Worried our offer is too low...

[MeMeMeow85]

Waiting to hear back on an offer we made this morning...it’s only been a few hours, but I’m cuddling my phone waiting impatiently!!

We were the first viewers to see it. EA indicated that the vendor is looking to achieve 6% below the asking price... I’ve just offered 10% below to get the ball rolling. Sent a letter outlining our position (chain free) and providing proof of finances...

DH wanted to just offer what the vendor wants, which I think is a little high, but we don’t want to lose this one. We would pay what the vendor wants, but obviously hoping to get it for less.

Thoughts? Shall I go back now with a higher offer? Or wait till vendor rejects the 10% below? It will sell quickly I think

I'm in Scotland, so the system is different, but if you want it, and it's likely to go quickly, surely you'd put in your best offer to get it off the market.

Unless you said “final offer, won’t go higher”, the agent should come back to
You for an opp to increase your offer.

Did you send the offer in the post? Or did you hand deliver?

I would wait for offer to be rejected which its likely to be and then raise your offer. If it goes on more than 24 hours would be tempted to raise as they might be using yours to get other offers.

On the other hand if you are going to raise anyway there is an argument for raising now getting it off the market. I think there wasn't much you liked so and 6% isn't unreasonable for a house likely to sell quickly. You could always phone for an update.

Thanks. I called the EA to check he’d received my email and he said that the vendor said that the offer was a “bit light, but they are happy with your position and think a deal can be done today”.

I asked the EA what he thought the vendor was looking for to take it off the market and he said he was due to speak to them again after 3pm.

I’m waiting for the EA to call me back before making a counter-offer. Nervous, but excited 😊

Hope you get it. Sounds like may go down a bit further on 6% though always good to get property off market quickly, maybe go in 7 to 8% under next depending on figures.

EA called me with an update. Apparently the vendor doesn’t want to name a level for a counter-offer at this stage, as it is early days (we were the first viewers), but they would welcome another offer from us??!

Found the old listing from when they bought in early 2015 (they changed the house name, so didn’t see it before). I actually prefer the old kitchen and master ensuite before the current vendors put new ones in!!! Also, they’re looking to make quite a big profit over what they paid for those changes, which I don’t think is warranted in the current market.

May increase offer to 8% below asking price, but we don’t think it is worth more than that. Will leave it overnight before going back to the EA.

If you're the 1st viewers and are making an offer, unless you're unusual in what you're looking for then likely that other viewers with make offers. I'm not saying rush into anything, particularly if you think it's overpriced, but just saying in this particular instance, the vendor is in a good position to see what happens in the next couple of days.

It's only worth what you want to pay for it. If you love it then pay what they want to take it off the market.

When we brought our house, it had only just come onto the market, it needed work to bring it upto scratch but we had viewed so many houses this one was the only one we liked. We offered just below the asking price as we really wanted it, been living there for 15 years now, no regrets, if it’s what you really want don’t lose it.

Thanks all. We told the EA that we thought our original offer was fair, so wouldn’t be increasing. Thought we’d lost out, but the they came back a couple of hours later to ask for 1% more, which we agreed. Fingers crossed all goes smoothly with survey and searches!

Brilliant news, good luck, I hope the sale goes smoothly for you. Many congrats