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Original poster

Will we get chance to increase offer?

71 replies

Christmastree43 · 10/07/2019 08:30

Hello,

We are FTBs. Found a lovely property which is in slightly shabby condition, not much done to it in 16 years but a very good family home, on at £319,950

I understand that the vendors actually sold it last April at, I think, £320k but that sale fell through last winter due to chain issues. They remarketed it this March and have had quite a few viewings, two people interested who needed to sell but no offers. The vendor mentioned there is a property they’re interested in, just up the ladder.

After some deliberation and advice from friends and family (I know - annoying FTBs) Monday afternoon I called and offered £300k, fully expecting this to be declined.

Agent said in response they have three viewings booked in for Tuesday (yesterday) so will want to wait and see Sad

We would really like to increase our offer if given the chance and don’t want to miss out due to our first low offer.

I do have viewings in other properties this weekend, and we wouldn’t pay over asking price, but would be disappointed to miss out on this lovely house thanks to my silliness and trying to ‘play the game’.

How do you see this playing out and is there anything I can do to help our chances of succeeding here?

Thanks so much

OP posts:
hadthesnip2 · 10/07/2019 18:25

Sorry @Christmastree43 I think you've just played into the vendors hands. You've just told them your highest offer & so I expect them to say that one of the other viewers (if there were any in the first place) have offered the same & the property could be yours if you go to £315k.

sunshinesupermum · 10/07/2019 18:30

GreenTulips just what I thought.

Original poster
Christmastree43 · 10/07/2019 19:05

Oh hadthesnip2 sorry if that wasn’t clear I didn’t tell the agent the £315k. If we’ve offered £310k and the house is on at £320k I can’t see them expecting us to meet them much higher than £315k but who knows

sunshinesupermum and GreenTulips I do wonder about that. The broker said to my bf that they had had interest i.e. the viewings but nothing further, when I spoke to the agent (I think she’s more experienced) after that she said they’re still waiting to hear back from some viewings... so not sure

However all we can do is offer what the house is worth to us and what we can afford and cross our fingers and toes that it’s acceptable to the vendors (who as an aside seemed really lovely but I know this is business)

I would say we’re buying in a very desirable area, perhaps only one or two 3-beds under £325k come on each week and if they’re priced well and are desirable they sell quick - last week one came on at £315k and was gone in a day for example. That’s what made me think the fact it’s been on at £320k for over three months was grounds for testing a low offer.

OP posts:
Yeahyeahyeahyeeeeah · 10/07/2019 19:37

OP you will never be a FTB again, you have a real advantage, use it.

Alexalee should do the negotiations Grin

For what it’s worth we offered 88% of asking and it was accepted. Low balling, my arse. It’s business.

Alexalee · 10/07/2019 19:48

To be honest if I was the seller I would be waiting.
You offered 300k Monday
No counter offer was given and that offer wasnt rejected
You upped your offer to 310k today (wednesday)
I would be expecting an offer of 320k by friday.
Obviously I am being facetious but do you see my point?
You were in a strong position op and it will most likely be the strongest position you will ever be in. Relax a little next time if you dont get this one. The market isnt shooting up anywhere, no need for fomo

Yeahyeahyeahyeeeeah · 10/07/2019 19:57

Alexalee has it. Keep calm!

Nextphonewontbesamsung · 10/07/2019 21:12

Agreed. The advice from Bluntness in particular was strange. £300,000 offer on a £320,000 property that has been hanging around for 15+ months is not a low offer.

hinely · 10/07/2019 21:33

Don't trust what the agent says either, it's often a ploy to get you to bump up your offer.

JoJoSM2 · 10/07/2019 23:15

@jemihap Wowzers... Maybe you need to take a few deep breaths.

I'm not Bluntness.

I've bought and sold quite a few properties over the years. I think you can chance it all you want with investment properties until you do get that bargain. However, when you're buying a home and find a lovely place, it makes sense to put in a good offer to secure it.

Scholesfan · 11/07/2019 00:55

Theres putting in an offer to secure it, then followed up by months of kicking yourself feeling like you've overpaid.

Original poster
Christmastree43 · 11/07/2019 11:25

Hi all, thanks again for the feedback and varying points of view, so so helpful.

The vendor has gone on holiday today returning Monday and wants to think about the offer and decide by Monday. The broker messaged DP and said he thinks it’s a good offer and we’re in with a good chance, so crossing fingers.

We won’t be pushed above our walk away figure as that’s pushing what we want to pay each month far enough, but would equally be very sad to lose the house so will have to wait and see.

OP posts:
Nextphonewontbesamsung · 11/07/2019 12:16

Good luck for Monday! Will you let us know?

Original poster
Christmastree43 · 15/07/2019 16:36

Hi all, I hope you don’t mind me sharing the latest instalment and requesting your wisdom....

Nobody from the estate agency got in touch with me today, DP just got home (left his personal phone at home today) to an FB message from the broker 🙄

I don’t have the exact wording as I’m at work but basically the vendor has said £318k and they’ll take it off the market. It’s on at £319,950.

I feel like they have seen us coming really, being young (ish Grin) FTBs, knowing DP from school and because we increased straight away from £300k to £310k. Am not happy with the token discount given the reasoning behind our offer as above.

I would guess this means they’ve no firm interest from the 3 viewings. They also let us sweat on our last offer (£310k) for almost a week, from last Tuesday until today.

As above our walking away figure is £315k.

Any thoughts? Thank you so much 🙏

OP posts:
AllFourOfThem · 15/07/2019 16:42

I would ring the Estate Agent direct and ask what the update is from your original offer and pretend you didn’t get the Facebook messages. The broker should not be using Messenger! See what the EA says but I’d call their bluff but follow through if needs be and walk away from the house - there will be other homes for you out there.

Mammajay · 15/07/2019 16:43

Our phrase is always we will meet in the middle. So if you really want it say 314 but make it clear that that is your final offer. The sellers know you are ftb so will want you to buy. And at least you have no stamp duty or very little as ftbs.

Original poster
Christmastree43 · 15/07/2019 16:51

DP has messaged the broker back for now along the lines of

‘Thanks for the update. We are going to think about it as £8k is a lot of money to us. You’re also best to contact Christmastree from now on as I’m not always contactable on FB Messenger.’

Giving no set time to get back to them. I do feel p-d off right now!

OP posts:
AllFourOfThem · 15/07/2019 16:59

Unless you absolutely want this house, the broker would have annoyed me enough that I would walk away altogether but I would write to the owner of the house and tell them why they have lost a potential buyer.

Nonnymum · 15/07/2019 17:08

I think you need to talk to the estate agent rather than the broker. Have they said anything to you? It's their job to deal with potential buyers not the mortgage broker. It would be interesting to see what they have to say

Original poster
Christmastree43 · 15/07/2019 17:18

I’m booking us in to see a few more houses this week/ weekend.

I want to cool things off as I feel we are in a good position but are being pushed around too much, not just with the offers but the communications via FB messenger/ the broker, and the ignoring of me (who’s obviously the decision maker in this relationship Grin)

We do like the house a lot but I’m not attached, there are others out there, and we’re in a good position.

OP posts:
Mammajay · 15/07/2019 17:35

It is the estate agent not the broker who deals with sale of property. Phone and talk to the estate agent directly.

sunshinesupermum · 15/07/2019 17:40

Good for you OP. If everyone is messing you around because you're FTB's you are learning from this lesson.

Let them sweat a couple of days before going back to Estate Agent and saying your final offer is £315K. They can take it or leave it but I suspect there were no other viewings!

Remember, after you have a full survey there may be work needing to be done and you have the opportunity to reduce your offer if it warrants it.

DerelictWreck · 15/07/2019 17:49

Agree with others - the broker has nothing to do with the sale of the house and shouldn't be involved. Don't assume that he's telling the truth or that your messages are going back to the agent.

Ring them, ask for an update on your offer. If they can't give you one because the vendor is still thinking blah blah ask for one by Wednesday at latest as you are seeing another house and will make an offer on that if this one is going to be denied.

Bet you'll get a response then.

Greenolivesorblackolives · 15/07/2019 18:01

I would personally tell the agent that £318 is too high but that you will leave £310 on the table.
Also mention to the agent you’re viewing a few other properties.

It’s tempting to get excited and pay what they want but sometimes it’s best to walk away.

I also think agents will tell you things like ‘oh we’ve got 386 viewings tomorrow’ just to get you flustered and make a panic offer.

Yeahyeahyeahyeeeeah · 15/07/2019 18:59

It has NOTHING to do with the broker, he’s either being a smart arse or this is a very lax company. Speak to the boss.

Blobby10 · 15/07/2019 19:13

Christmastree43 i had an offer accepted on a house on Saturday - it was on for £365k having been reduced from £375k a few weeks ago.( It didn't sell two years ago for £425K). I offered £340k which was rejected and vendor said she wanted £355k. I had a maximum of £350k but have sold, have mortgage arranged and looking for early september completion.

If you asked me for advice, I would say stick to your guns for £310k and be prepared to walk away. They are messing you about. You are FTB which is a huge plus especially if you have your mortgage/funds arranged.

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