Found THE house - how do I make offer?
- Thread starter LadyJane
- Start date
Ok here is the update. BTW, thanks for all the good wishes!
Spoke to the EA today and he said that the offer of 20k below asking was not tempting and that the vendor wants to "let it run" and see what happens. (The property only on the books 1 week). The EA said it wasn't close to the asking price. I know the vendor is in no hurry to sell, and perhaps this will go for a couple of months, in which we would probably be priced out of the market and lose the other (new build) house we have already paid the refundable deposit on.
I know I sound like a panicy first time buyer, but believe me lads, I have reasearched the market and I know that properties of this ilk do not come on very often, if ever, in my price bracket. I feel time will only work AGAINST me and that I have to get in early if we are in for a chance at all.
A couple of colleagues suggested that we ring the vendor directly and put our cards on the table. Not to tell them our budget, but to try and ascertain if there is a price he would sell at. I do believe that in regard to the exceptional circustances in this case, this might not be a bad idea. Our first communication with the estate agent was to ask the vendor if he had a figure in mind in which he would take the property off the market. He said no, that he would consider any reasonable offer. But an estate agent always wants the profit, whereas I believe it might be a more emotional decision for the vendor as they live at the end of the garden and this is their former home.
God, really, this is so difficult. You just don't know what is the right thing to do, it is such a game.
Advice? Suggestions? Please...
Spoke to the EA today and he said that the offer of 20k below asking was not tempting and that the vendor wants to "let it run" and see what happens. (The property only on the books 1 week). The EA said it wasn't close to the asking price. I know the vendor is in no hurry to sell, and perhaps this will go for a couple of months, in which we would probably be priced out of the market and lose the other (new build) house we have already paid the refundable deposit on.
I know I sound like a panicy first time buyer, but believe me lads, I have reasearched the market and I know that properties of this ilk do not come on very often, if ever, in my price bracket. I feel time will only work AGAINST me and that I have to get in early if we are in for a chance at all.
A couple of colleagues suggested that we ring the vendor directly and put our cards on the table. Not to tell them our budget, but to try and ascertain if there is a price he would sell at. I do believe that in regard to the exceptional circustances in this case, this might not be a bad idea. Our first communication with the estate agent was to ask the vendor if he had a figure in mind in which he would take the property off the market. He said no, that he would consider any reasonable offer. But an estate agent always wants the profit, whereas I believe it might be a more emotional decision for the vendor as they live at the end of the garden and this is their former home.
God, really, this is so difficult. You just don't know what is the right thing to do, it is such a game.
Advice? Suggestions? Please...
I think go for it and offer as near as you are willing to pay for the house. If you love it you can be sure someone else will fall in love with it as well - and you could regret the cheeky offer. some may say its a buyers market but if seller in no hurry then it is in their control.
LDFerguson
Registered User
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- 4,663
Don't rush back immediately with a counter-offer as that suggests that you didn't have to approach your lender to increase your mortgage and also that you didn't have to think long and hard about increasing your offer. Both of these tell the EA that you haven't reached your absolute upper limit.
L
Liam_Dub
Guest
I really think this is a no brainer. If you want the house why play games just give them what you think the house is worth if that is the asking price well give it and as you keep saying a house like this doesn't come up in your bracket. This means you'll get the house you want be happy live happily ever after.
People keep saying its a buyer market but if you go for a viewing there is plenty of foot traffic at the viewing.
This means IMHO that either the neighbours are in for a noise or a lot of people are waiting till after the election to see whats happening with the stamp duty.
And if as you say these people are in no hurry to sell they can afford to wait to get what they want for the house if you offer what you think is fair price the house is yours.
People keep saying its a buyer market but if you go for a viewing there is plenty of foot traffic at the viewing.
This means IMHO that either the neighbours are in for a noise or a lot of people are waiting till after the election to see whats happening with the stamp duty.
And if as you say these people are in no hurry to sell they can afford to wait to get what they want for the house if you offer what you think is fair price the house is yours.
Sit tight. There are no other offers yet. And possibly won't be, ever.
I've bought three properties in the last 10 years. On each occasion the vendor settled on a price about 5-7% below the asking. The market was rising in each case, although the properties had all been on the market for some time. (I tend to have unconventional tastes, I suppose.)
In today's market, though, I'd be much more aggressive. Nothing is moving out there.
I've bought three properties in the last 10 years. On each occasion the vendor settled on a price about 5-7% below the asking. The market was rising in each case, although the properties had all been on the market for some time. (I tend to have unconventional tastes, I suppose.)
In today's market, though, I'd be much more aggressive. Nothing is moving out there.
Hi LadyJane,
I know this is hard, but rushing back with another offer will not work.
The vendor and the EA will think - Great, they love the house and are willing to offer the asking price, lets see who else loves it in the next 2 weeks.
If you were selling a house, you would not take the first offer, unless you were in a big hurry, which the vendors are not.
If they have decided to leave the house on the market to gauge reaction for 3 weeks, your offer will not stop them and making that offer will leave
all your cards on the table.
I know how nerve-wracking it is and I know how easy it is to give advice and how hard it is to wait in your circumstances.
good luck
I know this is hard, but rushing back with another offer will not work.
The vendor and the EA will think - Great, they love the house and are willing to offer the asking price, lets see who else loves it in the next 2 weeks.
If you were selling a house, you would not take the first offer, unless you were in a big hurry, which the vendors are not.
If they have decided to leave the house on the market to gauge reaction for 3 weeks, your offer will not stop them and making that offer will leave
all your cards on the table.
I know how nerve-wracking it is and I know how easy it is to give advice and how hard it is to wait in your circumstances.
good luck
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I'm in a similar position. I have seen a house I would really like, but they say there is an offer in at the asking price. All I can do is sit back and wait. As the other posters state diving in so fast can only be a bad thing. Holding off is running the risk that the place will be sold before you get to place your own offer. But I would have thought in a slow market this is unlikely. On the upside you could be saving yourself thosands of euro.
Hi!
A lot of conflicting advice, and I can see the wisdom in all of it. Thanks for the posts and the words of support.
We are going back for a second viewing of the house today. It is unconventional as the EA won't be there, and the vendor is going to show us around again. It will be a good chance to let them know how much we love the house and possibly gauge his reaction to an offer at the asking price. I don't know what will be said, to be honest, but am just going to go out there and see how it goes.
Wish us luck and will post again when we have more news.
LJ
A lot of conflicting advice, and I can see the wisdom in all of it. Thanks for the posts and the words of support.
We are going back for a second viewing of the house today. It is unconventional as the EA won't be there, and the vendor is going to show us around again. It will be a good chance to let them know how much we love the house and possibly gauge his reaction to an offer at the asking price. I don't know what will be said, to be honest, but am just going to go out there and see how it goes.
Wish us luck and will post again when we have more news.
LJ
Again, why show your hand to the vendor by letting them know how much you love the house? I'd say it's better to be fairly noncommital and let them think your current offer is about as high as you're prepared to go. If they think for a minute you're prepared to offer more they'll probably hold out for more.
I lost my first house by going in under the asking price and watching underbidders slowly increasing till it was well above asking price.
i bought second by asking auctioneer if I was to pay the asking price, would i get the house or would my offer be used as a floor. I was told that i would get the house, so I went to see it and bought it there and then.
Better to pay perhaps a bit more now, to get what you want, than to regret it later.
i bought second by asking auctioneer if I was to pay the asking price, would i get the house or would my offer be used as a floor. I was told that i would get the house, so I went to see it and bought it there and then.
Better to pay perhaps a bit more now, to get what you want, than to regret it later.
It's up to you. Every sale is different, and you have to try to get as much info as you possibly can before you decide what kind of offer might be accepted. I certainly would never condone any kind of time wasting, but often an offer under (and sometimes very significantly under) the asking price can be successful.
HI
I am soon to sell my house to start a self build.I had a few EA'S up to make estimates guides etc.At the moment the house is definitely not in a show house state . Showing signs of growing kids and woofer out the back.
Well one of the ea's rang last week saying they had someone to view even though the house is not yet on the market.We explained the state of the place ''herself has been stocking up on goodies for new nest ,so attic/garage and my little shed are completely cramed .
So quick tidy up viewing took place , immeadiate offer 15k under my price.
I set my price on sales in my estate '34 houses' over last 24 months.This is my price , 1st to offer and it's theirs.It's a fair price to both parties , i'm not interested in squeezing more. I won't give my house away and my price is my selling price not asking. A bit like E-BaY buy it now.
The advice given in previous posts is perfectly valid.Don't pay over the odds for a house even if you love.Make an offer you believe is a fair one and leave it with at that ,move on ,there are plenty of good houses to be found.
I am soon to sell my house to start a self build.I had a few EA'S up to make estimates guides etc.At the moment the house is definitely not in a show house state . Showing signs of growing kids and woofer out the back.
Well one of the ea's rang last week saying they had someone to view even though the house is not yet on the market.We explained the state of the place ''herself has been stocking up on goodies for new nest ,so attic/garage and my little shed are completely cramed .
So quick tidy up viewing took place , immeadiate offer 15k under my price.
I set my price on sales in my estate '34 houses' over last 24 months.This is my price , 1st to offer and it's theirs.It's a fair price to both parties , i'm not interested in squeezing more. I won't give my house away and my price is my selling price not asking. A bit like E-BaY buy it now.
The advice given in previous posts is perfectly valid.Don't pay over the odds for a house even if you love.Make an offer you believe is a fair one and leave it with at that ,move on ,there are plenty of good houses to be found.
Am delighted you have found THE house! You have received very different responses throughout your query. To be honest, if it is the perfect house for you, I think you should just go with your instinct. If you feel you might have disappointed the vendor with your offer, increase it to what you would feel the house is worth if it were you selling. While you might save a few pounds with a low offer, you could end up losing it if someone swoops in with a better one.
Good luck with it - and keep us posted!
Good luck with it - and keep us posted!
Hi all,
Just an update. We offered the asking price on Monday after viewing again on Saturday. The EA said he would get back to us. I am wondering how long we wait until we hear back? Perhaps I am wallowing in FTB naiveté, but I would consider the asking price is a pretty sure bet?
Again, we can't wait forever as the vendor of the new build, now 2nd choice house, we have paid a deposit on, is ringing all the time wanting to know if we have signed the contracts.
Stress! This is not an enjoyable experience...
Just an update. We offered the asking price on Monday after viewing again on Saturday. The EA said he would get back to us. I am wondering how long we wait until we hear back? Perhaps I am wallowing in FTB naiveté, but I would consider the asking price is a pretty sure bet?
Again, we can't wait forever as the vendor of the new build, now 2nd choice house, we have paid a deposit on, is ringing all the time wanting to know if we have signed the contracts.
Stress! This is not an enjoyable experience...
Aidan 2232
Registered User
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I hope this works out for you but the logical thing for the vendor to do now is just wait. They know they have someone who is likely to beat any further offer that comes in as you've already increased your bid by 20k, and from what you've said, possibly appear a bit too keen. I'd be careful of a phantom bidder arriving on the scene shortly.
Best of luck anyway
Best of luck anyway
I am lucky in this regard as i can wait if need be . I can start my new house and build to roof level and park it .I repeat i won't be giving my house away nor am i looking to fleece anyone.I will keep it if i have to, not too interested in becoming a landlord thats why i am selling.Property in the long term is still a winning investment.It just depends on how greedy people are.
LadyJane
You have made a bid , a fair bid.Don't fret yourself into paying over the odds. Pressure the EA into getting an answer explaining about your 2nd choice. Give it a couple of days and demand an answer or you will withdraw your offer and go with 2nd choice.