feel we've offered to much!!!

F_Bear

we've seen and viewed a 4 bed house that was on the market for 'overs over £150k'. we live in east yorkshire and have no house to sell as keeping mine and buying together.

its at the top end of what we can afford and liked it, although it lacked a garage.

we rang the estate agent and offered £145k with £1k cash on completion, expecting it to be rejected, as it was below the 'offer price', and it was accepted!

now i feel like we've offered to much and should have gone in lower?

we cant change the offer and although we dont want to lose the house i dont want to feel like ive paid to much??

anselld

What is the question?

You can change the offer if you have not exchanged contracts, but you were happy with that price when you made the offer; in fact if you were expecting it to be rejected you were presumably ready to negotiate up!

hazyjo

Did you compare against similar nearby sold properties?

Jx

whitewing

Stop worrying and enjoy that you have had an offer accepted on a house that you would love to live in.

grifferz

Sounds like nerves. As anselld says you were prepared to offer that and probably more as you didn't say it was your best and final offer.

I'd worry a bit myself if my first offer was accepted - it does normally mean that you offered too much. But you were prepared to offer it, presumably after checking sold prices of similar properties, so why not take the view that you offered a fair price and got it for what you wanted?

There is nothing stopping you withdrawing your offer now, except that you will most likely lose the house and this estate agent will take any future offers from you less seriously. But you are by no means trapped, so if you really feel like you have made a mistake, pull out. Do your vendor a favour by doing it as soon as possible, if you're going to do it!

[Deleted User]

hazyjo wrote: »

Did you compare against similar nearby sold properties?

Jx

Here's a link where you can check if you want ...

http://www.nethouseprices.com/

ACG

Wait till the valuation comes back, see what that values the property at. More often than not its valued at whatever your offer was for, other it will come back as less. If ti comes back lower than just adjust your offer.

But you were happy to offer £145k and so long as the property is for you to live in and not make a profit from it doesnt matter what you offer so long your happy and can afford it.

You can still lower your offer if you want at any point up until exchange of contracts.

wannahouse

The fact that they accepted quickly does not mean your offer was "too good to be refused".
It may just mean that the vendors are realistic, and not holding out for top dollar, but just want to sell and get the deal done, even it its less than they were hoping.

witchy1066

wannahouse wrote: »

The fact that they accepted quickly does not mean your offer was "too good to be refused".
It may just mean that the vendors are realistic, and not holding out for top dollar, but just want to sell and get the deal done, even it its less than they were hoping.

are they really any sellers out there like that ? if so I hope some are in the South Wales area , I have yet to meet

hazyjo

Sleazy wrote: »

Here's a link where you can check if you want ...

http://www.nethouseprices.com/

Great, thanks. I'll search the whole of East Yorkshire (presuming they are buying there, they only mention living there) and work out a comparables table for every home for sale on RM (presuming it is on RM)!

They can do it themselves, I'm sure... Zoopla is another option.

Jx

Better_Days

OP, it's not always all about money, and being chain free will be attractive to the vendor. And if similiar offers have been submitted it may just come down to who the vendor likes more.

The two main things are - comparable sold prices and how much you like the property.

We looked at a house a little while ago with an AP of £265k. Well overvalued in my opinion (and also in that of the EA - we both thought about £240k was reasonable esp taking into account SDLT). What had happened was that they had previously sold at £250k very quickly but the sale had fallen through. Because they sold quickly they thought they had undersold. Actually they were very lucky to get £250k. So the moral is that you do sometimes get a good deal. Do your research and if the sold prices look good thank your lucky stars you have a realistic vendor.;)