We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
We're aware that some users are experiencing technical issues which the team are working to resolve. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
First Time Buyer - Next Steps
Options

Sweeney_Todd_2
Posts: 3 Newbie
Hello everyone,
As a first time-buyer I was wondering if anyone had any advice on our situation. We have made an offer on a property of £170,000 (£10,000 below the asking price), which has been rejected. We are keen on the property, but are reluctant to pay full asking price given that we have mortgage approval, and are able to move instantly due to having no chain - and are also aware that the market is quite flat currently (also aware that the average sale price is 94% of asking price, hence the initial offer of £170,000.
The property is vacant at present...
Any suggestions on a sensible next offer? And should we wait a bit before going back to the agent following the rejected offer at the end of last week?
Any thoughts?
Thanks in advance!!!
As a first time-buyer I was wondering if anyone had any advice on our situation. We have made an offer on a property of £170,000 (£10,000 below the asking price), which has been rejected. We are keen on the property, but are reluctant to pay full asking price given that we have mortgage approval, and are able to move instantly due to having no chain - and are also aware that the market is quite flat currently (also aware that the average sale price is 94% of asking price, hence the initial offer of £170,000.
The property is vacant at present...
Any suggestions on a sensible next offer? And should we wait a bit before going back to the agent following the rejected offer at the end of last week?
Any thoughts?
Thanks in advance!!!
0
Comments
-
How long has the house been on the market and how long at the current asking price? This will help you guage how much they're likely to come down at this stage.
Find out from the agent what price the vendors wants, they'll have an idea. Tell them you've got no more money, what's the lowest they'll come to? You'll have to borrow from parents to get it...
If you want the house badly, the next offer should cut the difference between what you're first offer and what they want. Make it clear that it is all the money you have. This should really get them thinking!
If your offer was vehemently rejected, in your position, I'd do the waiting after my second offer.Everything that is supposed to be in heaven is already here on earth.
0 -
Don't pay too much attention to this 94% thing. It is an average, not a rule. You MUST do your own homework on whether the asking price is realistic. It could be underpriced for all we know!Everything that is supposed to be in heaven is already here on earth.
0 -
I would say exactly as Doozergirl has said above. General statistics are pretty pointless things, check your own area and make sure that the property is realistically priced for that area and how much movement there is there. Where we are prices are still rising, so a 94% offer around here would not be accepted. A sensible offer is impossible to ascertain on here, check with other properties in the area, check with the agent how things are moving, how much of a hurry the vendors are in, and what indication the vendors have given of the price they are trying to acheive. That is where yiu will find the answers.0
-
Thanks for your comments...
As far as I know it has been on the market for 6-8 weeks, and I believe at its current price. My understanding is that the vendor has a little bit of leeway in their price - so will do as you suggest, split the difference between our previous bid, and their likely price and keep our fingers crossed for a while!
Thanks0 -
Good Luck! Let us know how you get on?Everything that is supposed to be in heaven is already here on earth.
0 -
lush_walrus wrote:Where we are prices are still rising, so a 94% offer around here would not be accepted.
Where you are Lushy prices are always rising. That's because you live in Estate Agent land.
I've never once met an agent who admitted that, on his patch, prices were falling.
Actually, I live in Essex, where I believe you are, and the market is dead here. Just look at the latest Hometrack figures, if no one believes me.
But anyway, apart from that one comment, I agree. The OP needs to know about the history of the property and the position of the lender.
For all you know £180K might be a drop from £200K, so you're actually offering much less than 94% of the original asking price.
Rather than just "split the difference", if you can afford to play the waiting game, then do so. The vendor might lower their expectations in another 6wks time.
If you really want the place then do what others suggest.
Good luck!0 -
meanmachine wrote:Where you are Lushy prices are always rising. That's because you live in Estate Agent land.
I've never once met an agent who admitted that, on his patch, prices were falling.
Actually, I live in Essex, where I believe you are, and the market is dead here. Just look at the latest Hometrack figures, if no one believes me.
Hey Meanmachine, True Im partly in West Essex, partly in Herts and partly in Berkshire, but Essex is where my heart is!!.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.7K Banking & Borrowing
- 253K Reduce Debt & Boost Income
- 453.4K Spending & Discounts
- 243.7K Work, Benefits & Business
- 598.4K Mortgages, Homes & Bills
- 176.8K Life & Family
- 256.8K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards