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Original poster

I made an offer and maybe was too high?

31 replies

valladebby · 29/06/2021 22:31

So, the context here is that we are looking to buy our first house for some months now, we viewed 40 property, made 9 offers (4 over asking price, even 20k if we really liked it) and nothing, we are the victim of these crazy times I guess!
BTW I made an offer on a maisonette in a nice village (now I am in a city) that was our max budget, 10k less than asking price. Wasn't accepted, now after a month on the market they told me that probably at the end of the week they are going to accept it.
The thing is, 3 weeks ago I had 5k more (big unexcpted expense) and my husband is starting to say that even if it's beautiful it's a maisonette in a little town, while we can have for the same price an ok-ish house in a ok-ish location in the city. I guess I can convince my husband but how can I tell the EA that I want to lower my offer? And apart from that the valutation on zoopla or move market is like 50k less? Should I trust these website? I love the maisonette but I definitely think that I will overpay it. I think this is the reason that it's still on the market after 40 days even if in that village is super hot!
What do you think? How can I play my cards with the EA?
(hope that makes sense, I don't usually write in English, sorry!)

OP posts:
ComtesseDeSpair · 29/06/2021 23:08

Zoopla used algorithms based on recently sold properties in the area, most of which will not be similar to what you’re buying. It’s not a useful gauge of what something might realistically expect to sell for.

If you think you’ve offered too much, go back and tell the agent that you’ve reviewed your finances and the local market and need to reduce your offer. It’s slightly risky - they may simply say no and also say they aren’t interested in your previous offer / proceeding with your purchase anymore because of concern you’ll try to reduce your offer again later in the process.

What have similar properties in the area sold for in the last six months or so? Check Land Registry sold prices, see whether they’re in line with your offer.

Zinnia · 29/06/2021 23:09

They've already turned down your offer once, you are within your rights to say the original offer "is no longer on the table" (I would use those words). If you want to go for the property, make a revised offer at the level you actually want to pay (it's fine to say your circumstances have changed since you first put your offer in, which is after the truth).

It doesn't sound like your heart is set on this property, so if you can't get it for the right price you can just walk away.

Addicted2LuvIsland · 29/06/2021 23:26

I made an asking price offer a couple of weeks ago. It was accepted. However, when I went back the second time the owner mentioned a few problems and I lowered it by 10k. This was also accepted. I will lower it again if the survey and valuation comes back and there are issues. Prior to this I made an offer on another house which unknown to me already had an offer accepted on it. Although my offer was higher the first, the owners (quite rightly) did not want to let the original people down.
Today I saw a house on Zoopla that I looked at around 4 months ago. I was going to make and offer and the agents said they won't accept it so I didn't bother. It's now on the market with another agent for 10k less than I was offering 4 months ago. If that agent had not said "it's too low they won't accept it". I would have offered.
There will always be houses and flats that come on the market. They come and go. Honestly, it's OK if you don't get this one. I loved the first one I made an offer on. This new one is a totally different type of house but the location and size is much better for us.
Things always work out how they are supposed to. Don't over extend yourself financially. It's not worth it.

Also another point to consider: A nice house in an OK part of town may be a great investment. Areas are always improving. If its value for money people will start moving there and tarting things up.

The place I am moving to is not as nice as where I currently live but lots of houses on the road are being bought up an redone. It's only a matter of time.

To be honest they should have accepted your original offer. I don't know how much the asking was but 10k under asking is still a bloody strong offer as is 15k (of course price dependent).

Good luck OP. It can be very stressful

Addicted2LuvIsland · 29/06/2021 23:27

Also sorry - if you now need to offer less then that's ok too. You never know they may now be more desperate to sell as they may need to move ASAP or lose the place they want. If you don't get it you haven't lost anything - it was never yours anyway.

Original poster
valladebby · 29/06/2021 23:29

I actually really like this maisonette, it's just that I have to convince my husband! :D seriously, it has only a flaw, even if it is a big one, you have to go through the ground floor neighbours garden to go in your garden! Apart from that it is lovely, but I can't check similar properties because it's the only maisonette there! I only know that they bought it for 225k 16years ago and the other houses on the street go for a minimum of 500k to a max of a million (asking price of my property was 425k). I think I will ask to do a second viewing and I will lover my offer then, what do you think? Seems "rude" but it was a month ago and I am sincerely starting to forget things Confused

OP posts:
LemonSwan · 29/06/2021 23:32

Thats a pretty big flaw IMO. I would be suspicious of a house that hasnt sold in the last month considering the lack of stuff on the market and amount of desperate people scrambling for houses.

Addicted2LuvIsland · 29/06/2021 23:34

No it's not rude. The offer was based on what your budget was at the time and what info you had at the time. Lots can change in a month. Go see it again and see how you feel. Of course they are entitled to say no, they may have a budget they need to work with too.

Original poster
valladebby · 29/06/2021 23:34

@Addicted2LuvIsland

I made an asking price offer a couple of weeks ago. It was accepted. However, when I went back the second time the owner mentioned a few problems and I lowered it by 10k. This was also accepted. I will lower it again if the survey and valuation comes back and there are issues. Prior to this I made an offer on another house which unknown to me already had an offer accepted on it. Although my offer was higher the first, the owners (quite rightly) did not want to let the original people down. Today I saw a house on Zoopla that I looked at around 4 months ago. I was going to make and offer and the agents said they won't accept it so I didn't bother. It's now on the market with another agent for 10k less than I was offering 4 months ago. If that agent had not said "it's too low they won't accept it". I would have offered. There will always be houses and flats that come on the market. They come and go. Honestly, it's OK if you don't get this one. I loved the first one I made an offer on. This new one is a totally different type of house but the location and size is much better for us. Things always work out how they are supposed to. Don't over extend yourself financially. It's not worth it.

Also another point to consider: A nice house in an OK part of town may be a great investment. Areas are always improving. If its value for money people will start moving there and tarting things up.

The place I am moving to is not as nice as where I currently live but lots of houses on the road are being bought up an redone. It's only a matter of time.

To be honest they should have accepted your original offer. I don't know how much the asking was but 10k under asking is still a bloody strong offer as is 15k (of course price dependent).

Good luck OP. It can be very stressful

It was incredible for me that they didn't accept my offer! 415 instead of 425 and we are first time buyers! And I know that the vendor did a couple of offers but wasn't taken seriously because they still haven't sold their maisonette. So a part of me wants to punish them 😂 in this town houses are sold in two days, so I feel it would be crazy of me offer the same that one month ago, maybe for some people lore expert than me it is overpriced?? Aaaah so hard :( I feel like 390/400 would be "right", but I think it's too low.
OP posts:
Addicted2LuvIsland · 29/06/2021 23:36

I think flats are trickier at the moment than houses. I have several friends with lovely garden flats that aren't selling. I think it's because many people are now fully working from home or only commuting a couple of days a week so they are moving to bigger homes slightly further out. Just a guess. I'm no estate agent

Original poster
valladebby · 29/06/2021 23:38

@LemonSwan

Thats a pretty big flaw IMO. I would be suspicious of a house that hasnt sold in the last month considering the lack of stuff on the market and amount of desperate people scrambling for houses.
Yes, I recognize that is a big flaw for everybody else but not for me actually. I don't mind so much, and it is the only one. After months of polluted busy road, pylons in the garden, horrible schools etc I feel this is okay :D
OP posts:
LemonSwan · 29/06/2021 23:44

Fair OP

But if your the only one that will want the house then you have a pretty powerful bargaining tool there!

Go in lower, you can always come back up again.

Didiusfalco · 29/06/2021 23:47

Honestly it’s completely fine to put in a new offer if you still like it. They rejected your offer and you didn’t leave it on the table therefore you are back to square one however much they now might like to pick up the old offer.

KBILLY · 30/06/2021 00:01

Legally speaking, there is no offer on the table. You made an offer, they declined. Technically they would be inviting you to make another offer and giving you advance notice that they will accept. As a matter of principal I would be reducing my offer - they clearly thought they'd get higher offers than they did. If you really want the maisonette, you're in a strong position and you can afford to make another - but lower - offer.

DespairingHomeowner · 30/06/2021 07:27

In these circumstances, it would be normal to reduce your offer! They are coming back to you because they haven’t got a better option. If you think it’s worth 390/400 and you offered 415, then offer 400/405 and see what happens. You are a FtB and they perhaps now have found the property they want.

This happened to a relative btw and lower offer accepted (I’m not saying yours will be).

Just say your circumstances have changed, you are still interested, this is what you can offer. Wait for the EA to contact you first so ball in your court

Then update us Wink

They want to sell as much as you want to buy, tougher market on flats (I had to accept less than I wanted),and would not be coming back to you if plentiful other offers

Alexalee · 30/06/2021 08:06

You could use the stamp duty excuse ... even though I would be unlikely that you would have made the cut off date.
If they haven't had a better offer since you offered over a month ago then likelyhood is no one else thinks its worth what you offered.
You could always post a link....

Original poster
valladebby · 30/06/2021 15:13

Thank you so much for your help, I'll definitely try with a lower offer!

I'll post a link: is this one
www.rightmove.co.uk/properties/107399645#/
location is very nice, the green in front, playground and shop in a minute walk. it's a period building so a bit scared by the possible problems.

for comparison, today I saw this one www.rightmove.co.uk/properties/79473075#/ I don't like the decor but that can be changed, I am more worried about the lack of natural light but since it was so grey outside it was almost impossible to understand.
schools are excellent in both location (I have a toddler with no plans for a new baby).

OP posts:
IndecisiveBuyer2021 · 30/06/2021 15:32

I don’t know the area but not having direct access to your garden is a big draw back especially with young kids - ideally you’d be able to be in the house with the back door open and let them play while you keep an eye on them but I’m not sure that’s possible with the layout of what you’re looking at? Even if it doesn’t put you off it will be a problem for many when you come to sell so definitely factor it in to your price.

Alexalee · 30/06/2021 16:17

I too don't know the area but that flat seems well overpriced to me. Next most expensive flat in the are is under offer at 270k... I can't justify that price at all. It seems to be valued in line with 3 bed houses.
Not knowing the are as I said but with what comparable are available the value would be around 100k less than they are asking for

Original poster
valladebby · 30/06/2021 17:04

@Alexalee

I too don't know the area but that flat seems well overpriced to me. Next most expensive flat in the are is under offer at 270k... I can't justify that price at all. It seems to be valued in line with 3 bed houses. Not knowing the are as I said but with what comparable are available the value would be around 100k less than they are asking for
Well, the flat downstairs was sold for 325 in Feb 2020, so before the pandemic, and has 2 bedroom. So I can understand being more than 370. From 370 to 425 it's a mystery for me :D
OP posts:
TwoBlueFish · 30/06/2021 17:38

So downstairs recently sold for £325k at 71.2m2, the upstairs is 80m2 so starting price around £365k. It does have an extra bathroom and bedroom but doesn’t have direct access to garden, which is a big negative. I would say it’s very overpriced which is why it hasn’t sold.

Original poster
valladebby · 30/06/2021 17:57

@TwoBlueFish

So downstairs recently sold for £325k at 71.2m2, the upstairs is 80m2 so starting price around £365k. It does have an extra bathroom and bedroom but doesn’t have direct access to garden, which is a big negative. I would say it’s very overpriced which is why it hasn’t sold.
Isn't 103sqm? I saw the EPC, but I didn't do the math Blush
OP posts:
Alexalee · 30/06/2021 17:58

The upstairs flat is over 1100ft2

MarianneUnfaithful · 30/06/2021 19:00

Feb 2020 was pretty pandemic and pre SDLT holiday.

That area has surely been a prime target for people moving out of London, so given the property frenzy of the last year I don’t think a £50k increase is all that surprising.

I would guess that they have had a sale fall through because it wasn’t going to make the current SDLT deadline.

It’s a lovely maisonette, 3bed 2 Bath, off street parking and garden…. All good.

Only you can know how much of an issue the garden access is but a 3 bed property is likely to be seen as a family sized place.

I wonder if you can find out why it is still / back on the market? I would ask the EA why the vendors onward plan is and do they have a timescale in mind. If they are hanging on to a property they have made an offer on, it tells you that they have recently lost their buyer, and are desperate to hang on to their purchase.

Original poster
valladebby · 30/06/2021 20:49

@MarianneUnfaithful

Feb 2020 was pretty pandemic and pre SDLT holiday.

That area has surely been a prime target for people moving out of London, so given the property frenzy of the last year I don’t think a £50k increase is all that surprising.

I would guess that they have had a sale fall through because it wasn’t going to make the current SDLT deadline.

It’s a lovely maisonette, 3bed 2 Bath, off street parking and garden…. All good.

Only you can know how much of an issue the garden access is but a 3 bed property is likely to be seen as a family sized place.

I wonder if you can find out why it is still / back on the market? I would ask the EA why the vendors onward plan is and do they have a timescale in mind. If they are hanging on to a property they have made an offer on, it tells you that they have recently lost their buyer, and are desperate to hang on to their purchase.

I don't think they had an offer. EA told me the even the viewings weren't a lot, because I think the price really is scaring people (a maisonette in Brighton could be at the same price. But with less charm for sure). I went to make a point with my husband Blush ("do you want to see a nice property in a nice location? Fine, we can afford just a maisonette!", lol), EA has told me that the vendor wants more than 425k but is starting to do some offers on houses that she likes and nobody wants a vendor that hasn't accepted an offer on their property, so I thinks that she is starting to realize that maybe she has to lower her expectations.
OP posts:
MarianneUnfaithful · 30/06/2021 21:18

In that case definitely offer much lower.

But do now have a look at what else is available now that SDLT frenzy is over, and you do sen to have a healthy budget.

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