What would you do? (offering on house)

whoschuffed

Seen a house we like on for £120,000 that has only been on for 3-4 weeks.

Made an offer of £108,000 as there were some works that needed completing (updating of kitchen and potential boiler/electric works)

Offer rejected saying vendors thought it was way off the mark, even though they note there is some work to be done in the kitchen they were looking for much nearer to asking and thought it was realistically priced.

The EA said they had 2 other interested parties but neither were able to proceed as they had to sell their houses first and that the property had had a lot of interest.

We are FTB, no chain, big(ish) deposit, agreement in principle and ready to go as it were so in a much stronger position.

We'd be willing to pay up to a max of £115,000 for the property but I don't want to just go in and offer that straight away as I'm not actually sure on if these other buyers are legit (or even exist) and I don't want to show my hand straight away - but similarly we do like the house and wouldn't want to let it slip.

I also don't want to re offer straight away and seem desperate.

How is it best to play situations like this? New to this whole game so want to make sure we get it right.

AdrianC

Ignore other potential buyers. Concentrate on what YOU think the house is worth TO YOU, and what you think the vendors will accept.

It's not been on long, asking £120k.
Yes, it needs some work, but has that been factored in to the asking? The vendors think so.
The vendors have refused £108k outright - so don't even bother with £110k - they'll just flag you as a timewaster.

Hoploz

If you wait someone else might buy it. Just offer what you're willing to pay. If its been on a few weeks they've probably had the initial flurry of viewings. 115 is far more reasonable than 108 IMO

whoschuffed

Some solid advice here. The Mrs really likes it and it would be a shame for it to go but thinking about what we have worked out moneywise and budgetwise I don't want to get too giddy.

I was thinking we could go in with £114,000 and if they refuse again we could maybe re-offer an absolute max of about £117,500?

Or am I just wasting my time and we should just put in what our absolute max is straight away?

jojo_1982

If you like it, I'd not waste time. Go in at 115k if that's your maximum. Make sure you're clear in telling them that's the maximum, and if they refuse, just let them think over the offer a bit more.

Good luck

AdrianC

whoschuffed wrote: »

and if they refuse again we could maybe re-offer an absolute max of about £117,500?

What happened to...?

We'd be willing to pay up to a max of £115,000 for the property

Seabee42

Although they say there is lots of interest that is not the same as lots of offers. Offers are competition tyre kickers are not.


So from your comment 115k is what you think its worth but would like to get it for less if possible. I would offer £113k you have gone up 5k in the price bracket that's reasonable. The question is whether that's enough to tempt them.

whoschuffed

Sorry that should be £116,500 as an absolute maximum of maximums. We didnt want to pay more than £115,000 really but could maybe push that little bit extra.

The EA did say that £108,000 is way off the mark and they were looking for MUCH nearer to the asking price. I just need to figure out how much more is much nearer!

Do you think I should wait until tomorrow to make another offer, or re-offer the same day?

LEJC

it really depends how much you like the house and how easy it will be to find something comparable should this one fall through.


If you have an upper limit of £115 then stick to that,in going to £116 or even £117 that might prove to be a streching point....


what else have you seen....anything close in terms of price and value to you....if the answer is yes then I would offer one last amount and if thats rejected walk away....otherwise you are in danger of meeting the asking price even though its possibly above your upper limit.

harrys_dad

I would wait until tomorrow and offer £113,000, giving you £2000 leeway to get to your 1.03 pm maximum of £115,000, or £3500 to your 2.09pm maximum of £116,500.

See how easy it is to get carried away and increase what you are prepared to pay? If they accept your offer make sure they take it off the market and are not waiting for a full price offer. Be careful, there will be other houses out there.

stator

£113k sounds like a good second offer. If they refuse make your final offer