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Original poster

Offer accepted but think we are paying too much!

74 replies

RaybanRose · 31/08/2021 18:32

First time buyers here, we saw a flat we loved and decided to put in an offer.

Listed on Rightmove at 'Offers over £200k' so we were advised to offer at £200k.
Seller declined and estate agent told us he was looking for £215k(!), and that he had previously refused offers around £205k.
We said we would go to £206k.
Estate agent said he had declined again but said he thought if we added one more thousand he would accept.
So we offered £207k and our offer was accepted.

But we are now worrying we are paying over the odds and that we jumped in too soon. We're worried we were too eager and they took advantage of that. The flat has been on the market for a while, listed on Rightmove as the price being reduced in June, though we don't know how much it was reduced from.

When we told our mortgage broker about the price he assumed there was a battle between us and another buyer which explained the 7k increase, but it was just us!

Nothing has been signed yet, we have literally only just had the offer accepted so we aren't tied into anything and it is still fully listed on Rightmove.

What are our options? What would you do in this situation? How do we find out if we are paying too much before we get too far in?

Any advice you could offer would be greatfully received. We have our second viewing tomorrow. Thank you x

OP posts:

ThisIsStartingToBoreMe · 31/08/2021 18:34

How much did the current owners pay for it, and when?

Neverrains · 31/08/2021 18:35

It’s worth what you’re willing to pay for it. If you feel it’s too much for you, then withdraw your offer.

BernadetteRostankowskiWolowitz · 31/08/2021 18:36

Nothing wrong with asking for offers over, as they might need a minimum in order to fund the next purchase.

Have you done some comparisons on similar properties and sold/for sale prices? Have you had a survey done yet?

FAQs · 31/08/2021 18:37

The mortgage company will offer a valuation. But lots of places have been down valued in the last year. What have similar properties sold for!

Whinginadeville · 31/08/2021 18:38

You can always go back and reduce your offer but you run a real risk of them remarketing it as you will look like time wasters. It sounds to me like they wanted 215 you wanted 200 and you've settled at a a reasonable 207 and are just overthinking it.

IveGotASongThatllGetOnYNerves · 31/08/2021 18:38

Whatever you do, don't be one of those dicks who demands a last minute reduction!
Research similar properties. If you truly feel you've offered too much then it's best to withdraw and move on.

Girlmum89 · 31/08/2021 18:39

We offered 20k over on a house that was up for offers over £325k. The next offer down offered £18k over.

£7k over offers over £200k is nothing. Honestly, don’t worry.

surreygirl1987 · 31/08/2021 21:06

We've offered £20k over to ensure we get the property we really want. You pay what it's worth to you. I would imagine they may have been trying it on, but nevertheless if you want it and it can afford it, and it's worth it to you, go for it.

MadMadMadamMim · 31/08/2021 21:15

The seller was asking for offers over £200,00 and turned down your offer of £206,000.

I'm not sure why you think you are paying too much at £207,000. If you reduce your offer they will presumably put the house back on the market and write you off as time wasters. They turned you down at £206,000 - there really isn't any mid ground for you to reduce it. Either you want to buy the house at the price they want for it or you don't.

museumum · 31/08/2021 21:18

I know the English market isn’t used to “offers over” but in Scotland it’s the usual way to advertise and in a strong market you’d probably need to pay at least 10% over. You’ve only paid 3.5% over which sounds good to me.

Saz12 · 31/08/2021 21:18

Sounds like you MIGHT have got it if you’d stuck at £205? So you MAYBE paid £2k more.

If you can be arsed, work out how much you spend on something non-essential over the time you expect to love there. I probably spend more than £2k on crisps over a 5 year period. That’s what you’re overpaying by (perhaps!).

GiantKitten · 31/08/2021 21:24

Can you find it on zoopla? They show full pricing history (or did when I was looking something up recently)

GiantKitten · 31/08/2021 21:34

Listing history on zoopla (this one is SSTC since a few months ago)

Offer accepted but think we are paying too much!

BernadetteRostankowskiWolowitz · 31/08/2021 21:34

If you pay for a full structural survey there may be some reduction able to be negotiated.

Twiglets1 · 31/08/2021 22:04

I don’t see the issue - the vendor turned down 206k so you know you had to pay 207k to get the flat you wanted

Wanderergirl · 31/08/2021 22:13

You are overpaying, I see no flats being sold at the moment and with so many new builds, I don't see situation improving any time soon. If you walk away whoever is selling it, will be stuck with it for much longer. They already reduced it once. If I'd be buying a flat I would go for so called "cheeky offers", there's literally thousands of them on the market right now, not shifting.

Original poster

RaybanRose · 31/08/2021 22:21

I think we're just worried because we've been told so much about how fast the market is moving and how quickly things are being snapped up that we tried to get in there quickly and are just concerned they've seen we are eager FTB and we are paying over the odds.

It has been on Rightmove since at least June when it was 'reduced'. We queried this with the estate agent and they said that it was because a sale fell through but again, just worried that's not true and there is something glaringly obvious we are missing!

I've had a look on Zoopla for the listing history but for some reason the original listing was deleted and reuploaded on the day our offer was accepted, so it's not showing any history. It also at one point showed it had been removed on Rightmove but then was showing again as normal.

We're going to speak to the estate agents tomorrow and ask for the previous listing amount and about other offers he's received which will hopefully ease our minds

OP posts:

WombatChocolate · 31/08/2021 22:23

The ‘right’ price is only ever the price which buyers and sellers agree. You offered this amount….and it was accepted.
It was entirely up to you what to offer….it is always the buyers’ responsibility to think carefully, do their research and offer wisely. The EA works for the seller and will always be keen to get the highest price, and it is up to you as buyer to take care and time needed to offer wisely, rather than to leap into something.

You need to think if you are just having a sense of cold feet and fear at the enormity if buying, or if you genuinely think you’ve offered too much and aren’t prepared to proceed. You wouldn’t be the first one to decide this and offer less or walk away. However, you will annoy the seller if you offer less and it will be hard to take you seriously as buyers. So think carefully, especially if it’s over £1k. Most sellers won’t be prepared to do this kind of deal with you at this point as it is assumed you made your offer of your own accord and having thought about it.

Perhaps this flat is just priced beyond what YOU are prepared or able to pay. In which case you walk away. Just because you love it, doesn’t mean you can have it or if it’s priced at more than you want, doesn’t mean the seller needs to sell it to you at that lesser price.

A sale only happens if buyer and seller can agree price. If you’re not happy with what seller wants, there can be no sale. You’re not committed until you exchange, but if you aren’t prepared to pay what you’ve offered, it’s better to pull out now rather than later. You will quickly start to incur buying costs anyway….so think carefully and make a decision. It would have been better to do this and all your research before offering, but do it now and make a decision….and stick with it.

Twiglets1 · 31/08/2021 22:27

@Wanderergirl you can’t say OP is overpaying because you have no idea of the market in her area... It just sounds like FTB nerves to me because lower offers were rejected by the vendors

Rhinothunder · 31/08/2021 22:27

I'm constantly amazed how people make offers after 1 viewing. Unless you're a property mogul/ insanely rich it just seems crazy to me! Go back and have a proper look around before deciding your next step

Littlepaws18 · 31/08/2021 22:30

If you over paid your mortgage provider probably will not give you the money to borrow, only what it's worth. This happened to us on our last house buy and had to meet the seller in the middle with the figure the mortgage provider stated.

On a positive note we got the property for 5 grand less.

Though it was incredibly stressful.

The mortgage provider looks into homes in the area that are similar but also calculates how much it would sell for in three months time. They do this because if you default on the first payment they need to know whether they would get their money back if they sold it quickly. My dad used to be a valuer and he said it's this but of a property sale that's the most stressful.

So if your flat is online with other properties in the area, isn't too quirky (ours was which was why the sellers tried to ask for more), isn't over done up- there is a flat rate that properties go for and it doesn't matter how fancy the kitchen is it doesn't always up the value. You should be ok.

Neverrains · 31/08/2021 22:30

@Rhinothunder

I would have offered on our current house with no viewings. I already knew the area extremely well, had been in other houses on the street built at the same time… I knew I wanted it. I viewed and offered while DH was away on business… he didn’t step foot in it until the day we moved in.

WombatChocolate · 31/08/2021 22:32

All this stuff about asking about previous prices etc should have happened BEFORE you offered. The mantra is BUYER BEWARE which means research first and then offer. You have not been taken advantage of, because you offered freely of your own choice.

This is not all a game, nor a process where you can randomly offer, then come up with a load of Qs and go back to the EA with them, to have another think about if you like the offer you made or not. Returning to the EA with Qs about previous sale prices etc will at best make you look inexperienced and uninformed and at worst, a total time waster.

What exactly do you want them to tell you, that will make you feel the offer is okay? Do you have some other family members you can talk this all through with and make a decision with. Remember, there is no right price. The seller has to accept the offer. Sometimes they want far more than anyone will pay and then of course there is no sale. Sometimes they want more than you can or will pay and then the sale doesn’t happen with you, but might happen with someone else.

If you pull out if this one, just be aware when looking again of the market and gather full info in advance of offering. And also be aware that some nerves are normal with a big purchase. You now have to judge if it’s just nerves or a serious issue of having made a ridiculous offer. Experienced buyers who look back, often say they nearly pulled out over £2k and later, when realising how little £2k is in the context of a big house spend and also in light of the fact prices rise over time, know that sometimes you just have to grit your teeth and pay that if it’s required for the property you love.

Or is it that you don’t actually live the property anyway and it’s cold feet about the flat itself and not just the price. Time for serious thinking and taking a deep breath and committing one way or other. It’s what house buyers have to do and not be flakey.

Littlepaws18 · 31/08/2021 22:35

A lot of advice on here is suggesting the right price is the price you are willing to pay. That works if you are a cash buyer, but not if you need a mortgage. Get your mortgage valuation done ASAP, so you know you didn't over pay and you can start getting excited about your new home.

AmelieLovesAutumn · 31/08/2021 22:36

What else can you buy for £207,000 in your location?

Have you had a survey done? I presume you've checked you any cladding?

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