First Time Buyer Dilemma

GWick

So you think we should just go for it and offer 295k?

robatwork

How would you feel if you lost the house ?

perfume_waggon

We have just been in a very similar position. We offered on a house but the agent told us there was a higher bid, so we increased our offer. There followed a flurry of further bids until it went to 'best and final'. We offered more than the asking price but it appears we weren't the only ones to do so as we missed out.

We are gutted and with hindsight would happily have paid more. We were distrustful of the EA when they said so many people were interested, but if we'd believed them we would have gone in with a stronger offer. So if I were you and you really love the house (you should know, having seen many others) then decide what it's worth to you and offer it with the proviso it comes off the market immediately. The fact that houses on that road don't go on the market very frequently shows that it's a great place to live, so it's quite understandable for there to be a lot of interest.

Having said all that - make sure you don't overstretch yourself financially. I know it goes without saying, especially on this site, but a mortgage can be a burden and affect your day to day life.

Good luck and let us know how you get on.

artbaron

It's your choice but because you've had your previous offer rejected (maybe you made it too tentatively) then you don't have much choice but to offer 295 or as near as damn it if you want the house. It sounds like you'll have been mugged but if you don't mind paying over the odds then go ahead. If there is a 'cash investor', which I doubt, odds are they're offering about 250, no way are they 'making noises' about 295. What you should have done is explain on your previous offer that you wouldn't go one penny higher. I bet your offer would have been accepted then.

harpoboy wrote: »

Is it really worth losing the house of your dreams for an extra £7k?

The market is really picking up in whole swathes of the country, so the true value is very likely a lot more than the £285k originally offered.

Really? According to Zoopla the average is at its lowest for 10 months. In some parts of the North prices are the lowest they've ever been by some margin. In some southern regions prices are increasing but seeing as we don't know where the OP is you can't generalise.

GWick

Thanks everyone for your comments. More guidance would be gratefully received!

We will keep you updated!

Thanks.