Offers - Am I moving too quick?

fluffy123

Hi all, found a house I am very interested in which has been on the market for just 10 days and has apparently had quite a few viewings already.

I went for a viewing on Sunday and liked it very much (been told good to get an offer if like it a lot to look serious....) so offered 164k for it (it's on sale for 170k and the vendor paid 160k for it six years ago).

I would go to asking price if needed (subject to no major problems etc being found) but offered 164k this morning. Their estate agent has just come back to me and said no but said the vendor would go for 168k for it inorder to fund their upgrade.

That falls in my criteria and I get it slightly cheaper but now I'm not sure what to do. Do I jump in quickly with the 168k or wait a couple of days and offer the 168k...I don't want to seem extremely desperate. I was also hoping to get a second viewing in before committing any money down and before I pay for arranging a mortgage etc.

Any advice as to the best course of action would be appreciated - thanks!

Dan-Dan

I think you would be wise to get the 168k agreed , start the ball rolling , shows your serious , and will buy you goodwill with the vendor and EA , plus your 2k under budget

It isnt always a game of poker , bish bash bosh , get in there

good luck

greatgimpo

At least they're interested. Next step is 166k in a day or so - 'you've convinced your other half to go that bit more'.

fluffy123

Thanks, that makes sense.

One other question too which is sort of linked - when I apply for my mortgage (I'm doing it through a broker). Will I be able to pay for arrangement fee and the mortgage survey via a credit card? Will it be looked on negatively if that amount is then not paid off my credit card immediately but paid off in a couple of weeks?

Also, I do want to do the big survey as well but do I have to select this when applying for the mortgage?

How would I play it with a second viewing as well if I went in with the 168k tonight/tomorrow morning?

JimmyTheWig

If you're offering £168k do so straight away, while they'll accept it.

The longer you leave it, one of three things will happen...
1. The vendor will get more interest than they expected, possibly including other offers, and will expect more money for it.
2. Things will progress exactly as the vendor expected.
3. The vendor will get less interest than they expected and will expect less money for it.

If you want to offer, say, £166k (in my experience you'd get this accepted) then I can see the logic of waiting a few days and hope that scenario 3 plays out.
But if you're offering what they are now asking you for, you just risk scenario 1 by waiting.


If you want a second viewing before putting in a final offer then do that.

fluffy123

Thanks

So it wouldn't be advisable to offer the 168k and then do a second viewing before arranging the mortgage etc?

Ie: Offer the 168k tomorrow, get it accepted (in theory), have a second viewing in the next week or so. Start to arrange the mortgage next week-fortnight?

Hoploz

I would have the second viewing ASAP. That tells them you're seriously considering it. Then offer the 168 and get it tied up quickly. Is it really worth haggling over such a small sum, if they have said they will agree at that price?

Seriously, I would think the market would have moved far more than that in 6 years. Prices had crashed by then, surely, and have by now more than recovered above the 2007 highs?

Mattygroves2

fluffy123 wrote: »

Thanks

So it wouldn't be advisable to offer the 168k and then do a second viewing before arranging the mortgage etc?

Ie: Offer the 168k tomorrow, get it accepted (in theory), have a second viewing in the next week or so. Start to arrange the mortgage next week-fortnight?

Once you've had an offer accepted you need to get on with instructing solicitors and getting a mortgage offer sorted out as soon as possible ie. the next day preferably. Do your second viewing first though.

Any delay in sorting out solicitors, mortgage and survey makes you look like a time waster.

fluffy123

I have my solicitor in place already so that's good.

I think I'm best arranging another viewing for the weekend then ideally then putting in another offer then spending next week sorting the mortgage out etc? Does that seem right?

Nobbie1967

Hoploz wrote: »

Is it really worth haggling over such a small sum?

You must be rich, bet you wouldn't bend down to pick up a tenner in the street:rotfl:

We're talking thousands of pounds here, remind me what the MSE forum is about again;)

Hoploz

Move as quick as you can - if it is new on there will likely be new viewings at the weekend so try and get in beforehand if poss. Most new bookings will be taken on Thursday as this is (apparently) when the agents do their chasing up to book diaries for the weekend, so if you can view weds or thurs they won't have so many bookings to cancel (which makes the seller think there's loads of other interest so might hold out for the others to view before committing to your offer)