valued at £160k especially if the vendor has just reduced it. But it depends on if they're desperate to sell or not. It's a buyers market at the moment, so who knows. You should only pay what you think the house is worth.

Check the land registry, Rightmove, Zoopla etc for what property prices have gone for in the street and area. It'll give you a good indication.

And good luck.

anp1

There may or may not be another bidder. Remember the estate agent is working for the seller and will try to get the max that he can for his client! Don't be fooled by this, see sold house prices for similar houses on the street, decide on what you can really afford and stretch to. YOU should be able to decide the price that you want to pay for a property, not us. Good luck.

BitterAndTwisted

It's been on the market since June, they dropped the price two weeks ago and suddenly they have two prospective buyers they are trying to entice into a bidding war? I think not.