We have made our 1st offer

meanmachine_2

No fair enough Kamaran.

It's just that, as a potential FTBer I've been obsessively tracking the property market for the last 5 months, and have noticed a considerable slowdown in sales, coupled with a fall in sale prices to around 93% of asking price. I was merely explaining the current situation to the OP.

It's extraordinary how the market has changed in just the past year. Panic from buyers, desperate to get onto the ladder has turned to frustration from sellers as they wait months to shift their properties.

Ask any EA about current market conditions and, in confidence, they'll tell you that the situation is dire.

You point about the vendor is a valid one. The OP should try to find out how desperate they are to sell, or whether they're prepared to play the waiting game.

I know many EAs have become very frustrated with vendors who are unwilling to drop their prices as they are not in any real hurry to sell.

Leia_Stephens

loanranger wrote:

Like you when I made offers, I thought I had registered an interest and the agents would call me back if someone made a better offer than me.

Thank you, loanranger . I will try to accept that, because we haven't heard anything, someone has made a better offer.

According to the EA and the vendors there was a lot of interest at the weekend, and on the website the property is listed as being "under offer", but that could be because of our offer.

I would like to know once and for all: the most concrete thing I can do is phone up the EA and try not to get too saddened by their response.

The vendors do have somewhere to move to and they want a quick sale, but the property was previously "under offer" and fell through.

Leia

loanranger_4

Leia_Stephens wrote:

According to the EA and the vendors there was a lot of interest at the weekend, and on the website the property is listed as being "under offer", but that could be because of our offer.

Leia

Errrm, don't believe what you read on the internet ! Agents tend not to update online details very often, and it could be that it wasn't updated when the previous offer fell though.

If there has been so much interest, then give them a call !

dougk_2

Was the hosue priced low anyway in order to sell quickly. i.e. was the house priced at a lower value now than when it was advertised before?

If so this is a good indication as to why the offer was refused. If the house was say advertised at 95% of the previous value then maybe they simply could not afford to sell it at that price?

Meanmachine if prices are at average 93% of the asking price you are likely therefore only to get about a 1 in 3 chance of the offer being accepted. eg. average is the combination of lows and highs so natuarally out of 3 houses one will sell for above average one for average and one under average.

The drop in prices (or rise in some cases) over the last year depends on the individual location.

Leia, If your offer has been refused its unlikely that the vendors will sell to you unless they decide they cannot wait any longer and need to sell now.

kamaran

If there were no other offers on the table they would be calling you to ask if you are interested in matching 'other people's offers' due to your favourable buying position.

donsaini

leia

i was in a similar position to you. told by the EA that vendors wanted quick sale, lots of interestetc. usual crap. (still in process of buying 1st house), even at that time i wanted the house so offered the full asking price. i eventually realised that i been done over by the EA, who i as naive ftb, thought was on my side, then lkater realised is actually owrking for vendor.

i wuld stick firm with your very reasonable offer. it is 95% of asking price.
dont forget your strongest point. FTB! no chain, almost guaranteed. leave them to ste about it for a while! they'll be back. also stipulate a strict time to complete in. the process now in your favour, so what if you're a few days late, they wont want totry and find a new buyer. if they're even 1 day late knock 5 grand of your offer, they will definitely negotiate.

i definitely do sympathise, as i was the same, it's the waiting that's actually worse than the outcome.

by the way any outcome yet?

meanmachine_2

dougk wrote:

Meanmachine if prices are at average 93% of the asking price you are likely therefore only to get about a 1 in 3 chance of the offer being accepted. .

Surely, if you offer 93% you stand a 2 in 3 chance of the offer being accepted?

Anyway, back to the OP, I'd say you've hit on the only house in England around which there seems to be a frantic bidding war. How likely is that?

Unless, as suggested, it's already below market value, having fallen through in the past.

Really you should have found out this info. Never mind. Life's a learning curve.

dougk_2

meanmachine wrote:

Surely, if you offer 93% you stand a 2 in 3 chance of the offer being accepted?

You were suggesting 90% therefore its less than the average so only the under average mark left. Above 93 % and you stand a 2 in 3 chance. Above 100% (and some people do still offer above 100%) and its the 3 in 3 chance.

However do agree - homework is the most importaant thing to do before buying or selling.

nelly_2

Anyone who offers over 100% of an asking price wants taking out side and slapping with a wet fish... a lot!

Leia_Stephens

loanranger wrote:

If there has been so much interest, then give them a call !

I did, just after work, and according to the EA there had been 3 other offers.
One - of the asking price - was accepted .

Thanks for all your comments .

We shall keep looking, for 2 bedroom houses within a mile of our mainline station. The 2/3 bedroom house we just lost was 5 mins walk from the station, my partner doesn't drive and we don't have a car.

x Leia