What to offer for our first house.

StartingOut2500

alchemist.1 wrote: »

The problem we found is that there are so many people in that position (i.e first time buyers) looking at similar priced houses and therefore there is no advantage.

Agree with you there, That is exactly our findings so far.

StartingOut2500

smallblueplanet wrote: »

I think that unless there are no other houses in the area you're looking in that you can afford, and depending on how long you see yourselves staying in the property, I'd put an offer in that you feel comfortable with and if it's knocked back move on.

There's a few, but anything half decent in a good spot doesn't last that long.

smallblueplanet wrote: »

It doesn't look like it'll be the only property in that area though? So I'd be wary of getting stuck in a situation with your seller maybe having problems with their move and you having to 'start over' next Spring. I realise this could happen with any purchase but then that potential should be factored in when deciding how much to offer (for me anyway).

The only problem we can forsee is their build taking longer, that to us however is a bit of an issue as the wait is quite long already and depending on the winter could possibly drag longer...

StartingOut2500

robatwork wrote: »

My answer was fairly facaetious.

Thought as much!

robatwork wrote: »

Only you can possibly know what this house is worth to you. From what you've said it's a house you have fallen in serious "like" with but not in love. As such I wouldn't pay over the asking price, but then I never would do that anyway. To me, if a vendor says they think their house is worth £360k, then that's what they should be happy to accept.

That's where we stand. Personally, we find it quite frustrating however our understanding is that this is becoming the status quo in the overheated London property market. We are reluctant to pay over the asking price.

robatwork wrote: »

Now you've just mentioned about the vendor's new house not being ready. This rings alarm bells - is this a probate purchase, or a new build? Both have a habit of either going back or falling through.

So my next facaetious suggestion is to keep looking.

But I'm just a stranger on a forum.......

Its a part exchange against their future home, the vendor is actually the builder. There should be no going back as far as we can see, however delays are possible.

smallblueplanet

StartingOut2500 wrote: »

Thought as much!


That's where we stand. Personally, we find it quite frustrating however our understanding is that this is becoming the status quo in the overheated London property market. We are reluctant to pay over the asking price.

And if you the house that you're now looking at were your house to sell?


Sometimes you have to offer what the buyer wants (and will get) not what you want to pay.

gregsayer

don't mess around, if you really want the house, go all out, if you think the house is worth it, in my opinion go for it, don't risk loosing it!


I had to disappoint a prospective buyer, apparently she was totally guttered, as she put in offers on Thursday of £8k under the asking price, then £5k under, then waited until the Monday before upping to £2k less,
at the same time I got a second buyer who 1st offered £5k less, then came back 30 mins later with the asking price, which I accepted (they are FTB, living down the road with parents, both Dr's, so easy sale!)


later on that afternoon, my EA called me to say that he has to tell me he turned to the 1st buyers new offer of the asking price but as I had already accepted, she now has to walk past my house everyday to the local primary school


moral of the story, don't fuss around if you can go for it!

Humandoing

I agree with gregsayer, just go for it. Fell in love with the house we're buying so just offered asking price from the start. There were a few other offers from other people that were rejected, only a few grand under asking price too. Not worth messing about IMO!