Does anyone want to join me waiting to find a house to buy?

Tiners

sl9192 wrote: »

We put in an offer on the house I mentioned earlier in the thread. We went VERY LOW (OH suggestion) as there is more work to be done than we thought after the first viewing. House is on at 140k We went in at 124500 but we were expecting it to get rejected, we just wanted to get negotiations going. Seller bought the house in 2009 for 128k and has done nothing to add value or maintain the property. garage has holes in the roof and soil pipe going directly through the top of the roof?? It's basically a rebuild job. Also there is a flat roof extension which needs the coating checking. He's been renting it out so it hasn't been kept in amazing condition its had a bit of a tart up from a coat of paint which we could smell at both viewings.

We're now stuck in a limbo, estate agent claims there are "lots of viewings" so far no offers apart from ours but we don't want to come back to soon. Our max would be around 131k. Seller didn't come back with a counter offer after our first offer - we're FTB and just don't know the 'correct' way to negotiate. We don't want to show our cards to early but don't want to miss out by holding our nerve and waiting.

Your opening offer was only 10% below asking, that's hardly ''VERY LOW''... especially given the apparently poor condition of the property and what is increasingly looking like a stalling/stalled market in many parts of the country.

It's possible your seller could be an over leveraged BTLer who's being hit by the new tax changes, something we'll hopefully see plenty more of from today (Section 24 day) onward.

sl9192

Tiners wrote: »

Your opening offer was only 10% below asking, that's hardly ''VERY LOW''... especially given the apparently poor condition of the property and what is increasingly looking like a stalling/stalled market in many parts of the country.

It's possible your seller could be an over leveraged BTLer who's being hit by the new tax changes, something we'll hopefully see plenty more of from today (Section 24 day) onward.

Thank you that makes me feel better. My parents were telling me the offer was probably insulting to the seller but his response didn't seem insulted, he acknowledged the garage but wouldn't knock £15k off for it. As it stands we have told the EA we will put another offer in but need time to consider. We're really stuck as to the best "tactic."
Oh and yes he is a landlord, charged his mum rent to live there and didn't even maintain the property for her... a real gem.

Mrs36

It is just a business transaction SL9192, try to take the emotion out of it. If you aren't embarrassed by your first offer, then you are offering too much! It is an asking price, after all. I have cringed at some of the offers that we have put in in the past but no seller has ever been insulted, or offended and it has been worth it as we have ended up with an amazing property for a very good price. When we put in our first offer on the house we are now buying the Estate Agent refused to put it to the vendor, as it was far too low (I agree, we were completely trying it on), they accepted our increased second offer.

Give it a few days, and go back with another offer. How long has the property been on the market?

sl9192

Thanks Mrs36

It's only been on since Friday, but properties in the area we are looking at tend to go extremely quickly, sometimes by the time they are listed on RightMove they are already gone - OH is insisting on playing it cool lol. EA said they would inform us of any offers as they had 'loads of viewings lined up' but so far nothing, we are definitely going to go back with an offer it's just guessing the right time, we're thinking maybe Saturday afternoon- if we submit on Friday he will surely wait for the Fri and Sat viewings to be out of the way. But then again if we leave it too long do we fall off the radar? I never thought it would be so stressful!

sl9192

^^ following on from above - Still nothing from the EA regarding other offers on the house, so it seems there may not be as much interest in it as they were making out? I'm thinking the time is approaching to put our next offer in. Does anyone have any tips for writing up an offer in an email without accidentally saying something stupid? And is there a best time/day to submit this?

9ja4life

ANGLICANPAT wrote: »

Can I please ask for a few opinions on the negotiations around offering on a property where the seller hasnt started looking for a purchase yet ? In an area where it seems to be a sellers market (4 bedders scarce)--- if youre a cash buyer and likely to be accepted above 2 other offers on the table, but youre renting (rolling) at a painful £1500 odd a month-- what is the best reasonable way to package your offer without risking being told to walk, to try and avoid a seller just keeping you dangling for months whilst they struggle to find a property themselves,and how long is 'reasonable' to allow ? Do you get the offer accepted first and then start putting a time limit on exchange ? Does the house get taken off the market ? At what point would you pay to have a full survey done? Thanks for any advice

I'd give them a month max to find a place and show proof that an offer has been received and accepted or I'd pull out at that point. Surveys, mortgage etc will be started when the chain is complete otherwise you risk wasting both money and time

copperjar

sl9192 wrote: »

^^ following on from above - Still nothing from the EA regarding other offers on the house, so it seems there may not be as much interest in it as they were making out? I'm thinking the time is approaching to put our next offer in. Does anyone have any tips for writing up an offer in an email without accidentally saying something stupid? And is there a best time/day to submit this?

I personally would go back with another offer not too much more than your original one. Acknowledge the feedback from last time but reiterate there is work required and you think it is a good offer. Emphasise that you are in a good position and willing to move as quickly as the vendor wants. If the offer is rejected again, ask the EA straight our what the vendor would be willing to accept - they do don't seem to want to enter into negotiations last time as there were plenty of viewers but obviously they have not led anywhere yet. Good luck!

tomatoandcheese

Can I join the thread? FTB and finding the whole thing hugely stressful (probably due to being 8 months pregnant!) We had an offer accepted in Feb on a former BTL flat that is currently vacant. Mortgage approved, all going swimmingly and then the vendor came back to say he'd had another offer and could we come up 9k. We are extremely peed off but did offer to meet halfway as we really like the flat location.

That was a week and a half ago and no response to our increased offer, so we are assuming we are back to the drawing board. Plus no longer have any trust in this vendor. Had 4 viewings in the last few days and have put a best and final offer in on another flat but vendor is away until after Easter so no news until then. Still organising viewings like crazy as we really don't want to be trying to put a mortgage application together with a newborn keeping us up all night, so want to get the process as far along as possible before she arrives!

pollyannaL

So...a perfect property came on rightmove last night at 6pm. I left a voice message with the agent and rang first thing at 9am to ask for a viewing. They said I can tomorrow. Great I thought.

Looked on rightmove an hour later and house was sold. Rang agent; apparently a neighbour had approached the vendor last night (!?) and seller has sold her house based on this neighbour! I was apparently the first viewer booked in tomorrow. Can you believe that. Doesn't it all sound a bit fishy. Why wouldn't the seller want a bidding war!!!!!

Absolutely gutted.

And so the search continues.....really tempted to start putting letters through the doors of property's before I have viewed - and say I am looking forward to the viewing!?! nothing to lose!

amateur_house

pollyannaL wrote: »

So...a perfect property came on rightmove last night at 6pm. I left a voice message with the agent and rang first thing at 9am to ask for a viewing. They said I can tomorrow. Great I thought.

Looked on rightmove an hour later and house was sold. Rang agent; apparently a neighbour had approached the vendor last night (!?) and seller has sold her house based on this neighbour! I was apparently the first viewer booked in tomorrow. Can you believe that. Doesn't it all sound a bit fishy. Why wouldn't the seller want a bidding war!!!!!

Absolutely gutted.

And so the search continues.....really tempted to start putting letters through the doors of property's before I have viewed - and say I am looking forward to the viewing!?! nothing to lose!

Sorry to hear this Pollyanna, I hope you find a house soon. Some houses in the area I am looking appear on Rightmove already 'SOLD'. I don't know how this happens, I think estate agents must be letting some people know about the properties before they are even marketed.

I have been wondering whether it is worth canvassing the area I want to buy in to ask if anyone is considering selling and to contact me if they are.