Advice please!

househunter12

Hello. I am a second time buyer with a flat that we have accepted buy to let, cash buyer offer on.. so technically are chain free. We saw a house before we had an offer on our flat so didn’t make an offer on house as we didn’t know how long would take until we had an offer. I kept looking every day for the house online but suddenly was taken off the market. It was on purple bricks so I decided if we got an offer on the flat I would message to see if the house was still for sale. We got an offer and I message the lady who advised that the house was still for sale but due to family circumstances had been taken off the market. She said she was happy for us to see it again one more time as we did want to make an offer but couldn’t do this until had offer on ours. We went to see the house on a Friday and messaged the offer through purple bricks the same day. The first offer was 3k less than asking price and it was declined (which we expected) We then offered 2k higher making it higher than the asking price but not the max they were looking for. She said she would think about it over the weekend. Get to Monday morning and she advises it was back on the market and to make an offer through the agent as she has another offer. We then gave our max offer to the agent which is slap bang middle of asking price (£290-£300k) This was two days ago and still no update. They say they are waiting to have everything from the other offer eg proof of funds but we are waiting in limbo and not sure if the other offer even exists? I guess I am just looking for some advice as to how long to wait for before we do anything further: Also house has been on market since aug 20 so not sure where the offer suddenly came from as soon as we offered! We love this house so much and it ticks every box but really don’t want to get involved in a bidding war. Sorry for rant / poor lingo use ... very new to this ! Thanks for any advice x

greatcrested

You are not 'chain free' if the house you want to buy is part of a chain.

As for your offer, what is the property worth to you?

Ask yourself:

* if you increased your offer and bought for 310K or 320K, would you spend the next 5 - 10 years kicking yourslf for over-paying?

* if you stuck at 295K and the property sold to someone else for 310 or 320, would you spend the next 5 - 10 years kicking yourslf for missing out?

ps - it helps if your thread title gives a clue to your question eg "how much should I pay?" rather than a meaningless "Advice please". Everyone wants advice!

cattie

If you really love the house why didn't you go in at full asking price straight away?
It's what I'd have done if I really wanted to secure the house. All you can do is wait until you hear if your increased offer has been accepted. There's nothing stopping you lining up other houses you might have an interest in in the meantime, even going to view if possible. 

Crashy_Time

Doubtful that the other offer even exists?

BrOz

With purplebricks the system is online, so if you have saved the house in your favourites you get an email telling you if a viewing or an offer has been made / arranged. Why don't you ring the local estate agent that's managing the sale??