Increase offer? Grateful for advice

uphillstruggle_2

I have made a second offer on a house and it was £7,500 below the asking price which I did not think was bad in todays climate and considering the vendor has a house they want to move to asap. The estate agent told me that the vendor would accept £2,450 less becasue that is the minimum she needs.

I love the house but I am trying to be sensible, in todays market I was prepared to pay up to £5,000 less but really didnt want to go higher than that....what should my next move be? ( I am a first time buyer and have mentioned this on both occasions when making the offer, I even said we could complete in 6 weeks, we have the mortgage in place, solicitors at the ready etc etc)

selectcase

It depends on the overall asking price for the house e.g. if its 25k then i would want more that 7.5k discount. but offer 5k less as your final offer if you want the house and its all you can afford

Doozergirl

When did this happen? You'll have to let them stew for a little bit so they get a bit more nervous. Then you will hopefull be able settle on a bit less than they currently want.

If you can stand your ground, I'm sure you'll get the £5k off.

dannyboycey

There's obviously a mexican standoff going on here. The vendor 'needs' a certain amount in order to make their next move and either you or the person above them needs to give in to allow things to move forward.

To be honest 7.5k is not much so I'd stick to your guns here as you very much have the upper hand. The vendor will have to make up the difference they need some other way. They are probably aware that if they lose you as a buyer, then they stand to lose more than 7.5k so it's likely that after a few days deliberation, they will come back and accept your offer.

Just my take on the situation. Don't be bullied into paying more than you want/have to.

uphillstruggle_2

The house is on the market for £149,950

I made one offer on sat and one today. Should I wait a few days before making my final offer?

dannyboycey

uphillstruggle wrote: »

The house is on the market for £149,950

I made one offer on sat and one today. Should I wait a few days before making my final offer?

Personally, I would tell them that after much thought, that's as high as you're prepared to go. But it's not my decision. Because you've made 2 offers in a short space of time, they will expect you to cave in and make another.

uphillstruggle_2

Thanks for your quick advice, I will try and wait a day or so - which will be very good for me -Im so impatient. I will then ring and say that we cant afford any more than that and its our final offer. Its so scary though they may just say forget it then!

dannyboycey

uphillstruggle wrote: »

Thanks for your quick advice, I will try and wait a day or so - which will be very good for me -Im so impatient. I will then ring and say that we cant afford any more than that and its our final offer. Its so scary though they may just say forget it then!

At the end of the day, it boils down to two things -

How much you want this house
How much you can afford

Best of luck with whatever you decide to do!!

seraphina

DON'T phone them!

They know where you stand. As another poster has pointed out, you've made two offers in a pretty short time - it looks already like you're eager. They'll be expecting you to come back with another offer.

It pays to keep quiet. Make them come and talk to you - especially if you don't think you can trust yourself not to up your offer!

consumerpower

Although I am selling my house, keep strong, when I brought my flat we made an offer and my dad said dont phone back for 48 hours, I cried for a few, fretted someone else would get in their etc etc!

But my dad kept saying they will call you back. Sure enough it happened, and I have a few grand spare to buy a sofa/tv/fridge etc.

uphillstruggle_2

Ok I will take your advice and wait for them to phone me even though it is very nerve wracking!

As a first time buyer I am new to this and your advice is so helpful and reassuring thanks for taking the time to reply!