Just had first offer rejected, could do with input please

boinging_2

But why rush it to a conclusion. Give it a week at least.

Then if you are really looking to move to this house, say you've managed to borrow / beg / steal another 2.5K and go for £137,500 but that would have to be your final offer and subject to survey.

This is not the heady days of 2006 /07 when people were queued up to buy any property that was on the market. The cooling of the market is happening and this moves the market towards favouring the buyer.

Doc_N

boinging wrote: »

But why rush it to a conclusion. Give it a week at least.

Then if you are really looking to move to this house, say you've managed to borrow / beg / steal another 2.5K and go for £137,500 but that would have to be your final offer and subject to survey.

This is not the heady days of 2006 /07 when people were queued up to buy any property that was on the market. The cooling of the market is happening and this moves the market towards favouring the buyer.

Very true - but it all depends how much you really want the house. If it's just one of several possibles, by all means play it cool and let the seller sweat. But if you really want a house, it's always worth paying an extra couple of thousand (maybe more in the right circumstances) to get it. It's just not worth saving a couple of thousand and ending up with second best.

ericajones80

i say wait a bit and see what happens IMO

gordonstights

Doc_N wrote: »

Very true - but it all depends how much you really want the house. If it's just one of several possibles, by all means play it cool and let the seller sweat. But if you really want a house, it's always worth paying an extra couple of thousand (maybe more in the right circumstances) to get it. It's just not worth saving a couple of thousand and ending up with second best.

I agree with you more than my other half does; he'd rather make the seller sweat and try to get a bargain, but once I've got to the point of making an offer I already really, really want the house!

gfplux

Keep very quiet and do nothing for a week.

Doc_N

gordonstights wrote: »

I agree with you more than my other half does; he'd rather make the seller sweat and try to get a bargain, but once I've got to the point of making an offer I already really, really want the house!

If you really, really want the house, all my past experience buying houses tells me one thing loud and clear - provided you can afford it, and provided you know that you're not paying over the odds, and provided of course that you know the house is structurally sound, don't risk losing the house for a relatively small sum of money. Over a period of time it won't seem much, but if you lose the house you could regret it forever.

pinkshoes

How long have you been looking for a house, and how many have you seen that you liked?

If not long and lots, then I'd chill out and make them sweat, but if you've been househunting for ages (I'm talking 6 months+), and this is the first place you've seen that you like, then I'd personally be willing to pay a bit extra to get the property that I want.

How would you feel if you went back a week later with a 2nd offer and the EA told you the house had sold? If it wouldn't bother you, then I'd say go with your OHs idea of negotiating in small steps. If you'd be really p*ssed off and feel you'd lost out on your dream property, then perhaps you need to come in with a higher and maybe final offer?

We lost out on a semi-detached after we were too slow with a second offer (it had been sold!), and I was gutted for months, but then 6 months later we moved into the property we have now, and I like it much better than the one we lost out on!!

gordonstights

Doc_N wrote: »

If you really, really want the house, all my past experience buying houses tells me one thing loud and clear - provided you can afford it, and provided you know that you're not paying over the odds, and provided of course that you know the house is structurally sound, don't risk losing the house for a relatively small sum of money. Over a period of time it won't seem much, but if you lose the house you could regret it forever.

Well this happened on the house we lost through gazumping. My OH didn't see the quality of the house we were negotiating on. We could well afford it - but he dug in his heels as he was determined to get a bargain. In the end the seller gave in and accepted our offer and as I said earlier, he took a higher price a week later. And you know what? OH now admits that the house was a decent price and we lost out as we've only found anything of similar quality at 20K more! :rolleyes:

I am going to talk seriously to him about his strategy though. But I will take peoples advice and not rush in with my next offer today.

Thanks again

gordonstights

pinkshoes wrote: »

How long have you been looking for a house, and how many have you seen that you liked?

If not long and lots, then I'd chill out and make them sweat, but if you've been househunting for ages (I'm talking 6 months+), and this is the first place you've seen that you like, then I'd personally be willing to pay a bit extra to get the property that I want.

Unfortunately we have been hunting since April 2007 and been to see in excess of 50 properties Found one not long ago and lost it through gazumping and have a pending mortgage survey fee that Nationwide are holding onto for our next property - so the pressure is on.

I would be upset if the house went through us procrastinating, yes.

Mutton_Geoff

Many people forget that these £'000's are their money, their hard earned cash. It might be small fry in the big scheme of a house price, but £1,000 is still £1,000. An easy way through it is to imagine you found a job that paid £1,000 a week. Sit back for a week, let them sweat, you'll most likely find they will come back and accept. An easy £1k. Now multiply that by the £2k steps you're planning to move up by and in the timescale you're thinking and you'll see that sitting back at times like this is a well paid "job".