I'm sorry, I'm another FTB

Ingela

Ok, well we made an offer of 76K this morning, at about 9:40. How long should I expect to wait before we hear back?

RHemmings

As far as I can see, the general problem with an EA saying there are other offers is this:

The EAs could be lying, and if the OP offers more, even if it's what the house is worth to them, they could be paying more than they need to.

But if the EAs aren't lying, then the OP loses the house. Probably.

I've certainly heard of cases where EAs have said that there were higher offers, a potential buyer didn't up their offer, then the EA came back and said they had the house. "What about the higher offers". "Oh, Erm, Ah....".

Ingela

RHemmings wrote: »

As far as I can see, the general problem with an EA saying there are other offers is this:

The EAs could be lying, and if the OP offers more, even if it's what the house is worth to them, they could be paying more than they need to.

But if the EAs aren't lying, then the OP loses the house. Probably.

I've certainly heard of cases where EAs have said that there were higher offers, a potential buyer didn't up their offer, then the EA came back and said they had the house. "What about the higher offers". "Oh, Erm, Ah....".

This is exactly my problem. We've gone in low and are going to see what kind of response we get. I'm still waiting to hear the big fat no!

izzybusy23

Ingela wrote: »

Hi all, I'm pretty new to this so am looking for a little bit of guidance please.

My OH and I have found a house that we both really like, it's on the market for £79,950. It needs some work done, approximately £5k or so. We were all ready to put an offer in but the EA has told us there are offers in up to 88k. This is where I have a problem- according to propertysnake.co.uk the price was reduced from £87,950 just 10 days ago. The EA also reckons none of these offers have been accepted and that we should still have another viewing etc, even though i have told her that there's no way we are paying 88k.

Our maximum price is probably 83k, at a huge push.

What does everyone think? Should we put a cheeky offer in or just move on?

Thanks.

Walk away!!! When houses prices are in the middle of a downward spiral, you will be glad you never paid it. Lets hope these greedy sellers lose out and don't sell their house and lose £10k on it by next year!!

Ingela

It's a bit late to walk away now i've put an offer in! We'll see what happens with this, but i'm on the edge of my seat waiting to hear!

izzybusy23

Ingela wrote: »

It's a bit late to walk away now i've put an offer in! We'll see what happens with this, but i'm on the edge of my seat waiting to hear!

Sorry, I meant walk away if your latest bid is rejected. Its not worth the stress or heartache trying to find more money than you have to up it again. There are plenty of other houses out there. It IS a buyers market and if this one falls through then its not meant to be.

Keep your chin up and good luck with your latest bid.

Melissa177

Ingela wrote: »

The vendor is a company apparently, so we cant go direct to them. The house isn't lived in and we've only been shown around by the EA. Otherwise, that's exactly what i would have done Shelly!

Is it owned by a relocation company?

If so, they will probably want shot of it ASAP. It sounds to me like the EA is trying to bid it up...

Personally, I would call their bluff. Tell them that if there are offers of 88K on the table, that the vendor should take them, as you won't be offering that.

Walk away, and then see what happens...

Ingela

I'm not sure what company it is owned by, but i definitely agree with you about calling their bluff.

redkitty_3

Hi, couldn't help noticing this and it's a situation I was in too a few years ago. Worth noting that even then it was a 'buyer's market' and two years down the road it still is!
Anyway, I went in really low with my property as it needed a lot of work doing to it. It was on initially at 115, then reduced to 104,950 when I saw it, then reduced again to 97,950. The owners had loads of offers but kept rejecting them. I saw it and went in at 89, knowing i would increase it to 90 but then that would be my maximum. The EA kept trying to make me increase but I just said I was a ftb and that the house needed work and that's my final offer. I thought it was going to be a no so was going to look at something else, then got a phone call first thing on Monday to say the offer had been accepted! Basically if you offer your max and it's not good enough then move on! It is a buyer's market so there are bargains to be had, esp for ftb's who are a rarity. I think £5k isn't much considering how low I offered...I think if they say no then it's their loss as you're in a strong position.
Hope it helps...

Ingela

Thanks redkitty, it definitely does! I know i need to get it out of my head that this is the only house i want, but I'm sure everyone knows what its like when you get your heart set on something.