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Original poster

Help! Buggered up my offer on a house

43 replies

Didasillything · 26/06/2021 15:22

Hi, first time buyer here. I’ve been silly and made a first offer on a property of 190, asking price is 195.

I am going to end up having to pay asking and probably over the odds aren’t I.

I only just rang the estate agents an hour ago. Should I call them back and say actually I am offering 185 or is that just too flakey??

OP posts:
Smartiepants79 · 26/06/2021 15:25

Well how badly do you want it and how likely are they to accept a lower offer?
Are there lots of other people interested?

ThisIsStartingToBoreMe · 26/06/2021 15:25

Sit tight for a few days. See where it goes.

LawnFever · 26/06/2021 15:26

You can offer whatever you like, you will only pay what you agree to if they accept the offer.

I’m a bit confused, did you want to offer 190 or not?

SweetGrapes · 26/06/2021 15:27

Depends. Houses here have mostly gone way over asking price.

What do you think is a reasonable price for the house?

Original poster
Didasillything · 26/06/2021 15:28

Basically I am prepared to pay 190 for it, so that’s what I offered.

Then I spoke wo my brother in law who said that houses are always advertised higher than what the seller expects. Probably they were only expecting 185-90.
I should have offered lower and then haggled.

OP posts:
Beamur · 26/06/2021 15:30

I think 190 is probably a reasonable offer. £10k under is quite a lot at the moment, housing market where I live has been very buoyant. Whether it continues like that after June is anyone's guess

Original poster
Didasillything · 26/06/2021 15:30

I like the house so didn’t want it to get snapped up. There are similar houses on the market for this price.
However this house needs redecorating (though nothing too major). Is currently a student let, so a bit unloved.

OP posts:
Chailatteplease · 26/06/2021 15:31

Not necessarily. I refused lower offer on mine and got asking price. I wouldn’t reduce your offer, you’ll look flaky.

KBILLY · 26/06/2021 15:32

The way the market currently is (in many/most places) you likely won't get a house if you offer under asking.

Quartz2208 · 26/06/2021 15:32

190 sounds fine. If they accept great if they dont what difference would a lower offer have made?

Izzpop · 26/06/2021 15:32

It's really difficult to predict. We just offered £508k on a £520k property and it was accepted within 24 hours. No all properties go over and above, we sold our own property for £7k below asking. I would say £190k was a fair first offer.

Original poster
Didasillything · 26/06/2021 15:32

@SweetGrapes I think it was reasonable, but I am a first time buyer and inexperienced so I don’t really know. I’m worried that I might be going to over-pay.

OP posts:
4PawsGood · 26/06/2021 15:33

You could phone up and say that you won’t be negotiating on it.

ThisIsStartingToBoreMe · 26/06/2021 15:34

Then I spoke wo my brother in law who said that houses are always advertised higher than what the seller expects.

Do you mind my asking what your brother in law does for a living?

hauntedvagina · 26/06/2021 15:34

@Didasillything

Basically I am prepared to pay 190 for it, so that’s what I offered.

Then I spoke wo my brother in law who said that houses are always advertised higher than what the seller expects. Probably they were only expecting 185-90.
I should have offered lower and then haggled.

Maybe ten years ago, but not now. You've offered what you're prepared to pay, tell the EA there's no wiggle room. If you're in a favourable position compared to other buyers and they're looking to move quickly they may take it. If the sellers are in no rush, it may go to best and final. There's a lot of factors at play. Should you secure the property, you may find things come to light through surveys which may allow you to negotiate a cheaper price. Or you could just go back now and say you're offering 185.
Original poster
Didasillything · 26/06/2021 15:35

Oh thank you you are all making me feel better. My brother in law made me feel really silly and naive. @Quartz2208 He said that they will always try to get more out of me. So having offered 190, they will now push me to 195. Had I started lower, they might have settled for 190.

OP posts:
MintMatchmaker · 26/06/2021 15:35

My brother is buying a house at the moment and is finding that most are going at over asking price.

I think your offer will show them you are serious. You can always say no if they ask for more but tell them your offer will remain for x amount of days.

Original poster
Didasillything · 26/06/2021 15:37

I’m glad you all seem to think it was a fair offer. Smile

OP posts:
Amijustagrump · 26/06/2021 15:39

When we offered on our house my parents did the same and made me feel our offer was too high! I'm glad I ignored them as we beat our another couple by £500 and they went with us.. fingers crossed for you!

LemonSwan · 26/06/2021 15:42

Then I spoke wo my brother in law who said that houses are always advertised higher than what the seller expects.

This is simply not true. Most houses are going 25% - 50%+ over 'offers over'; where I am.

I was recently selling and so had assistance from my Estate agent and he told me if you look at the price there are clues (EA language so to speak)

So...
'Offers Over' - Means this is under priced for interest and is expecting to easily go for 10%+ as a minimum.

'Guide Price' - Means this is ranging from actual value to overpriced ie. probably highest end of its actual value on a good day or this is what the seller would like to sell for and is chancing it.

Just a price - means fixed price. That is what they want and will sell at. But if there is no interest probably will take a lower offer.

Original poster
Didasillything · 26/06/2021 15:43

@ThisIsStartingToBoreMe He works for a utilities company, nothing to donwith houses. He loved has bought and sold two properties and made improvements on them, though granted not recently, he last bought 7 years ago.

Thank you everyone I feel much better now.

OP posts:
Original poster
Didasillything · 26/06/2021 15:44

@Amijustagrump Congratulations! Glad it worked out so well for you, hope it does for me also!

OP posts:
LemonSwan · 26/06/2021 15:44

But yes its a fair offer.

Next time though - if its your final highest offer - you should have said 'this is my best and final offer subject to being taken off the market by the end of the day'.

FixTheBone · 26/06/2021 15:45

You, i think by your own admission are a little naive about the house buying process.

Estate agents (generally) are scumbags, they'll almost certainly come back in the next day or so and tell you someone has made a higher offer (when it may, or may not be completely fictitious) - they hope that they can get you bidding against yourself.

I'd stick to your guns, if 190k is what you're willing to pay, and what you think it's worth, then that's what you tell them when they come back to you. I've had loads of friends who've had the estate agent come back a few days later when the other offer has mysteriously backed out.

Cotswoldmama · 26/06/2021 15:45

We got our house by putting in the highest we could pay. It was up at offers over 170,000 but that was our budget but we had sold and moved into our mother in law's so had no chain. We couldn't be bothered with playing games and made it clear this us what we can afford and we're ready to go. They had a lot of other offers above but Tooks ours because we made it clear that we were ready to get in asap.