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Original poster

Think maybe we made a mistake- offering

82 replies

Lolly567 · 05/08/2018 21:41

Hello,

I’m really worried we’ve played this out wrong.. we are FTB and went to see a house on Saturday that went on the market on Friday. We loved the area and got such a good feeling from the house- we imagine ourselves there for 20 + years and starting a family- this is the first house we’ve had that feeling with (although it’s also by far the most expensive we’ve viewed as until recently we thought we had a much lower budget) It’s outdated but would mostly only need cosmetic updating as it’s well looked after, but would probably need new carpets, artex ceilings plastered over, new bathroom eventually and reconfiguration of kitchen, new internal doors, but it’s on for the exact same price that one fully modernised and beautifully decorated is. I’ve also noticed this particular estate agent seems to market things very optimistally, things stay on the market for a while, and they seem to sell for about 10% below asking.

So we decided to go in at 10% under asking (asking is around £240000) We weren’t going to offer yet as we were going to wait and let them have more viewings (and if my thoughts about overpriced are correct then no offers) and then offer, and I thought it might go down better. But estate agent rang for feedback as they do and I got talking and let slip about making an offer, so the estate agent asked what it was. She said it’s almost certainly too low as they’ve just come on the market and will want to see what other offers they get, but she’ll pass it on to them anyway. This was Saturday just before EAs closed, she wasn’t able to get through to pass on offer and left a message to the vendors saying ring me Monday morning. So now im worried they will have been thinking over the weekend that they’ve got an offer, and then they find out it’s lower than they expected.

I’m thinking of ringing up estates and saying we’d like to withhold our offer until they’ve had more viewings? They were a lovely couple and I don’t want them to be offended by too low an offer. Or I was thinking of writing an email saying how lovely the house wa but we’re worried about interest rate rises and don’t want to stretch our affordability too much.

For more information, I’m guessing the owners will have paid off their mortgage by now as they bought pre 1995 and I know the owners want to downsize and they need an offer on their house to be able to put an offer on a new house for them- I got the impression they want to get this done quite quickly as they perhaps have lost out on an onward purchase due to not being
Proceedable.

Thanks so much for any advice. Really would love to get this house but it’s true I don’t want us to stretch ourselves too much as we only have 10% deposit saved although we do have a little cash spare after that.

OP posts:
RandomMess · 06/08/2018 10:08

Remember the EA wants the house sold to get their commission, they are not your friends! They are working for themselves and the seller - higher it sells more £ in their pocket.

I would really hold fire, go see several other properties and a second viewing of the one you offered on.

howabout · 06/08/2018 10:09

Sit on your hands re offering more and enjoy viewing other possibilities. Ask the EA to get back to you if they get a higher offer from someone else. You are in no hurry and it sounds like the seller wants time to test the market so take the opportunity to do likewise.

NaiceHamble · 06/08/2018 10:25

Don't forget that the issues you've got with the place - the need for updating, moving walls, etc - will also be issues for other buyers, who may also offer low with that in mind. The EA probably knows updating is going to be a sticking point but the vendors will be confident at this point that someone, somewhere will see the house through their eyes and offer asking price.

If they do get an asking price offer, then let it go - it was out of your price range at that money. If they don't, then your offer is going to start looking more attractive, especially given that you're FTB and not in a chain, able to move quickly, etc.

Flickerfromview · 06/08/2018 10:28

And remember you are first time buyers, so no chain of houses to be bought or sold to allow you to buy. Does put you in a good position and can be attractive to sellers. ( as long as you commit to your purchase and don't mess about).

Flickerfromview · 06/08/2018 10:32

And for some homework😉 Download lots of episodes of Location, Location, Location and watch how Phil Spencer, as an estate agent completes a deal. Some great tips and will help you see the process of negotiation.

Kardashianlove · 06/08/2018 10:47

I think we will be able to go up to about 8% under asking. When do you think would be a good idea to say this?

Go and see other houses (especially some with the same agent) get viewings booked ASAP. Go for a second viewing on the house.

If you really do love it and 8% below is your maximum then put that in as a final offer stating your position. Hopefully by then, any viewings have died down and they have had no other offers. Just consider how you would feel if someone offered 8% below or higher and was accepted. If you would be absolutely gutted then get the offer in, if you wouldn’t be that fussed and are happy to keep looking then your 10% below is right for you.

Original poster
Lolly567 · 06/08/2018 11:33

Thanks everyone, I really do feel we’d be very disappointed if we lost it to a higher offer. Should we still sit on our hands? I asked if they have other viewings booked in and apparently there are none yet but there have been enquiries so people will be getting booked in soon.

Maybe wait a few days and then offer higher? Or just leave it?

Yes!! I love location location location!!! And love it or list it! But I don’t think I have the nessesary charisma to copy Phil’s techniques! But yes they do often advise to leave offers on the table don’t they!

I also worry about estate agents making up offers and panicking me! I guess the important thing is just not go over budget.

OP posts:
wowfudge · 06/08/2018 11:38

Don't offer more if they haven't received any other offers! Ask them to contact you if any other offers are received. If you haven't heard from them, I would ring next Monday afternoon, mid afternoon and ask for an update. If they have received no other offers I would consider giving your offer an expiry date and explain you need to keep looking as they haven't accepted your initial offer or attempted to negotiate with you.

wowfudge · 06/08/2018 11:39

I agree with the pp re: viewing more houses and a second viewing.

Quartz2208 · 06/08/2018 11:41

I would ring end of the week/start next with a final offer of 8% under with the promise of it going straight off the market and no more viewingd

howabout · 06/08/2018 11:47

Worth remembering when watching location, location, location that the market has been going upwards for the last 10 years in Phil's patch. Doing a deal in a flat / downwards market is a slightly different proposition and I have never watched an episode where Phil has been doing a deal at best price as opposed to making sure he offers just enough to see off the competition. (It was highly entertaining when Phil and Kirsty pitched up in Edinburgh and were completely freaked by the proposition of competitive closed bids upwards of 20% over asking - you really need a canny local chin scratching Scottish solicitor for that)

NaiceHamble · 06/08/2018 11:56

It's really easy, when you love a house and think other people are going to love it too, to start panicking - don't! The fact that another, immaculately modernised, house close by has sold for the same price recently will probably be affecting other people's offers too. The agent knows you're interested, and if other potential buyers emerge, will probably get in touch in the hope of kicking off a bidding war.

In the meantime, see other houses to get a sense of whether this house is as 'forever' as you first felt. It might confirm that, yes, it's worth going the extra mile - or it might make you feel less gutted it if goes to someone else for the asking price. Either way, I'd use the time to do some brutal maths on how much the extra work could cost - there's no point stretching yourself to get this house, only to find you can't afford to make any of the changes you want. You can then use that as context for your offer - 'We're offering £x because we need to factor in £x to remove a wall to create a practical family living space'.

Kardashianlove · 06/08/2018 12:23

Maybe wait a few days and then offer higher? Or just leave it?

Go and see other houses and see this one again. Then decide how much you love it. It’s a massive decision so make sure you are sure.

If you do put in another offer, I would give an expiry date and a condition that no further viewings are arranged and it’s taken off market.

there are none yet but there have been enquiries so people will be getting booked in soon
This sounds like they are trying to scare you tbh, most people phone up for a viewing and book in there and then. Occasionally there might be someone who asks something about the house then think about whether to view but either people want to see it or they don’t. I would read it as no one else has asked to view but they don’t want to tell you that!

MessySurfaces · 06/08/2018 14:05

Oh lord don't take negotiation tips from Phil Spencer! He goes in at asking in a dropping market, and tells the other side it's a starting offer! Much as I love locationx3...

Original poster
Lolly567 · 06/08/2018 14:11

Thanks everyone, very good advice! I’ve booked in a few viewings around that area to confirm that the house is right, and will let the vendors think on it! The vendors do the viewings themselves so if we book a second one they’ll know we’re thinking of upping our offer and might not accept our first one wheras now potentially they will if we wait it out and there’s no more offers? Sorry I know I’m definitely over thinking again..

OP posts:
MessySurfaces · 06/08/2018 14:19

Lolly wait until you hear back from them yay or nay, then book the second viewing.

Original poster
Lolly567 · 06/08/2018 14:31

I heard nay unfortunately Messy!

OP posts:
Original poster
Lolly567 · 06/08/2018 14:34

But I thought they might have a rethink if they don’t get any more offers!

OP posts:
Quartz2208 · 06/08/2018 14:38

It depends on how long you want to wait - we got a 10% offer that we never accepted - just like you have a maximum they may well have a minimum offer as well

middleagedalready · 06/08/2018 14:44

It is normal to have second viewings or even third, you are in a strong position in what in large parts of the country is a weak market. Doing work on houses always costs more and takes longer than you think it will, or at least that has been my experience. As others have said this isn't personal just commercial. There is a massive difference between a viewing and an offer from someone able to proceed. The EA is not there for you, only to get the best deal for the seller.

Quartz2208 · 06/08/2018 14:47

They have said no so surely a second viewing makes sense

NaiceHamble · 06/08/2018 14:56

It's only been on the market 1.5 working days! I would take a deep breath and look at the other properties. If someone else loves it, to the point where they offer the asking price flat out just to get it then and there, then it's out of your price bracket and out of your hands.

Is there no way you can get the agent to do the second viewing? I'm not sure you're really going to get much more out of a second viewing with the owners hovering around, pointing out their lovely artexed ceilings. Second viewings for us have always been 'OK, let's find reasons NOT to buy this house' reality check inspections - and it's hard to do that when the owner is telling you how much they love their corner units.

Quartz2208 · 06/08/2018 15:02

OP you need to do a second viewing as if you really love the house and must have it its different to it a house that is in the price range and ticks boxes

hlr1987 · 06/08/2018 15:06

In my experience:
The standard haggle is to first offer 10% under, be told no, offer higher, be told no, offer higher and be told yes. The final figure is usually up to 3% under asking.
Exceptions to this happen if the house is fantastic, or very good value for money, in which case offer what you can to get it secured. Competition drives up the price. No completion will lower it.
The only time people get offended by offers below asking is when they have emotionally invested in the house, raised a family etc.
Don't fool yourself into pricing house based on what you WANT to do to it, rather than what needs doing. Damp, poor roof, electrics and plumbing by all means. You want a newer kitchen or to move walls, that shouldn't affect your offer.

wowfudge · 06/08/2018 15:07

At the second viewing you tell them you have been looking at other houses and as you liked theirs enough to put an offer in, wanted to see if you still felt the same way about it having seen others. Even better if you can say you have seen another house you really like and it's on for a bit less, etc, etc. Always better for them to think they are competing to sell to you. And you also tell the EAs this as they want a deal in order to get their commission and will be more likely to advise their clients to accept your offer if they think you'll go elsewhere (so better if it's somewhere another EA is marketing).