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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

Did I screw up buying a house?

94 replies

Ivyday · 24/09/2021 23:30

A house went on the market yesterday, nothing here is avaliable for more than a few days. Asking price was 180,000 and above. I offered 177,000 on advice of family who said you never offer asking price. But I really like this house and I've not heard anything about my offer. First time buyer and worried I've messed up and should have just offered 180. Should I call tomorrow and up my offer? I've never done this before and I feel really out of my depth.

OP posts:
AramintaLee · 24/09/2021 23:32

At the moment, houses seem to be selling above asking price. My friend just sold her place for £30k over the asking price.

I don't mean to be negative, but that's just the market right now.

Good luck Flowers

cherrybonbons · 24/09/2021 23:33

Well we offered 20k under asking. Got told to do one. Increased by 10k and here we are 6 years later. It's not always about the price but who you are as a buyer. First time buyers don't usually have a chain so much more appealing than a chain buyer who offers the asking at only 3k more. Just see what the sellers say.

Original poster
Ivyday · 24/09/2021 23:34

Yes that's why I'm thinking of upping my offer. I could go to 188. But not sure how that works with mortgage and deposit? Because don't you need a bigger deposit if going over value? As I said I'm really clueless and a wee bit panicky I've messed things up already!

OP posts:
cherrybonbons · 24/09/2021 23:34

I must also add that the identical house on the street was sold for asking price and MANY offers. We lost our due to our chain. But this one came up a couple of months later. There is always options

BloomingTrees · 24/09/2021 23:37

You need to talk to the estate agent to find out the reaction to your offer.
You can always go back in with a higher offer if your first is rejected.

It really depends on the market whether or not you can negotiate. The general advice from your family sounds well meant but might not help with the current housing situation.

I've never managed to pay under the asking price.

Sleepyhungryfattyanddoc · 24/09/2021 23:38

My family always say to offer 20k under asking at least and would tell me off and tell me houses aren’t worth what I’m paying
But I live in a different area and typically houses go for 20-30% over asking on the first day of viewings here.
So it really depends where you live

Just call the estate agents tomorrow and ask how many offers there have been and if yours has been considered. You can always up it if they say it’s been rejected, but I suspect you would have heard by now if that was the case.

NoSquirrels · 24/09/2021 23:41

Don’t up your offer immediately.

Call the estate agent and find out what the vendor thinks of your offer. Stress you are a first-time buyer with no chain ready to go ASAP.

Be prepared to be bargained up to full asking price.

Original poster
Ivyday · 24/09/2021 23:44

I offered this morning. Would you call Estate Agent tomorrow or wait until Monday? I don't want to be pushy. And will they tell you if your offer has been rejected normally? Sorry for all the daft questions, I promise I am a competent adult in other areas of life.

OP posts:
wellards · 24/09/2021 23:45

I've never paid or sold for asking, always under but that's London.

ManxRhyme · 24/09/2021 23:47

If the house only went up for sale yesterday it is likely they've got viewings booked for the weekend and are waiting to see what the response is like. Certainly the vendor would want to see if there are any offers at asking price or higher.

ShoppingBasket · 24/09/2021 23:47

This happened me, we offered 5k under asking. Then thought to ourselves why are we messing around for 5k so we rang back and offered asking. They accepted luckily and didn't wait for other offers. That was a few years a go though!

maddening · 24/09/2021 23:48

You have only knocked off 3k, hang on I reckon, don't get in a bidding war, you are in a good position.

ShoppingBasket · 24/09/2021 23:53

You could offer asking price or a little bit more on the promise that it is taken off the market immediately or you could hang tight and take a gamble. As pp said they probably have viewings lined up so are waiting to see will anyone offer more.

DrSbaitso · 24/09/2021 23:54

No response likely means they are just waiting to see what kinds of offers they're getting.

Original poster
Ivyday · 24/09/2021 23:57

Yes I think they are probably waiting to see if anyone offers more. I think it's very likely someone will though. Houses are going at breakneck speed here. I was hoping if higher offers are made I would be able to counter offer. But I suppose they could just reject my offer and accept someone else's. This all feels like a game I'm trying to play but I don't know the rules.

OP posts:
Blahglah · 25/09/2021 00:09

Be pushy, they love it if you call next day and offer more. Just say you've done a bit more research and think your new price reflects what you think it's worth. Do you have a mortgage offer though? Without all that in order it doesn't matter what you offer. We missed out on 4 houses we liked, in the end got one on the same street as our favourite. Don't be too downhearted if it doesn't work out but good luck

Original poster
Ivyday · 25/09/2021 00:13

We have a Decision in Principle thingy. I'm just worried that by offering over value we are pushing the deposit up which is another consideration as we don't have loads of wiggle room in terms of LTV.

OP posts:
PastMyBestBeforeDate · 25/09/2021 00:15

People giving advice based on a couple of years or more is irrelevant. I have never seen Rightmove results of 1 House for sale within a quarter mile of here. The property market is mad in many areas.

Kite22 · 25/09/2021 00:19

The advice about offering under has been sound advice for decades BUT - where I live at least - doesn't apply in todays market. However, if the house only went on the market yesterday, they will be waiting until at least after the weekend, to have as many viewings as makes it competitive and then making decisions after that.
I wouldn't get into a bidding war, or panic. If you are a first time buyer, you are in a good position but presumably, at that price, most offers are from first time buyers.
I don't think I'd bid against myself either.
You might not get this one, but, presumably there is no particular pressure to buy this week ? On the other hand, you might. I've looked at quite a few house over last few weeks and some vendors are chancing their arm. OTOH, most do have 1 single day of viewings, and sell that night, so when you find 'the one' I wouldn't listen to the "always offer under" advice if it is worth it to you.

LolaButt · 25/09/2021 00:24

I wouldn’t call back and increase my offer. As I would likely just be bidding against myself.

I would call in the morning, ask for the response as you’re looking to offer on another property. If it’s declined then up it if you want it.

Lotts123 · 25/09/2021 00:27

We offered on 6 properties before finally getting an offer accepted. The market is crazy at the moment!

We were told agents are arranging block viewings, then collating all offers and looking at value as well as buyers circumstances before a decision is being made. It’s possible they will come back to you before a final decision is made and tell you if they have had offers over your offer and ask you to reconsider. We were often concerned we were outbidding ourselves but we lost out on so many houses because the offers just kept going up and up. That being said, the one we are buying we got for under asking price based on our position.

NannyAndJohn · 25/09/2021 00:41

I'd be expecting it to go for in excess of £200000. Can you stretch to that?

GertrudePerkinsPaperyThing · 25/09/2021 01:58

Wait and find out what they say to the first offer.

I’ve bought three times and never once paid as much as the asking price.

GertrudePerkinsPaperyThing · 25/09/2021 01:59

Even though the market is very different at the moment, I’d still wait to be rejected before going higher.

TwoShades1 · 25/09/2021 04:32

I think the most basic thing is to offer what you are willing to pay. We sold our last house for a lot more than we were expecting as the lady made a high offer. The house was absolutely everything that she wanted in the perfect location so it was “worth more” to her. We wouldn’t have paid more than what we did for our current house as to us it wasn’t worth it (similar houses in the area often coming on the market, etc).