Newbie - nervous & feeling down

Kissmekatie

Hello,

I'm looking for some guidance from someone who has more experience on house buying than I do!

We have fallen in love with a house, it's only been on the market for 3 weeks. We had a first viewing and offered full asking price (it's on for OIEO 225k) but it was rejected as the house had been on less than a week and we hadn't put ours on the market. The sellers want someone in a proceedable position with a short, uncomplicated chain.

Our house went on the market and sold within 48 hours, as predicted, for 25k above asking price (yay!)

We told the estate agents of our new position, we have a first time buyer for our property, with a 70% deposit and mortgage in place, ready to go. The house we like is end of the chain. Easy peasy for everyone involved.

So we reoffered 225k and got rejected again. We went to 230k the same day and got rejected again with no counter offer. No other bidders against us. The estate agent said the vendor is after around £240k despite previously telling us if we went into the 230s he will probably take it. He said £235 would give him something to think about maybe.

Now I'm stuck, we really like the house... but I'm reluctant to go another 5k with no one bidding against us and he might even turn it down again. Or sit and think and just accept us in a few weeks if no one else comes along.

Why he put his house on the market for £225k when he wants £240+ is beyond me 😭

Shall I re-offer? Or sit and wait? They've had lots of viewings and second viewings on the house, but no offers over the OIEO (only one below and a cash offer for the asking price) realistically is there anyone who will view it and want to offer 15k above asking price without being in a bidding war?

Feeling really down, we thought £230 would secure the sale, especially the position we're in. 😭

hazyjo

The EA will keep going back to you for more until you say whoah... At least try saying that's reluctantly all I'm prepared to pay I'm afraid. Give them a couple of days - say to give you a call if they change their minds.


Jx

pimento

So you got £25k more than asking for yours, the house you want is your dream house but you aren't willing to go £25k above asking for it?

AnotherJoe

Why would they not ask for more when you keep coming back with a higher offer even without competition?

Tell the EA that that was your last and final and whilst your current offer remains open, you are now looking elsewhere, indeed start looking elsewhere, with this EA if possible so they know you are serious. They may be able to persuade the vendor they've got the maximum from you.

Kissmekatie

There was a bidding war on ours, three buyers pushed it up and up within 48 hours. We would have accepted lower, we had no idea it would go for that much. So, that's why we put it on for OIEO what we expected we would accept.

The_Logans

It's the EAs job to get as much for the house as they can. They have succeeded in getting more out of you already, without any competition. I would go back to the EA and say that is your final offer, leave it on the table until the end of the week but request viewings at another couple of places with the same EA. Good luck. House buying is a nightmare, we complete on Friday and I can't wait for it all to be over.

Keezing

It is somewhat ironic that you were happy to accept 25k above asking price for your property but wouldn't do the same for your dream property.

Nevertheless, you should only pay what the house is worth to you. The next dream property is just around the corner if this one doesn't work out.

It's possible that the vendor has speculatively listed their property as an ego-stroke and isn't really serious about selling.

The_Logans

PS, be prepared that the seller may be kidding himself. We viewed a house that was on for OIRO £499000. It was overpriced, we offered around £460k, went up to £470 still didn't accept (we are chain free buyers). 13 weeks later it is still for sale, price changed to OIEO £480k. Still overpriced! Seller clearly has a figure in their head and won't budge from it.

Crashy_Time

Got a link so we can have a look?

movilogo

We have fallen in love with a house

That's the key. You have mostly expressed your emotion to vendor. Currently housing market is cooling down. .So if you wait, you may find a better & cheaper house.

Crashy_Time

movilogo wrote: »

That's the key. You have mostly expressed your emotion to vendor. Currently housing market is cooling down. .So if you wait, you may find a better & cheaper house.

Yep, seller probably knows that they need to move fast, so want someone ready to pay up quickly.