Buying our first home

[user1486415120]

Me and my partner have just placed our first offer on a house. When we viewed it, we both fell in love immediately and placed an offer of £215,000 there and then. It was marketed at offers over £210,000.

I've since done some research and found most of the houses on that street (similar to the one we have offered on) have sold for around £180,000/£190,000 and I'm now seriously doubting what we've done.

My partner loves the house and doesn't want to back down but I'm fearful that we will lose money in the long run.

Should we go ahead as see what the lenders valuation throws up?

Any advice would be very much appreciated!!

I would pull out if local prices are £180-190000. Why did you offer £5000 over asking price?

You went in at 5k over??? Always start below!

Oh and I would ask for this to be moved to property/diy. Lots of posters with experience on there

When did these houses sell? If a year ago and in London that sounds about right.

If a few weeks ago and somewhere much more quiet then doesn't sound right

Is your house bigger? Better? Nicer?

We offered £215,000 as this is what the agent said the vendors were looking for. I'm truly regretting this now after coming away and doing some research.

Every seller puts their dream price as the first amount. If there is little or no interest they will reduce within a certain time.

They must have been over the body moon when you offered 5k over!

Estate agents will always try to maximise the amount they sell for. If the be for wanted £215k then they should have marketed it at that price.

I'd personally walk away. There will always be other houses.

Multiple houses sold last year for around £180/190k. Some of these have extras like a drive and downstairs toilet.

I really do feel we've made a mistake. Encouraging my partner to see this is going to be a job in itself! His heart his set on this property.

Judging by what youve said there's a chance your lender would refuse the mortgage anyway if the house is overpriced.

Agree with Formerly re mortgage lender

Cd you get the agent to tell the vendors you are struggling to get a mortgage because bank will think it's overpriced?

I feel so bad for you right now. Estate agents are such meanies! (I can't say the word I was thinking) I wouldn't have offered a penny over £200,000 and probably would've gone below that! Withdraw the offer, don't lose money

Indeed, withdraw the offer. You can go back to them when they have reduced the price.