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Seen a house we love... OIEO..no idea where to go with offers!

(14 Posts)
Youcantscaremeihavechildren Sun 07-Feb-16 09:08:36

We've seen a house in a location we really hadn't considered, a very naice village just on the outskirts of a large town, it's got good transport links and the house itself is lovely, an old 1930s workers cottage with a double height extension which makes it massive. It's got eco heating and hot water so cheap bills too, basically there's nothing like it locally so it's really difficult to gauge what it could go for. There are things against it too, a very individual kitchen that might not be to everyone's taste and a timber yard next door.
There was an open house yesterday, 8 or so veiwings I think, we loved it...it's offers over 380. They sold last year at 350 and the buyer pulled out, they need to move soon or lose out on the house they want. They also had it on at 400 and reduced it. (House prices have gone crazy round here in the last few months, ours went up by 20k in 2 6 weeks and we had offers in one day of it being on the market.) Normally this would make me offer around 365 to start with, but I have asked the agent if offers below that will be put to the vendors and they said no.
We can go up to 410 before mortgage payments would be a bit stretching if anything happened to one of our incomes, and to be honest I don't think k it's worth much more, it's a semi and detached countryside houses are selling for 400. Most in that price range are being reduced in price. We are waiting for our offers after 24 veiwings at our open house but already have two, no chain as they are all first time buyers.
Our plan is to call on Monday and say we are still waiting but try and find out if there are other offers, then I guess offer accordingly. .the oieo has thrown me though..

Any thoughts wise mumsnetters? We really love it, it would mean slightly more rural living than we are used to but I'm really liking the idea.

everdene Sun 07-Feb-16 09:15:25

I think the agent is legally bound to put all sensible offers to the vendors, so I would be tempted to start at 350 (and explain you know they accepted that last year) and go up to 365 from there.

Youcantscaremeihavechildren Sun 07-Feb-16 09:31:32

Yep that's what I thought, I think they are chancing it. They tried to cover up the fact it had been sold at first too. In December they decided to put it back on then we think no bites so dropped the price. I think they want 400.
Wed be happy paying 380 I guess, it would be manageable and would allow us to overpay the mortgage. There is nothing that needs doing but things we would want to do.
I think it just feels really grabby to be asking nothing below when other houses at that price are being reduced.

MaryPoppinsPenguins Sun 07-Feb-16 09:43:23

How many people were at the open house? Is be worried I'd lose it, especially as you have yet to sell your house and someone else could offer who is a cash buyer / in rented.

I think 350 / 365 is too low. If it's offers over, I'd go over.

icklekid Sun 07-Feb-16 09:45:33

Decide what you would be happy to pay and make an offer at that level. Then if it goes for more you don't feel hard done by because you think they over paid. If it is a popular house with lots of interest your not going to get a bargain. From what you have said go for 380!

Youcantscaremeihavechildren Sun 07-Feb-16 09:50:32

We think there were around 8 people at the open house? I guess of those some won't like it, some won't be serious etc. I think if they are absolutely saying nothing below 380 then we'd start at 381 and see how that went down..
I'd hate to lose it. The house is perfect, I've got a few worries about the location but nothing major but we are going to check it out again today by going to the local pub

Catsgowoof Sun 07-Feb-16 12:49:01

I always read oieo as 'this is the minimum we'd grudgingly accept...

WhereYouLeftIt Sun 07-Feb-16 12:52:15

"they need to move soon or lose out on the house they want."
I'd focus on that. When I sold my first place, I had three offers and the offer I chose was the one that offered the earliest completion. You say you've got two offers from first -time buyers, are they offering enough and how quickly could they complete?

"I have asked the agent if offers below that will be put to the vendors and they said no."
I believe agents are legally required to pass on ALL offers. But since they've said that, I'd put my offer both via the agent and in writing to the vendor - you've got their postal address, after all smile.

LovePGtipsMonkey Sun 07-Feb-16 17:33:24

I'd go 380 or 390. If need be, a little higher. No need to go up to 410K! But equally no point going lower as you will annoy them ('not listening') and they may worry that you will lower your offer further down the line. So don't scare them off!

Youcantscaremeihavechildren Sun 07-Feb-16 17:52:11

All food for thought, thanks. One of our offers is good and he can complete quickly we think, mostly cash, we need to see where we are on Monday with any other offers and will go to final and best if needs be. I'd hope to know by tuesday latest which offer we will go for and make an offer on this place then. We will definitely prioritise buyers who can move quickly!

I don't know if it's better to go in at 380 to start with and go from there or to just say right we are serious, we love it and we have this much, take it off the market and we'll get on with it!

LunaLovebad Sun 07-Feb-16 18:00:39

If it was sold a year ago for £350k and the market has risen in that time, but detached houses are going for under £400k, then I'd say £380 sounds very reasonable for a semi. What's your position? If chain free then you could get away with a bit less, £370k? Do you know why the original sale fell through?

I guess it really all comes down to what you're willing to pay for it.

QuiteLikely5 Sun 07-Feb-16 18:06:46

But what have the bank valued it at? If they have said 380k then the vendors are well within their rights to hold out for that.

If you were the only person there then that's different but there was lots of interest so don't waste time if you love it!

Youcantscaremeihavechildren Sun 07-Feb-16 19:56:30

No idea what the bank have said, ours has been valued at 211 in December and is on for 220 now, I think 280 does sound right.
If I ask the estate agent if there are other offers tomorrow they aren't going to say no are they? I meant what's to stop them saying there's been offers even if there hasnt to get us to offer more?

I think we will go in at 381 if there's offers or not, but say we'd like feedback on that so it keeps it open and we can hopefully work up to 390 or so.
It's so lovely and we just haven't seen anything else as nice. I'm a pessimist though, I said to DH as we left it that we'll never get it. Someone will swoop in from London with silly money and cash probably.
We shall see what tomorrow brings! Thanks for the advice!

Youcantscaremeihavechildren Mon 08-Feb-16 19:14:58

Well after a day of back and forth we offered 400 and got it! More than we were hoping for but within our budget and we are delighted! Wish I'd had a fly on the wall to know how much the others offered as I don't think it was that much and possibly we could have got it for less but I guess we will never know...

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