keeping a level head when buying..?

Hoploz

If you have to make a best and final offer just consider going to your maximum ... and then adding just a little more on. Only because, then if you lose it by a small margin you won't be arguing over 'if only we'd just gone another x we'd have got it!' you know you did your best and a bit over just in case it swung it!

That's what we did ... And got the house and we are sooooo glad we did!

Justcoll

ognum wrote: »

It is dangerous to try to play this as a game in a fast market, if the market is slow or you are not bothered about the house then do it. If you want the house then make your best offer.

I very much agree with you, especially at the moment with good properties going the day they are advertised.

As many have said, a house is the most expensive purchase most of us will ever make. It is also the most important if you are buying it as your home rather than as a do-it-up, sell-it on project.

Your home is where you wake up each morning and go to sleep each night. Your environment, your views, your neighbourhood, your community - all these are part and parcel of your home and must be taken into account when buying a house. Because of this, I personally believe that looking back and worrying that you have maybe paid a little over the odds is irrelevant (assuming you are planning to stay long term). if it's the 'right one then offer what you can reasonably afford.

richtung

Justcoll wrote: »

I very much agree with you, especially at the moment with good properties going the day they are advertised.

As many have said, a house is the most expensive purchase most of us will ever make. It is also the most important if you are buying it as your home rather than as a do-it-up, sell-it on project.

Your home is where you wake up each morning and go to sleep each night. Your environment, your views, your neighbourhood, your community - all these are part and parcel of your home and must be taken into account when buying a house. Because of this, I personally believe that looking back and worrying that you have maybe paid a little over the odds is irrelevant (assuming you are planning to stay long term). if it's the 'right one then offer what you can reasonably afford.

Thank-you for this. You make very valid points here. Our max has been figured out and vowed not to go above this. We have submitted our offer via email to the EA which is 10% below asking price. Our Max budget brings us to 95% of asking price.

Rich

penguingirl

I agree with the comments- it is hard buying in a fast market. We found it very odd offering the next day after a first viewing and putting in a higher first offer than we would in a different market. We also only saw 2 other houses (and no other 3 beds) as there is so little available, viewings were cancelled because of sales etc. We're happy with our accepted offer, but it did seem very rushed. We had a pre-exchange viewing last week and are sure it is the right decision, we actually thought it was better than we'd remembered!

I think a lot of your confidence depends on how well you know the market. We'd been looking online for a year and knew how quickly properties sold and what their sale prices were. We'd actually really liked the other half of the same semi-detached when it sold lat year

Good luck!

richtung

I_have_spoken wrote: »

How are you when the wee wifey is in floods of tears about risking losing 'her' dream home?

Luckily, the wife isn't like that - she is mega sensible. She is also a chartered accountant - our lives are run on excel spreadsheets.
she can only deal with fact, figures and sums - emotion doesn't come into it.

Rich

richtung

just another update:

Just had a call from EA.

EA: Mr Richtung, I wanted to thank you for making the offer. As you know, we had plenty of interest from the open day and to be honest, we've had 3 offers at full asking price. what are your thoughts?
Me: i will discuss with my wife and re-look at our finances. We wont be submitting a revised offer at this time.

Fancy that, 2 days after open house and theres 3 offers at full asking price yet wants to give the chance to match it - despite our offer being £30k lower!

Our offer was 10% below asking price. Now, i noticed he didn't actually say "the vendor has rejected your offer" or even words to that effect. Perhaps I'm just reading too much into this.?

We will revise our offer though to 7% of asking price and see what of it.

Rich

ognum

Interesting update, squeezing the last penny out of all the prospective purchasers and also finding out what their budgets are for future reference!

keep us updates, it's facinating!

richtung

I cant help feeling that my alarm bells are ringing due to him receiving 3 "offers" at asking price yet is asking us our thoughts on our offer despite being so much less than the others.

Maybe my inexperience is causing me to read too much into things but im in the school of thought of "actions always speak louder than words".

Rich

TooClumsy

Hi richtung,

Thanks for posting, I can't wait to see what else happens on your journey

Reading how the EA gave you the chance to up your offer, I wonder if the vendors like your situation better than the others (AIP in place, deposit, nearly chain free etc) and so are genuinely giving you a chance to up your bid.

I do know people who also include a more personal touch to their offers, by writing directly to the vendors with reasons why they want to buy etc.

Of course, on the other hand EA could have had 0 offers and is just wanting you to up the bid. End of the day, do you think you and your wife are in a position to up your bid and secondly, do you think its worth the extra £xxx more?

Eagerly awaiting the next part of your journey,

TooClumsy

fairy_lights

I think I would want the EA to confirm that the vendor has definitely rejected your original offer before you decide to offer any more.