House Only just on the market - How to offer

Michelle_Louise

Hello

Bit of help and advise please. Myself an partner are first time buyers and viewed a semi detached property yesterday evening, in need of a decent amount of refurbishment. The asking price is £134,950 and only went on the market that day. We have been looking for a while now and its just what we want so being very interested we put in an offer of £121,500 this morning. Naturally this has been rejected, on the grounds of it new to the market and subsequently want much closer to asking price. Given prices sold for similar houses in the area and amount of work needed we don't feel its worth the asking price but we are really interested, what's usually the best course of action when something is so new to the market but you don't want to miss out?

Thanks

bclark

Usually the best course of action if a house is new to the market and you really want it is to pay much closer to the asking price.

If you don't feel that its worth that then you may have to wait it out as naturally the vendor feels pretty hopeful as they have already had one offer within a day.

If I was you I would have a conversation with the agent and set out your thoughts and try and find out what they are actually looking for. Failing that you may well just have to sit and wait until its been on a bit longer and the vendor decides they may have to accept something lower.

Michelle_Louise

Thanks bclark - We are thinking of going back with £125,000 with the idea that they will more than likely reject again but following that outlining that we are very interested in it and where would they be prepared to meet us and take it from there rather than wasting any time.

Unfortunately due to us looking for a while now anything we are newly interested in carries the same issue, tricky!

mrsmchapman

Personally if I were the seller I would hold off from accepting and keep your offer on the table if you wished. I would tell the ea to do this and advise you if any further offers are made.

martinsurrey

bclark wrote: »

Usually the best course of action if a house is new to the market and you really want it is to pay much closer to the asking price.

If you don't feel that its worth that then you may have to wait it out as naturally the vendor feels pretty hopeful as they have already had one offer within a day.

If I was you I would have a conversation with the agent and set out your thoughts and try and find out what they are actually looking for. Failing that you may well just have to sit and wait until its been on a bit longer and the vendor decides they may have to accept something lower.

spot on, and its a massive pain!

I've lost houses that have eventually sold for less than I offered due to vendors thinking a better offer is just around the corner (and by the time they realised I was long gone). I would only be interested in houses new to the market that are priced realistically.

DRP

At this early stage no vendor is likely to be ready to accept an offer substantially under the asking price, so you could end up going up and up and up if you make more offers.

Perhaps tell the EA you are not going to increase the offer without feedback on what they would be prepared to accept yet - you are currently in a 1 bidder auction.

Tell the EA that the offer stands for the time being but you will continue to look at other porperties.

In the meantime - how sensibly is the property priced - this is the most important question, as it may actually be worth the asking price in the local market.

hazyjo

Don't forget that SD threshold at £125k. I'd be inclined to leave the offer on the table (but bear in mind a house with an (unaccepted) offer on it can psychologically be more attractive to others as they see it as popular/desirable...).

Jx

Michelle_Louise

We decided to offer £125,000 which has been rejected, we also have feedback that they arent willing to accept any less than £130,000 which is fair enough given the days on the market. Sadly we cannot go that high :-(

Im not the most patient of people and we have been looking for a long time, we are never going to be able to get away from being hot on new properties onto the market this feels so frustrating it was pretty perfect and just what we wanted.

hazyjo

It's not like it's being sold to someone else...

Just sit tight and keep your fingers crossed. I doubt they'll get £130k so just make sure you're first in line. Let the EA know to contact you if the vendors change their mind.

If they have an offer, the vendors might well bite your arm off in just a couple of weeks if they don't get other interest.

Jx

StuC75

Ask the estate agents what else they have on the market around that price and keep looking..

Try to ask the estate agents what the vendors onward plan is (are they buying an onwards property?).. If so it might be that they can negotiate that amount off what they are buying inturn...

When previously selling I had an offer close to what wanted, and in the end managed to get money off what I was buying at the time to make it possible..

Michelle_Louise

Yes I think ill be calling back tomorrow to say we'd like to leave the offer on the table, and to contact us should anyone else make an offer. The waiting game is the worst!