Clueless FTB

mrsagill

Hi folks
I`ll apologise for sounding so stupid ... Have put in an offer on a flat, am a cash buyer.
The vendors have yet to find their new place.
A friend has asked why I`ve been so daft, she says they could still be there for ages yet.
Now I`m getting my panties in a wad, have I been too hasty or something?
Oh, I offered £5K below asking price of £190K ...
Thank you for advice

Salz

If you think it will take a while, the best thing to do is not move forward with surveys etc until they have found somewhere - and keep looking - this is if you are in England - if you are in Scotland an accepted offer is binding I believe?

mrsagill

Ta Salz. They are a young couple with a 3 year old in a one bed flat, very eager to move.

betmunch

How could you have been so daft!!!! Bit harsh!

Someone has to make the first move to get things going.

If you wont offer until they have found and they dont look until they have sold then no-ones going anywhere fast!

You havent been daft at all.

mrsagill

Thank you betmunch. I`m counting my blessings that I have the cash, very lucky for me.

Would you stick on the £5K under offer? Or is it expected that I haggle further? Sorry for more questions.

Beckyy

I wonder if your friend has ever bought a house.

I wouldn't worry at all, everything takes time. We recenty had an offer accepted (in Scotland, so legally binding) but our sellers have had to move our date back by a month because they hadn't found anywhere to go. As long as you're not in a huge hurry I wouldn't worry, they'd be crazy to walk away from a quick cash purchase anyway.

mrsagill

Thanks Beckyy.
Actually, no she hasn`t. I just like to worry, you see, lol

phoebe1989seb

Last year when we were selling we didn't expect to receive an offer we were happy with so soon (within two weeks) and although we had started looking, we hadn't found anything suitable as we had quite strict criteria.....we were also looking around 200 miles away which complicated things! Despite this and despite pulling out of two purchases along the way, we managed to find a house we loved and get both sale and purchase tied up (completed) in a matter of weeks without our buyers losing interest (no mortgage to arrange on our part btw).....

As others have said, all chains (however short) have to start somewhere and many people won't start looking till they have accepted an offer on the property they are selling.....

Hope it all works out for you

betmunch

mrsagill wrote: »

Thank you betmunch. I`m counting my blessings that I have the cash, very lucky for me.

Would you stick on the £5K under offer? Or is it expected that I haggle further? Sorry for more questions.

Are you happy with the price you have offered? If so then leave it.

If you go back an re-negotiate without a good reason then you could put the vendors backs up. If I was the vendor I would consider it Gazundering and refuse to proceed (but thats just me being stubborn!)

However, if you have a survey, and that brings up some issues that you were unaware of then you can renegotiate on those points.

sirmosh

Most sensible people don't find a place until they have a firm offer for their property so I wouldn't worry, it's what most people do and they'll probably find somewhere quite quickly any way. If it drags on then it's time to consider lowering your offer and the such but for now don't worry too much about it.

mrsagill

betmunch wrote: »

Are you happy with the price you have offered? If so then leave it.

If you go back an re-negotiate without a good reason then you could put the vendors backs up. If I was the vendor I would consider it Gazundering and refuse to proceed (but thats just me being stubborn!)

However, if you have a survey, and that brings up some issues that you were unaware of then you can renegotiate on those points.

Sorry, I meant, would they expect me to go nearer their asking price now ... I do think my offer is fair.
Ta muchly for input.