*URGENT* House buying advice

Carpi09

Hello all,


Thanks for reading in advance. I state urgent because I need to make a decision today.


I recently viewed a 1 bed flat with the vendor in attendance. EA not present. When asked about the property, she stated she would accept the first offer that come to her should it be the full asking price because she is looking to move asap.


The following morning, I put in this offer (full asking price) along with the MIP certificate. However, the EA told me there was a further 2 viewings that evening and they will still be going ahead. I was confused and concerned by this, but the EA said im in a 'strong position' so I thought ok, fair enough. (Im inexperienced)


Now there is 3 offers on the table and ive been contacted to give my final price. (Bidding war) I have spoken to a few colleagues and family members who said im stupid if I go ahead and offer more than the asking price... I appreciate the offer hadn't been officially accepted nor had the contracts exchanged, but what do you guys think?


Thanks

Gonzo1987

How badly do you want the flat? It's not uncommon around here for places to go over the asking price, it's down to what you think the place is worth, and what you can comfortably afford.

Post a link maybe?

fairy_lights

How badly do you want the flat? Can you afford to offer more, and would you want to if you could?

G_M

Either

* contact the seller and remind him/her what she said
* repeat your offer to the EA and refuse to get into a biding war (+ hope the other offers don't exist)
* increase your offer (and hope the other offers actually exist)

Carpi09

Thanks guys,


I've put serious effort into getting everything sorted, I arranged a MIP, offer, full paperwork within hours along with numerous calls to the estate agent. After speaking to a few people I know, they said I've been to eager and it probably showed.


The flat in question:


http://www.rightmove.co.uk/property-for-sale/property-32566458.html


I can afford more, it's just principle that ive been messed about with possibly more to come after the offer has been accepted.

fairy_lights

Ahhh, it's shared ownership.
In that case I definitely wouldn't offer any more than the asking price.

Carpi09

fairy_lights wrote: »

Ahhh, it's shared ownership.
In that case I definitely wouldn't offer any more than the asking price.

Can you expand a little please, ease my pain that little more

fairy_lights

Because you're not even buying the whole flat! I wouldn't want to get in to a bidding war for 50% of a flat. Also the fact that it's shared ownership makes me wonder if there are really two other offers on the table, of if the agent is bluffing to try to up the price.

TrixA

G_M wrote: »

Either

* contact the seller and remind him/her what she said
* repeat your offer to the EA and refuse to get into a biding war (+ hope the other offers don't exist)
* increase your offer (and hope the other offers actually exist)

I don't think there's any point contacting the seller, irrespective of what they said to you they have the right to change their mind. They may not have been anticipating that they would get three offers in such a short period of time.

bouicca21

How vibrant is the market in Poole? Shared ownership flats do not usually sell like the proverbial hot cakes.

Carpi09

For anyone who was interested in the outcome, I did in the end go over the asking price by £1000 (90950) but stated if I didn't hear by 1800 hrs the offer is withdrawn.


1803 hrs: Received call, would be prepared to accept 92950.


This of course was rejected by me. Time to put an offer on a different one and hopefully come across a better vendor.