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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

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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:

titchy · 25/09/2021 17:41

Just wait till Monday and see what they say. If it's a no ask for an indication of what they might accept and take it from there.

titchy · 25/09/2021 17:43

Missed your update sorry! As others said stress your position as a FTB, if it does go to full and final they will let you know.

mindutopia · 25/09/2021 17:49

I think you should make the best possible offer you can make if it's a house you want. We've been trying to buy for 18 months (with one purchase that fell through at the very last moment). We're in an equally desirable area where everyone is buying. Nothing has sold for asking price, everything easily 30-80K over. The house that fell through last summer came back this summer with a guide price 200K (yes, there are 2 zeros there!) over the offer they accepted from us last summer. It sold in a week. If you want it, I'd offer what you can afford. If there are multiple offers, they will certainly be over guide price.

Orangecrisp · 25/09/2021 17:55

At that price I think most people are going to be FTB so it might not really be a ‘selling point’. If you really want it I would increase your offer.

Shmithecat2 · 25/09/2021 17:57

You have to show what an attractive buyer you are. We had an offer on a place accepted - 4% under asking. The vendor accepted and took the house off the market (can't even search for it on rightmove), and also cancelled 3 viewings that were meant to take place - because we laid everything out. Deposit - check. DIP - check. Chain free - check. Happy to move entirely at the vendors pace - check. She could've got her extra £25k elsewhere, I'm sure as the property/plot is incredible. But luckily, she's a sensible vendor who recognises that the asking price is not the only thing she wanted to achieve.

Calmdown14 · 25/09/2021 18:34

Where do you live now? Rented or with parents?
If the latter and you are happy to proceed at whatever speed suits the vendor, stress this (and that you are a first time buyer).
I think it probably is worth going to asking as it has been on the market such a short time. If you were selling something would you accept the first offer on day one? Different if it's been on several months

LemonSwan · 25/09/2021 18:53

If it said 'Asking Price £180' then you are in the running atleast, as that is all they want.

If it said 'Offer over £180' then this is code for 10%+ so the house is expected to go for a minimum of 200k, and has been priced lower to attract interest and more viewings.

justasmalltownmum · 25/09/2021 19:33

I think family that give you that advice, have not bought a house recently.

Lightswitch123 · 25/09/2021 19:59

This thread reminds me of people panic buying petrol when there isn't actually a shortage.

Buy in haste, repent at leisure.

Kite22 · 25/09/2021 22:38

absolutely not true...

@halloweenie13

...and you know that how ?
I am not the poster that you are accusing of lying, but I am aware of one house my Goddaughter put an offer in , on the market for £250 that went for £281, and one my nephew put on offer in that was on the market for £180 that went for £210........ so, just because you might not have come across it, does not mean it isn't factually correct.

One of my dc is looking at the moment.
They get alerts on their phone as soon as it goes on sale, ring the estate agent, are given a slot to view (not when it is convenient, but on a "2.30 on Tuesday, take it or leave it" basis). They show the house to about 16 - 20 people and ask for best offers and it can be gone by the next morning.

Now, I know the market is very different in different places, but here there is now no coming back to the prospective buyers saying to start closing the gap between the asking price and the offers.

At the price my dc, and the OP are looking at, everyone is likely to be a ftb, so certainly mention it, but so will everyone else.
Oh, and most of them won't let you have a viewing unless you let them have a copy of your mortgage in principle first, so, once again, everyone will be in that position.

Boysnme · 26/09/2021 08:36

@halloweenie13

I’ve just bought at more than £30k above offers over (which equals the home report valuation - in Scotland)

2 years ago where I am it wouldn’t even have been offers over it would have been offers around and and you’d be lucky to get the home report value. The market really has changed recently in some areas.

Just because you haven’t seen that, doesn’t mean it isn’t true.

Singlebutmarried · 26/09/2021 09:01

If you do decide to up your offer and it takes you to a 95% LTV check with your lender. Another 9k borrowing will add between £80-£150 per month to your mortgage payments. Depending on the length of the mortgage and the interest rates. Also some lenders have more stringent checks at 95%, especially if you are using the government scheme to buy.

Having a quick look at NationWide the difference between the 90 and 95% product is about 0.5% on a 5 year deal.

Orangecrisp · 26/09/2021 16:56

A 95% LTV would not be attractive as a seller as you won’t have any room to shield a down valuation. I would not mention this if possible. Is there any way you can get to 10%?

ncmcr · 26/09/2021 16:59

Ours was on for 150, I offered 142, they said no, min they'd accept is 145. I offered 144 best and final and got it. I knew it had been on for a while, one sale had fallen through and they were eager to sell though. Call me evil.

DrSbaitso · 26/09/2021 17:11

@ncmcr

How long ago was this?

(There's nothing evil about negotiating in a business deal, you or them.)

Viviennemary · 26/09/2021 17:14

I reckon they are waiting to see if anyone offers more. Yours is a good offer at nearly the asking price.

Kite22 · 26/09/2021 17:42

@ncmcr why would anyone call you evil ?

You have to get to know the market locally. The more knowledge you have, the better you are equipped to get the best deal, or to 'win' the house you want. Then of course every buyer is in a different position about how desperate they are, or how important that one specific house is to them.

ncmcr · 26/09/2021 18:06

@DrSbaitso 2 years ago

@Kite22 fair enough. I feel we did read the market. We were first time buyers so bought at a brilliant time and are now set to make a really good profit on the house. We don't have much money so are thrilled! Best thing we've ever done.

2bazookas · 26/09/2021 18:17

have you got a mortgage arranged?
A deposit?
Do you know what legal expenses you face ?
Have you appointed a lawyer to do the conveyance?
What about a survey? Do you know the cost?

Can you even afford to offer more?

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