Help for make an offer for first time buyer

saneidiot

The asking price is 195,000 and I made a offer 165,000. However, the agent and vendor reject it after half a day. Then when should I make the second offer? and How much should it be? The property is on the market for couple of months.

EdInvestor

Why don't you ask the agent what the vendor will consider an acceptable offer ?

Then, if it's too high, you can stop wasting everyone's time, including your own.

mr.broderick

Dont make a 2nd offer. The chances of someone else making an acceptable offer on this property are nil. Hold your nerve, do not increase your offer, I have a good feeling about that offer.

Running_Horse

EdInvestor wrote: »

Why don't you ask the agent what the vendor will consider an acceptable offer ?

Then, if it's too high, you can stop wasting everyone's time, including your own.

Good advice. Nobody is going to take that kind of loss, even in this market.

chriz1000

We don’t know if really a loss though, the house could be on the market for considerably more than market value. At the moment I would say any offer is a starting point for a seller.
If you love the house call up the estate agents and ask if the seller is willing to negotiate, and if they are can they come back with a more acceptable price, you can then negotiate further from there. I wouldn’t recommend putting in a higher offer until the other party has pointed the price in your direction a little though.
If you like the property, but it’s not the house of your dreams, I would say stick it out and look at a few others in the mean time! We don’t know fully what’s going on with the market, Panic sellers are letting there properties go for considerably less than asking price.

ruggedtoast

OR you could leave it another month and if it still hasnt sold hit them with an offer for £162,000. Repeat until next boom.

poppy10_2

Yep, leave them to sweat for at least 2 weeks (if it's been on the market for months, it's unlikely to sell during this time). Then go back in with the same offer or maybe 5k more.

saneidiot

Bad news. The property has been sold today!

mr.broderick

saneidiot wrote: »

Bad news. The property has been sold today!

Your offer was probably used against you, i reckon they probably got it for a little bit more than you offered.

mr.broderick

..Or maybe they offered full asking price and house prices are still rising even near christmas...maybe we're all bugered . Going to try harder to buy a house next week.

Running_Horse

Running_Horse wrote: »

Good advice. Nobody is going to take that kind of loss, even in this market.

Hate to say this, but I told you so. Just did a Rightmove search of 3 bed resale homes in Stevenage between £190,000 and £200,000, and there were 25 of them. The same search including sold STC rises to 38. So although it is a slow market, and there will no doubt be bargains out there, it is not a dead market; houses are still being sold. Next time you have a low offer rejected, find out from the EA what they are after, and see if a deal is possible.