FTB offer help!

tony_baduk

Hi all,
Basically we've seen a property we really like. We're FTB's and the property is for £150,950. Our opening offer of £140,000 has been rejected.

The offer was put in this morning and reject a few hours later. We really do like this property. The vendor says he's looking at more closer to the asking price and feels the offer was cheeky!

What next step should we take? What should be our next offer?

Thanks in advance.

dannyboycey

Do business with your head, not your heart. Walk away. Look at different properties. The vendor will probably come back after a few days.

As first offers are commonly rejected, the vendor expects you to jump straight back in with a higher offer. Don't! Let them stew before deciding what to do next.

slipp_digby

You have offended no-one in the current market. The vendor is looking for £150k, at the moment the house is 'worth' £140k.

Set your target price which is realistic and what you believe the house is worth to you. Don't offer more. If you believe it is overvalued, stick to your guns and don't increase your offer by much.

When you offer, make sure you make it clear you have an agreement in principle from you mortgage lender and that you can proceed quickly if your offer is accepted.

Increase your offer slowly by small increments and try not to respond immediately by offering more straight away. If you have the nerve wait for the EA to come back to you each time. A few days between each (preferably more) if you can stand it!

Ignore EAs comments about other buyers or viewings. They are to make you offer more to close the deal.

Also consider making your offer time bound. This will force them to consider the offer and reject/accept or negotiate in a fixed time scale. You dont want to have the vendor keeping your offer on the back burner to accept in 2 months when they realise they wont get the full 150k.

Good luck!

tony_baduk

Thanks so much for your replies guys. Very helpful indeed.

My maximum price is set at £148,000. I think he will accept this but then again I would rather wait and make him sweat too.

The EA did say have a think about it and get back to us.

Slipp_digby - what do you mean by making the offer time bound?

slipp_digby

tony_baduk wrote: »

Thanks so much for your replies guys. Very helpful indeed.

My maximum price is set at £148,000. I think he will accept this but then again I would rather wait and make him sweat too.

The EA did say have a think about it and get back to us.

Slipp_digby - what do you mean by making the offer time bound?

sorry i just meant state your offer will expire after a reasonable period and you require an answer by x day.

i think its good to get a yes/no as at this point the negotiation and offer you made has then effectively ended. the ball is then in their court and it prevents them refueing your offer but feeling they can come back if it suits them.

IMO it better to negoitate in this way, as its clear your previous offer is not longer on the table and creates the impression you will not neccessarily come back with more. it may push the vendor and create fear of lossing a buyer, offers in this market are valuable and FTB are too.

dont call the EA - I bet they call you in less than 24 hours

tony_baduk

dont call the EA - I bet they call you in less than 24 hours

LOL. I really hope so. What shall I say, shall I make another offer? How much for?

polegirl23

tony_baduk wrote: »

Hi all,
Basically we've seen a property we really like. We're FTB's and the property is for £150,950. Our opening offer of £140,000 has been rejected.

The offer was put in this morning and reject a few hours later. We really do like this property. The vendor says he's looking at more closer to the asking price and feels the offer was cheeky!

What next step should we take? What should be our next offer?

Thanks in advance.

Hi Tony

Just wanted to add that I really sympathise with you - we're also FTB's and have finally had an offer accepted on a house we've fallen in love with, but the process took 3 weeks in all from us putting in our first offer. We managed to get the price down to below our maximum price (if that makes sense). Like you, we started with a cheeky offer and ended up meeting the vendor somewhere in the middle. We did have to wait over a week between having our final offer rejected and the estate agent calling back, but we got the call eventually and I'm over the moon about it! The whole prcoess was horrible though and the waiting between offers was so hard. Good luck and I hope you get the call you're waiting for!

tony_baduk

Hello polegirl23, thanks so much for your experience. I'm quite happy to play the waiting game but it's the missus who's scared the house might go.

I was told at the moment is what you call the buyers market and considering house prices are coming down, the seller may well think his house price value should come down too.

Thanks guys for your help so far.

mrstinchcombe

tony_baduk wrote: »

Hi all,
Basically we've seen a property we really like. We're FTB's and the property is for £150,950. Our opening offer of £140,000 has been rejected.

The offer was put in this morning and reject a few hours later. We really do like this property. The vendor says he's looking at more closer to the asking price and feels the offer was cheeky!

What next step should we take? What should be our next offer?

Thanks in advance.

All things considered that is a pretty good offer, current climate and you being FTBs, to say its cheeky isn't on.

Good luck, and don't rush into anything!

polegirl23

tony_baduk wrote: »

Hello polegirl23, thanks so much for your experience. I'm quite happy to play the waiting game but it's the missus who's scared the house might go.

I was told at the moment is what you call the buyers market and considering house prices are coming down, the seller may well think his house price value should come down too.

Thanks guys for your help so far.

Haha, I was exactly the same, my OH was being strong about holding out but I was in tears every night thinking that someone was going to come in with a higher offer and we were going to lose our dream house! It's all so stressful, I know exactly how your OH is feeling. To be honest,even now our offer has been accepted I'm still expecting something to go wrong!

Just keep repeating to the EA that you're FTB's and ready to go and that your offer is based on that - you have no chain and are in a really good position, we kept being told that it's a buyers market too and I found that so frustrating to hear when the vendor just didn't seem to be taking that into consideration when rejecting our offers!

tony_baduk

If the EA's call me later this week, what should I do? Shall I make another offer or simply say that's my final offer?