New buyers help needed (offers)

Superbia

Hi all, I’m really hoping someone can help with the situation myself and partner have found ourselves in. We really don't want to mess anyone around (estate agents and seller) however we found a house we both really like, and started off with a bid really low.

They rejected so we upped it this time leaving the offer on the table, this was far higher than what we wanted to pay however got carried away a little, still within budget though.

About 3 weeks later the estate agent called and said the seller was happy to asked so I said ok. The problem is I feel as if we really have offered to much, we have the green light for a valuation via the bank and our mortgage advisor.

We do still want the house, but still in doubt of the cost, it’s a small down so everyone knows everything, luckily were on the outside so they don't know about us, but we have found out no one else has shown any interest in the house, and there might be an issue with damn, under the stairs did smell really bad, and they plastered that side and painted the outside.

This isn’t a put off as I contacted a damp surveyor and he will have a check over for £90. However, what do we do about the offer, do we spend around £500 for the valuation and survey, then offer low, or just call up and lower the price, either way I guess the seller could say no, but I also understand they want out of the area asap.

Sorry this is so long winded, but were are really struggling and haven’t got any experience in this at all, or are we already too late?

Thanks again.

Chanes

Up to exchange of contract, you can walk away and so can they. If you've exchanged it's horrendously expensive to get out of for either side of the deal.

That's what I understand.

glasgowdan

I think you're just experiencing buyer's nerves. Just dive in and do it, you'll look back in five years and wonder why you were so cautious.

kilby_007

glasgowdan wrote: »

I think you're just experiencing buyer's nerves. Just dive in and do it, you'll look back in five years and wonder why you were so cautious.

I would take this advice with a pinch of salt, it comes from someone who offered 15% more than the "offers over" asking price for a property.

If you know for a fact that the vendor has had no other offers then you are in a very good position to renegotiate. Overpaying during this uncertain time could be a really bad decision as it could leave you in negative equity if the market does crash. You might want to use the damp issues as a point to negotiate.

brodawel

Wait until after survey then negotiate a lower price.

anotheruser

Yet when I asked a similar question a few weeks ago, people shot me down for even thinking I could re-negotiate...

The biggest thing to remember is that the Estate Agent (who you will negotiate with) works for the house seller. The bigger price, the more money they get. They will do everything, and some will even outright lie to make you pay the original asking price.

Argghhh

ask to send in damp expert prior to survey as you smelt damp then make your decision

Cakeguts

Wait until the bank values it and then see what happens.

Crashy_Time

glasgowdan wrote: »

I think you're just experiencing buyer's nerves. Just dive in and do it, you'll look back in five years and wonder why you were so cautious.

Or kick yourself for taking on negative equity in a damp smelly house.....

Kynthia

anotheruser wrote: »

Yet when I asked a similar question a few weeks ago, people shot me down for even thinking I could re-negotiate...

The biggest thing to remember is that the Estate Agent (who you will negotiate with) works for the house seller. The bigger price, the more money they get. They will do everything, and some will even outright lie to make you pay the original asking price.

Your question wasn't similar. No one said you couldn't renegotiate they said you wouldn't get far without disclosing a reason, and in all cases tge reason needs to be something significant and unknown when the offer was made. If the OP's survey comes back with a lower value or their damp expert says there is a big hidden damp problem then the OP can renegotiate and give those things as the reason.

However in this case I'd be reluctant to spend money knowing I was already likely going to want to renegotiate the price. There's now a known risk of spending money and then the vendor refusing to come down in price. Unless the property is pretty special I'd pull out and keep looking.

jimpix12

FTBers rarely get a decent deal, due to lack of experience.

Best thing is to check recent sold prices nearby for similar properties (not asking prices). If they are seriously lower than your offer, you can pull out. You don't owe the agent nor the vendor anything, aside from a few short remarks that'll be it. Don't feel pressurised into buying something you aren't happy with - it's not a TV, it's a house, the biggest purchase of your life!