1st offer rejected... 2nd offer in... heard nothing

toezilla

Ok so we put an offer in on a house. The house is up for £250,000, I did alot of research on house prices and sales locally for same spec and alot were selling for approx 225 ish...

As the house was listed as 250 we thought we would go in generous and offer 228,000 (thinking that more than the average price locally), i went to the EA yest and they informed me that he had rejected the first offer... ok so we had a chat and raised our offer to £229,500. We dont think the house it worth the 250K, the downstairs is nicely done, the upstairs needs some work, tiny garden no lawn etc (all be landscaped with fancy patio and raised beds - approx 30-40ft garden).

Now... when we looked around (we went 2 times) the EA said that the man was selling the house on behalf of his reacently passed away brother. (probate granted etc) We we informed that he was selling no chain and looking for a quick sale - so me and my partner are ideal as first time buyers ready to go!

When i went into the EA yest, the informed me that the house was still not listed on Rightmove or anything thing like that nor up in the actual shop (has had 4 other viewers), and tols us that the man selling is not is a rush and wants to see what other offers he gets....

Now 1 EA is telling us he wants a quick sale and wanted to know if we would stretch to 230K and then yest the other one i spoke to said he not in rush and wants the full 250K...

I tolf the EA yest that ive done my research and know its not worth the 250K compared to similar properties etc going for much less.. he then agreed with me!! but then man still wants 250K..

So getting back on track, we offered 229,500 (i do no want to go over 230,00 that is the absolute max!!)... do you think 229,500 is a good offer and what are the chances of it being accepted? the EA were suppose to ring me yesterdat to inform me about the 2nd offer but they never bothered... I'm having to chase them (which i dont want to do because i dont want to look desperate)... so instead i emailed them a copy of our offer letter over this morning regarding the 229,500 (so they have it in writing) and informed them that we are still looking... playing it cool etc....

Am i being messed about by the ES - feels like they trying to squeeze as much as they can out of us and we not having it!

hcb42

whether anyone on here thinks it is a good offer or not is largely irrelevant and impossible to say. If the vendor wants £250K then that is what he will accept no matter what anyone else thinks. If it is not on rightmove yet and has had several viewers I dont blame him for wanting to wait and see if any other offers are forthcoming.

jimpix12

1. What are similar properties selling for in the area? Check on mouseprice.com or zoopla.com. Use this for negotiation.

2. It is unlikely he will get £250k given the SDLT threshold. Emphasise that you are aware of this to the EA.

3. If you are going to increase or restate your offer again, wait a few weeks so you don't appear desperate.

4. Make all offers via email to the EA as then you have a record in 'writing' and it's more risky for them to lie about forwarding them on to the vendor, which more or less they are obliged to do.

toezilla

1. similar properties going for around 225-230K
2. have spoken to the EA and explained that we ready to go etc....
3. cant increase offer at the moment because still not heard back
4. all offers are written in a formal letter, which i emailed to the agent and took a hard copy in, plus have a copy for myself :-)

Just wanted to know if you think the EA are messing us about by telling us differnt info... one says he wants approx 230K and quick sale then told he wants full 250K and he not in a rush.

jimpix12

There is no way for anyone to tell if the EA is lying. It is not too much of a stretch to say that they are (personally I think they might be, but I am biased in that I can't stand them and always think the worst) - but ultimately that doesn't really matter. What you need to decide is if the property is worth offering more on. You said it's not worth £250k, so withdraw your interest if they are being unreasonable or increase it slightly more if you think it's worth it. Ultimately you need to decide what it's worth to you and use your brain not your 'heart'.

Buying a home now in this economy above market value is a really, really bad idea.

Marine_life

simple - just ask the EA to tell you what the bottom price he will accept is - if that's too high, walk away

cattie

What makes you think the agent is mucking you about? Quite probably they haven't even had a firm response from the vendor yet. He could quite well be waiting on other viewings, to see if any other offers come in. Some vendors do take their time before deciding yes or no. Obviously he will want to get the best price for his house & nobody can blame him for that. Everybody wants the best price for their house they can get, so you might just have to be patient before he makes up his mind.

In the meantime, there is nothing stopping you looking at other properties.

geewcee

Just make your final offer and walk away. The ES agent may come back to you once its been on the market a while and the vendor hasnt managed to sell at 250k. Most people are pretty savvy when it comes to local prices these days thanks to the internet so if it really is overpriced I think you'll be in with a good chance.

toezilla

we are still looking at other places, ivejust been to see one at 4pm today with my brother (partner still at work), and then me and partner are viewing another one at 6.45 tonight. My partner really has got his heart set on the one we have put offer in on, and i keep explaining to him that its new on market etc etc etc how he will want top price etc etc etc....

The only reason why i think they might be messing us about is because they keep changing their story about the vendor! one mintue he wants a quick sale and looking for 230K, then its no hes got all the time in the world and wants 250K....

Signed up to property mouse and its valued at £241,700, still needs a bit of work doing to it which will cost us to have it all replastered upstairs and in the lounge etc... thats why we have started low and put 2nd offer in at 229,500 as we have got to consider the cost to us to ger it in top condiditon to live in. i would post link but its not online yet, maybe if its up on rightmove in the morning il post link.

Emmzi

it's house buying. if you are this anxious and over excited you are never going to last the pace!

have a nice cuppa, put on a film, and forget about it for a few days.

brit1234

Take a breather and in a couple of days ask if the estate agent has any similar properties and you are presently looking at a couple with other agents. It will be fake, but it will stop their game and put them on the defensive trying to get your offer sought