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Original poster

First time buyers, accidentally set our heart on a house

67 replies

lazymumsmh · 07/04/2019 19:37

It will be our first time buying, we have seen the post perfect 3 bed, semi detached house that ticks every single one of our boxes. Its been listed since start of Feb and had no offers but apparently "gaining more attention now."

Its on at £260k or offers above, which is the top, top end of our budget. We are lucky enough that we won't need a mortgage - cash buyers - and come from rental so have no chain. We are thinking of offering £255k. What do you all think?

Something that worries me is that the vendor hasn't yet found a property, so I wouldn't think they were in a rush to sell, but then again - once they've sold they might feel more comfortable putting offers in themselves. The vendor was allowing up to 6 viewings a day, which seems quite eager to sell to me. I don't know - I'm new to all this!

Basically, I'm trying not to get excited about it, I realise we probably won't get it, but do you think there is a good chance?

To make matters more complicated we have to leave our rental on 4th July or else we are bound to stay here another full year.

OP posts:
AllTheFunAndGames · 08/04/2019 10:47

Thanks lazymumsmh. FC for you. It's very nerve racking. I reckon they'll grab your offer with both hands.

Innernutshell · 08/04/2019 10:48

*offers over

nrpmum · 08/04/2019 11:39

Can I just say if you are a cash buyer please show your seriousness by booking your survey and arranging solicitors asap.

Confusednewmum1 · 08/04/2019 14:01

Hi OP can I ask if you are buying in Scotland if so the position is very different for example. I have just bought a property listed at offers over £245,000 home report value of £260,000 and paid in excess of £300,000 as this is just how it works.

Original poster
lazymumsmh · 08/04/2019 14:07

@Confusednewmum1 Nope, Bristol!

OP posts:
GreenTulips · 08/04/2019 14:26

You have nothing to lose by bidding lower

You’re a cash buyer ready to go

They may have been looking at properties and may well have one in mind.

Fingers crossed

WBWIFE · 08/04/2019 17:53

@lazymumsmh I'm in Bristol!!I would say offer 250 and work up to 255k definitely

LoopyGremlin · 08/04/2019 18:41

Like Confusednew mum was saying, in Scotland offers over is very common and is a starting point. You’ll very rarely get anything under the amount stated. In Edinburgh selling prices are typically 20% over the “offers over” price. My neighbours were being beaten by £100k plus on houses on at O/O £325, 000 Shock

BertyFlanter · 08/04/2019 20:13

Good luck with the offer OP Thanks

Back on the subject of the tenancy, you only have to stay for a year if you sign to. If it's a normal tenancy, when the current year is up it should automatically become a rolling tenancy with normal notice periods from both sides without the need to sign anything. If the LL really wants you out they would have to evict you through the courts which would give you the extra few months anyway.

Don't be pressured into signing anything and definitely don't let that date influence your decisions. I'm also of the mind that £250k is a good opening offer.

Original poster
lazymumsmh · 09/04/2019 10:17

Offer of 255k in yesterday morning. Haven't heard anything yet.

How long does it usually take to get a response?!

OP posts:
sandybayley · 09/04/2019 10:30

Could be today, tomorrow or longer. Will depend on the vendors circumstances. They might need to negotiate on their purchase, they might be a divorced couple, might be on holiday etc...

When we put our last offer in DH had worked out Ito make offers time limited, i.e,'. On the table for a limited time 24 hours, 48 hours etc). It worked for us so might be something to consider if you need to offer again.

AllTheFunAndGames · 09/04/2019 10:31

It depends on the EA. Sometimes, they might leave you waiting, if they don't want to reject but don't want to accept. They're hoping that by delaying you, it will spurn on other interested buyers. Don't worry, you're in a very strong position so hold your nerve. Unfortunately, it can be a waiting game.

WBWIFE · 09/04/2019 10:54

We let ours know right away but depends on vendors circumstances.

Is there much interest in the area on a whole?

Bluntness100 · 09/04/2019 10:56

Op, put the condition on that it needs to be taken off the market on acceptance of any offer you make.

Original poster
lazymumsmh · 09/04/2019 11:13

@Bluntness100 We will, don't worry :)

The area is very popular, and there isn't much about at the moment but this house has some negative points that I think would put others off (but not us!) its been on for over 10 weeks with no offers so far.

OP posts:
AllTheFunAndGames · 09/04/2019 11:19

Someone on another thread mentioned a 'lock out agreement'. It's a written agreement to take the property off the market when sale agreed.

Be careful giving conditional bids (other than subject to survey). If you really want the property, it could backfire and you could lose out. It's fine to negotiate but don't be too pushy. Some vendors might see this as a potential buyer being awkward and problematic from the get go.

WBWIFE · 09/04/2019 11:20

OP I'm in BS13.

Definitely if offer is accepted say you want it offline asap.

I'm sure they will snap your hand off being a cash buyer, I would have and only sold mine start of Feb for 275 but would have took 270k for cash buyer all day long!

Original poster
lazymumsmh · 09/04/2019 11:26

@WBWIFE Thats encouraging, thank you!

OP posts:
AllTheFunAndGames · 09/04/2019 11:30

I agree with having it taken off the market if 'Sale Agreed'. To clarify, by 'conditional', I mean the offer is only on the table until x time or 'first and final' offers. If another sale falls through, they may rethink your bid. They can't do that if you withdraw it.

HunterHearstHelmsley · 09/04/2019 11:31

I thought this was going to be my friends house! They had an offer of 5k below asking price yesterday, they've gone back and said 'meet in the middle? 2.5k'.

I spoke to her this morning as the potential buyers haven't responded yet. Pointed out that most people have a bit of wiggle room and are unlikely to have given their best offer straight off. She was worried they might lose them over 2.5k.

Original poster
lazymumsmh · 09/04/2019 11:35

@HunterHearstHelmsley Maybe it is and the EA are being super slack at communicating haha.

OP posts:
glasshalf · 09/04/2019 11:40

Offer below and move up if necessary . We offered below and the vendors met us in the middle . We then got a survey and it needed about 10k spending on it so we asked the vendor to lower , they said no and they were happy for us to pull out so we did but then realised it was actually an amazing price for what it was so ended up buying it anyway!

MrJollyLivesNextDoor · 09/04/2019 11:52

They would be mad not to accept

Good luck!

I was in a position similar to you last year, I was in the process of buying a house and was renting at the time so was desperately trying to tie the contract exchange date in with giving notice...then there was a delay on the house my vendors were buying...it was stressful but it all worked out in the end!

And my letting agent was like yours, didn't automatically allow for a rolling contract (and I didn't want to muddy the water with them by forcing this just in case the house purchase fell through)

Let us know when they accept Smile

Original poster
lazymumsmh · 09/04/2019 12:43

Offer has been rejected

BUT EA has come back to us and said that vendor will accept £257.500
Hmm

OP posts:
NorthernLurker · 09/04/2019 12:48

Tell them no. 252?

You need to be clear they will need to be put by your deadline as well.