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Original poster

How best to approach this

27 replies

Bratfink · 14/04/2011 15:55

Hello

We have seen a house we really love. We've been looking at properties for years andthis is the first realistic proposition we have found.

It went on the market on Tuesday, we viewed it on Wednesday. We're doing a second viewing tomorrow (Friday)

It?s likely we will want to make an offer

Assuming there will be more viewings over the weekend (people off work etc) is it better to get the offer in before the weekend? But then the estate agent will tell other viewers that there has been an offer, and this might make others put in a higher offer sooner to be proper competition iyswim

Would it be better to wait until Monday to put in an offer, while other viewers are still mulling it over and arranging a second viewing?

Or is it all irrelevant and we should just get in there?

As a bit of background - it's a desirable area, demand outstrips supply, family homes with the attributes this one has are rare, and it is reasonably priced (v unusual for around here)
It is on at £210k. We would love to get it for £200k, but realise with all of the above and the fact that it's not been on the market long we might be pushing it

Thanks for any advice you can give, it's all very scary

OP posts:
MyLittleOwls · 14/04/2011 16:28

What is your position? House on the market, under offer or cash in the bank?

Original poster
Bratfink · 14/04/2011 17:45

We're in rented. Mortgage aip. Ready to go.....

OP posts:
Original poster
Bratfink · 14/04/2011 20:13

Oh and we've got mortgage agreed for £210 but would be happier around £200k. So I guess the vendor would rather wait and see if they can get nearer the asking price rather than accept an offer when it's only been on the Market a few days

OP posts:
MyLittleOwls · 14/04/2011 23:49

Well now: two trains of thought second view on Friday, if you still love it make an offer that is subject to the property being withdrawn from the market and any other viewings that they have planned are cancelled. What is the position of vendor and do they have a linked onward purchase? Your strength is that you have no chain behind you and finance arranged so keep that in mind not many of your type around at the moment!

or sit tight and offer them a cheeky £180k in a few weeks time? You will need balls for this as you obviously risk losing the property to a higher bidder.

Just as an aside you say it is reasonably priced do you think it is an artifically low price to generate interest and thus a bidding war of sorts? Should it actually be more like £290 - £300k?

MyLittleOwls · 15/04/2011 15:50

Well??

Fizzylemonade · 15/04/2011 16:10

I'm a get your offer in, get it off the market before anyone else views it kinda girl. You offer £200, next person offers £205 or £210 and then you either end up in a bidding war or lose it straight out.

You have said demand outstrips supply, it is reasonably priced. What are you waiting for? Grin

Make sure the vendor knows your position and find out theirs.

I'm also waiting to see what happens Grin

MyLittleOwls · 15/04/2011 19:40
nocake · 15/04/2011 19:42

Am I too late to suggest you get your offer in immediately and stress what a good option you are, with nothing to sell and a mortgage arranged. That's worth a few thousand over someone who is part of a chain.

Fiddledee · 15/04/2011 20:18

wait til Tuesday. Let the EA know you are interested by when the vendor get no offers on Monday (highly likely in this market) it will make your offer more attractive.

For many people knowing there has been an offer on a house can make it seem more attractive to them.

Sit on your hands.

Original poster
Bratfink · 15/04/2011 20:23

Sorry all, have been in meetings constantly!

Well we saw it again today. Really really like it. Offered £195 stressing our position etc

Rejected Sad in fairness it's only been on a week, there are more viewings lined up so I can see why she did say no

So......estate agent said 'if there were a 2 in front and an odd number behind I think you'd have a deal'. I suppose that to mean £205. I just want to offer that and be done. I don't want to lose it for the sake of £5k. I know £5k isn't peanuts but I really want it

DP not home from work until 9 tonight so I can't persuade talk to him until later

2 other houses on the same street (smaller, crapper, a bit cheaper) have sold (stc)in the last 2 months within 2 weeks of going on sale

Seriously we will not get this amount of space for that amount of £ any other time soon

But I have to try so hard not to get carried away

Thanks for your interest, it's nice to be able to vent a bit before bombarding DP when he gets home

OP posts:
Original poster
Bratfink · 15/04/2011 20:29

Oh and to answer earlier questions

Vendor moving overseas. Eager for a quick sale

It's reasonably priced for the area. Area is mostly hugely desirable, old, huge, beautiful houses. This is one of a handful of ex local authority houses.

I think it's priced to sell

Generally speaking prices around here have come down a big but I've been watching the Market for years and anything that isn't overpriced sells quickly

Schools are fab. Off road parking is rare. Big gardens few and fat between for cheaper houses

I want it! (can you tell)

OP posts:
bistokids · 15/04/2011 20:44

Oh bloody hell...run! Offer for it! Go 203!!

MyLittleOwls · 15/04/2011 20:55

Thank goodness your back I have been like a cat having kittens Grin

Right time to plan your er....plan!....obviously it is your decision so please feel free to ignore all of this but if I was you I would do one, all, some of the following....

  1. Do nothing and wait for the E/A to come back to you after the weekend, very hard to do I appreciate but go out tomorrow, clear out the garage/loft you may be moving soon Grin but keep yourself busy and do not, I repeat do not increase your offer!
  1. Write a letter to the E/A confirming all the details - your current address, contact telephone numbers, email etc explaining your are in rented and contract expires on?, your buying position i.e. who your mortgage is arranged with, which solicitor you are going to use when you buy 'Fab House' and your general lovleyness. All demonstrates you can proceed with the purchase and mean business.
  1. Hand deliver said letter to E/A you have dealt with so far and be polite and friendly but not OTT....now is not the time for chocolates and fine wine. You then become not just a voice at the end of the phone but a proper person if that makes sense?

......wait to see what happens, my fingers are crossed for you Smile

MyLittleOwls · 15/04/2011 20:57

Bugger, forgot to add with no. 2 confirm your offer figure, quite important that bit!

MyLittleOwls · 15/04/2011 21:00

Or completly different strategy offer full asking price first thing tomorrow morning on the basis it is taken off the market and arranged viewings cancelled.....something may come up on the survey so Vendor would have to reduce furthur down the line? Wink

Grin
Original poster
Bratfink · 15/04/2011 21:13

Thanks mylittleowel, that's really helpful.

See as an added complication or boon not sure which this is a small town. The estate agent lives a few doors down from us. Our dogs are friends. I know we must assume they are all evil weasels but I like him

DP has revealed further info he got after I'd dashed off to work. There has been one other offer no hint of how much bug buyer needs to sell first. Saturdays viewer also has to sell first. Viewing booked for Tuesday they have nothing to sell

Tuesdays viewers are our big competition. Hope they hate it

OP posts:
MyLittleOwls · 15/04/2011 22:10

Well it is clear you must walk the dog at every opportunity, on the hour every hour and bump into lovely E/A and then have a little chat and get some more info on the Tuesday viewers Grin You need to find out if The 'Tuesdays' are cash buyers or like you buying with a mortgage and whether that is agreed and in place?

You and the 'Tuesdays' are, unless they are cash buyers, in exactly the same position so if they love it too are you prepared to go over the asking price to secure it? You have the weekend to work out the figures and see if it is dooable. If you plan on being there for the next 10 years an extra £10k for example is nothing in the grand scheme of things. Best to work it out this weekend without time pressures rather than having to work it out to compete with somebody elses offer if they match for example

It might go to sealed bids or best and final offers if you both want it? Then that becomes a game of who has the steadiest nerves!

Keep positive and report back on any progress....I love a house buying thread Grin

BehindLockNumberNine · 15/04/2011 22:22

I would not wait. Honestly, if houses like this are few and far between you would be mad to risk it for the sake of a few thousand pounds (ok, ten thousand)

You are not buying a car, you are buying somewhere you will live. Somewhere you will call home. It must be somewhere you will love.

If you want it, and can afford it, then don't gamble it.

MyLittleOwls · 15/04/2011 22:41

But.....BLNF, any good Estate Agent would advise the Vendor to wait just 4 days and see what the Tuesdays offer if they also like it. Potentially two interested parties who will bid against each other and go over the asking price on a house that has only come onto the market recently. Unless Vendor needs to move abroad within the month they would be badly advised to accept an asking price offer and cancel booked viewings without seeing what happens over the next 4 days....in my opinion Smile

BehindLockNumberNine · 15/04/2011 22:49

I guess it depends on the market. I live in Surrey, good houses, in good streets sell within days.

We sold and bought 6 months ago. Our house sold within 3 days. We had offers on the first day (none asking price and we had more viewings lines up in the next two days so we rejected them) and a bidding war followed, taking the house way over the asking price. I know for a fact two of the interested parties were gutted to miss out. Funnily enough, if the first offer had been asking price we would have withdrawn the property. Yes we would with hindsight have missed out on the amount it ended up going beyond the asking price but we would never have known would we.

When we bought a house that same week we put in an asking price offer the afternoon we viewed and asked for the house to be taken off the market and viewings cancelled. We could not risk losing it.

Original poster
Bratfink · 16/04/2011 13:50

We've just bought a house! Gulp! £202k

I am very happy Grin

OP posts:
BehindLockNumberNine · 16/04/2011 16:19

Woohoo!!!!! I am so excited for you!! Great news Smile

MyLittleOwls · 16/04/2011 16:38

Wine Wine oh and Wine ......let's pretend it's champagne!

well done you we need details......Grin

Original poster
Bratfink · 16/04/2011 18:59

Thanks guys it's lovely to gave someone to share with. DP is bored of it all already

Well, following yesterday's rejection we had a big chat and thought we would eventually go as far as £205k but would have to sleep on it for the weekend and then figure a way to proceed

We were walking past the estate agents earlier and he came rushing out and said he'd been biting his nails etc. I'll try to be brief I could relate the whole convo but it would be dull. Essentially we said we could probably go as far as £205k. He said he'd give vendor a ring, put forward £200k, gauge her reaction and go up to £203. We said a wobbly ok and went home to bite our nails. He came back and said she'd hummed and ha'd and said if we could go an extra £2k to £202 it would be ours! Tuesaays viewing cancelled yay!

So trying now not to get crazily excited in case something goes wrong but we are so happy Smile

OP posts:
BehindLockNumberNine · 16/04/2011 20:51

Superb! Now, just promise me that once you have exchanged, and nothing can go wrong, you link to the it on rightmove (or wherever it is listed) and show it off to us.

Am so pleased, have some more Wine