putting an offer in on a house seriously below asking... HELP!

[navyeyelasH]

Hi all I'm about to buy my first home and we have seen a house we love. BUT we have just had some awful news on our mortgage, which we had a provisional acceptance of 220k, but now it's been slashed to 160k (long story!).

The house is currently on for offers in excess of £200k, it was previously on for £260k (beginning of October), it does need some work (new kitchen, new bathroom, complete repaint and general update, possible new wiring, new GCH) and I think it's probably worth around £200,000 - £190,000 in current market.

I seriously doubt our offer will be accepted but we have nothing to lose so will put in an offer of £160k. But do I explain the whole mortgage situation to the estate agent (I don't want to scare the vendors into think people think that's all their house is worth TBH and have them all panic-ed over xmas) with the risk of him realising we were prepared to pay more a few days ago and thus someone else might be prepared to pay more in time.

OR do I just offer £160k with no explanation for my absurd behaviour?

The vendors want to sell quickly as they are looking to rent in Cornwall.

Anyone have any idea on how to play this? ta!

Fingers crossed for you Navy. Like Katie says the fact that the EA is calling you and so soon is a good sign.

Don't take offence at some of the comments. I think we call all be guilty sometimes of just reading bits of a thread, putting two and two together and coming up with 15!

Keep us posted please.

"eekareindeer read the thread properly and you will find the answer to your own question"

eh? I didn't ask a question.

I thought I was answering one of yours.

I'm sure they are hoping for nearer 200K. But they're unlikely to get it as the market still appears to have a good way to fall. Sit tight - they may well come back to you in a month or two...

navyeyelasH
Spoke to an EA today. He was honest enough to state that they were holding on for a spring 'bounce', but if that didn't come then that would be it, prices were going to plunge big style.

He named 3 EA's that were on the verge of going bust in the area. Said that agents needed to make 2 sales a week to keep afloat, but that this wasn't happening nowadays - even the big agents are only managing to get 1 a week through to exchange.

Spring bounce! Yeah, right.

Yes, I did have my face on!

Bargains don't tend typically to come on in Spring, January is divorce season and the forced sellers will be flooding onto the market especially the nice big house with 4/5 bedrooms currently occupied by childless couples.
Also as the credit card bills hit the mats there was usually a rush of remortgages which of course won't be happening this time so they will come on to the market too, pushing the prices down.
The ones that come on in Spring tend to be retired couples who are thinking about moving, maybe if they can some idiot stupid enough to pay the asking price, not a penny less.
Might be worth skipping the high street sales and viewing houses next month.

Hi everyone just checking in; no news yet but do know the only other couple to look at the house have out on offer in somewhere else, so it's looking for for us!

Will def be looking closely in Jan, have signed up to rightmove notifications so am notified every time something comes on!

Thanks for all the great advice x

quick bump so this stays on my thread I'm on list - no news

But I did fond out the only other people who were remotely interested in it and put an offer in that was accepted on a different place.

Fingers crossed for you in the New Year. On the news earlier that prices are expected to fall another 20% next year so if the sellers have any sense they will snatch your hand off!

Enjoy Christmas and try not to worry too much!