Have i offered too much?

need_an_answer

Aylesbury_Duck wrote: »

I echo the sentiments above. The vendor clearly believes it's worth that price and so did you to offer it. Are you buying a home or an investment? If the former, you will need good justification to reduce your offer and not annoy the vendor so that they reject it and any others you make. If the latter, withdraw your offer and submit another once you have done some proper research and in the knowledge that if the vendor gets annoyed, you can walk away without any problems or emotional attachment to it as a home.

...and I agree with this.

Can you cover the shortfall in increasing the deposit? or is it a case of if this one falls by the wayside you will happily turn your search to something else and be a little less "full on " in over offering.

I once overpaid for a property but its still a lovely family home and worth many times more now than the original overpayment.

I guess the question you need to reconcile with yourself is, is this a forever home or do you hope to move soon again.

Carrot007

Aylesbury_Duck wrote: »

The vendor clearly believes it's worth that price

There is no evidence of this.

Maybe the vendor wanted it marketed high because they know some people like to haggle.

Maybe the vendor just went with whatever the estate agent suggested.

All I am saying is without knowing more we have no idea what's in the vendors mind!

Aylesbury_Duck

Carrot007 wrote: »

There is no evidence of this.

Maybe the vendor wanted it marketed high because they know some people like to haggle.

Maybe the vendor just went with whatever the estate agent suggested.

All I am saying is without knowing more we have no idea what's in the vendors mind!

Yes, that's a fair point, they may have just struck lucky with the OP's offer.

shortcrust

need_an_answer wrote: »

...and I agree with this.

Can you cover the shortfall in increasing the deposit? or is it a case of if this one falls by the wayside you will happily turn your search to something else and be a little less "full on " in over offering.

I once overpaid for a property but its still a lovely family home and worth many times more now than the original overpayment.

I guess the question you need to reconcile with yourself is, is this a forever home or do you hope to move soon again.

I overpaid for my house. I knew I would love it so I paid a price that guaranteed I got it. I've not regretted it for a second.

If you don't want to pay the price you offered either withdraw or reduce your offer. Preferably first thing tomorrow so the vendor doesn't waste anymore time.

dantheram1985

its incredibly hard to judge what the value should be - i wouldn't say i'm short of brain cells

p00hsticks

dunroving wrote: »

I may have offered over value on the house I am currently buying, but I wanted to be sure I got it so as long as it worked, I don't really care. Certainly don't think I'm an idiot.

We were the same - we offered asking price on a property because we were determined to get it. We did later ask for a slight reduction after we'd had the survey in, but still in retrospect may have been able to get it lower. But we knew this was THE property which was not going to come up again so were prepared to possibly overpay rather than lose it.

dantheram1985

p00hsticks wrote: »

We were the same - we offered asking price on a property because we were determined to get it. We did later ask for a slight reduction after we'd had the survey in, but still in retrospect may have been able to get it lower. But we knew this was THE property which was not going to come up again so were prepared to possibly overpay rather than lose it.

hardest, shittest thing i have ever done. Multiple people trying to extract your cash and then a great big dollop of emotion thrown in -

Here's the house if anyone wants to dig deeper -

http://www.rightmove.co.uk/property-for-sale/property-xxxxxxxl

need_an_answer

I have no idea of the areas prices but I can see why you may have been drawn to it.

What made you offer the asking price?
Presumably it ticked all your boxes and was better than others you had seen.

Sometimes you just have to hold onto the positives of a place,and there will be wobbles along the process where you will convince yourself into it and out of it numerous times.Thats a very natural reaction to buying a house,as is the thought once the offer is accepted that perhaps you really should have offered £5k less.
The thing is until you make the offer and they accept or reject it the whole thing is unknown.

So what else did you look at how did it compare?

Asl77c

When we bought our house recently we went in at full asking price. Throughout the negotiations we had a good dialogue and ended up negotiating down 10k. Absolutely nothing wrong with the house it was what allowed us to accept a lower offer on our house to progress our small chain. Everyone was happy. What I’m suggesting is transparency. That’s what I did and it worked out for us. Might do for you. Good luck.

dantheram1985

need_an_answer wrote: »

I have no idea of the areas prices but I can see why you may have been drawn to it.

What made you offer the asking price?
Presumably it ticked all your boxes and was better than others you had seen.

Sometimes you just have to hold onto the positives of a place,and there will be wobbles along the process where you will convince yourself into it and out of it numerous times.

So what else did you look at how did it compare?

have seen nothing comparable in circa 12 months of looking really. 1 in a village a few miles away went to sealed bids in March (£270k asking price) so that played on my mind a little.

It's very hard to compare as these types of property don't frequent the market - it ticks all the boxes despite being a bit small square foot-wise and rear garden-wise.