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Original poster

Seen a house I REALLY want - 20 others seen it in block viewings - tips on clinching it?

98 replies

LadyThompson · 27/06/2009 17:09

Sorry, I keep boring you all with this saga. I am a cash buyer, not in a chain. It is on at a good price already (£50k was knocked off the asking price last week) though it needs completely gutting. I really want it so badly. We are living in a tiny flat at the moment with a small baby and have already had one house fall through. I am making an offer below the asking price first thing on Monday morn (estate agent said she wouldn't be considering any offers until then) - I am desperate for this house. How can I get it? Will I have to pay more than the asking price, I wonder? Seems crazy in this climate.

OP posts:
PortAndLemon · 29/06/2009 15:33

Good luck!

myredcardigan · 29/06/2009 15:46

Is your mortgage covering the repairs or do you have cash for that.

We were almost stuffed on our buy. Paid over 600k for a house with no central heating and poor electrics. Also needed new kitchen and bathrooms. It was a very good buy but our mortgage deal originally included 80k to bring it up to standard. Bank pulled 2nd bit of mortgage because of their situation and we have had to struggle to do everything bit by bit. It was still a good buy and we offered much lower than asking price as we were also chain free. And in a good location but what use is that if you can't live in it? It's still a state but at least we have hot water, heating and lights now.

Just make sure you don't have a similar mortgage! Oh and good luck with the offer

Original poster
LadyThompson · 29/06/2009 16:01

Thanks myredcardigan. I don't have a mortgage, but a finite lump sum. If I get it for the asking price I will only have about £5k to do it up But we would want to stay there for ages so everything will have to be done over time and saved up for...There isn't central heating but another form of heating, which does at least work....It's liveable in, I think.

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myredcardigan · 29/06/2009 16:13

Oh that sounds ok then. We had no heating and the electrics were some ancient box on the floor with about 20 wires coming out of it and running around the house. That scared me and I couldn't have the kids near it so it had to go before we moved in.

Our sort of mortgage was apparently quite popular before the banking collapse.

I'm not too upset because we bought it when the market was dire and at any other time it would have been a property developer's dream and pitched out of our price range. We got it at the price we did because everybody else was terrified to buy! I was a tiny bit disappointed at only being able to afford the B&Q basic £400 bathroom suit though.

At least if you can live in it, you can do it up as and when you can afford to. We're ok now but I was panic stricken when we found out.

When do you hear about your offer?

Original poster
LadyThompson · 29/06/2009 16:37

Oh heavens, I don't know when we will hear. I imagine the vendors will be waiting for everyone who saw it on Saturday to make up their minds when or if they will offer, so I haven't a clue...I mean, I presume if anyone else is interested they will be offering today, as I did. With 20 people viewing and several seeming really keen, there isn't much point in playing it cool.

If we do get it, it's going to be a case of scrubbing it from top to bottom, getting the gopping carpets cleaned and working out how to get the most out of our £5k....

OP posts:
myredcardigan · 29/06/2009 16:42

I'd still push the vendor for an answer by tomorrow. Did you offer asking price in the end? If you did then I'd want an answer today!

Trouble is you have laid your cards on the table with the EA by being so keen. He/she may well be trying to scare you into offering more by drawing it out then telling you the vendor is unsure so you say, 'oh ok we'll pay ...' Hold your nerve!

Original poster
LadyThompson · 29/06/2009 16:46

It's a forced sale as it turns out so I don't think they will want to hang around and will want the cash. If I don't hear anything from the EA by tomorrow lunchtime I will probably call. But I need to talk to DP when he gets home from work about a modus operandi!

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Original poster
LadyThompson · 29/06/2009 16:48

I suppose I could ring and say we want a quick decision or we will be looking elsewhere, but I think bluffing is always a risky enterprise.

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myredcardigan · 29/06/2009 16:56

Our vendor was hesitant because our offer was much lower than they wanted but I knew we were in a good position tthe way the market was. What we did was make an appointment to see another property on with that agent. I'm sure the agent let them know this as they accepted before we could see the other house (which we weren't interested in anyway!)

Tambajam · 29/06/2009 16:58

I think it's reasonable to expect an answer within 48 hours or at least further information. I agree that if it was asking price you should not wait. Good Luck!

oliviasmama · 29/06/2009 20:49

If your a cash buyer and you offered the asking price I really would have said that the offer is based upon the property being withdrawn from the market. I'm really surprised you didn't insist upon this.

Anyway, good luck.

Original poster
LadyThompson · 29/06/2009 20:53

But if the offer is accepted, it is off the market automatically - surely...

OP posts:
PortAndLemon · 29/06/2009 22:13

No -- you generally need to stipulate that as part of the terms of your offer.

LovingTheSunshine · 29/06/2009 23:14

Keeping everything crossed for you

Original poster
LadyThompson · 29/06/2009 23:30

Aw - cheers

I am such a bonehead when it comes to this property lark, I tell you.

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oliviasmama · 30/06/2009 05:35

As P&L said and it also adds weight to your offer......anyway you didn't do it so don't worry, sounds as if you are getting yourself in a bit of a pickle about this house.

Hope you get it.

Tambajam · 30/06/2009 06:45

You should definitely specify that you expect it to be off the market. It won't be automatically. Round here is usually isn't off the market until exchange of contracts.
I would stipulate and then get a mate to phone up and enquire after 2-3 days to check it is.

Madmentalbint · 30/06/2009 06:58

House buying is truly horrible. Well it is when you've fallen in love with a house and you want it so badly. I think you just have to accept that there is only so much you can do and really it is down to good luck. I really hope your offer is accepted.

This thread is as exciting as those Am I pregnant? threads

jeanjeannie · 30/06/2009 08:32

Agree with tambajam...if it's offered to you get it off the market asap! and then get mate to do a check!

I once had an offered accepted on a house and the very same day the EA (different person in the office) rang me up to tell me of a fabulous place that had become available ...it was the place I'd got the offer on And they were telling me it was £15k MORE than had been accepted! Needless to say I withdrew - so you have to be careful

Good luck - fingers crossed - hope it works out for you

Original poster
LadyThompson · 30/06/2009 09:13

Thanks for the advice everyone, it's really appreciated.

Jeanjeannie - my goodness, what a horror story!!

I will post the minute I hear anything but I will be offline between from half two today and won't be back on until tomorrow, so if I don't post until then that's why!

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myredcardigan · 30/06/2009 10:00

jean, your post reminds me of that episode of Location, Loc, Loc where the EA sent the bid details to the bidder instead of the vendor and they realised that although they had won the sealed bid their offer was well in excess of all the others. Naturally they reduced it dramatically. I've often wondered whether that vendor fought for compensation from the EA.

jeanjeannie · 30/06/2009 12:09

Luckily I saw sense and pulled out - but it happened in 2000 -just as house prices were starting to cause a stir and in London were going up £2k per week! Looking back now you can see that the EAs were pushing and pushing behind buyers' backs.

myredcardigan I saw that one - that's the problem with sealed bids and probably the main reason they're so popular now.

lljkk · 30/06/2009 12:31

EAs love to get a bidding war going between potential buyers, that's what they are waiting for. Coming to this late, I know, but in my experience they WILL come back and tell you outright what other offers there have been to try to get you to increase your offer, as long as you're close to the other offers or just seeming quite keen.

So I probably would have told EA I was quite keen but made a low initial offer. You could even pretend to be naive and chat about spending lots of money back to do the place up (so making it clear you could increase at least a bit). Then waited for EA to come back and say "Oh sellers want a bit more" -- you then ask how many other offers they've had. Move up to my max if many other offers, move up a little or medium amount and talk up your other advantages if EA doesn't mention any offers above what I already offered.

Original poster
LadyThompson · 30/06/2009 13:36

Someone has offered a couple of grand more than the asking price.

Do I offer £5k above the asking price?

OP posts:
jeanjeannie · 30/06/2009 13:38

Only if you think it's worth it. Then, be prepared for them to up their offer.

Sounds like a bidding war is about to commence. Plus - if they've offered that much over I'm surprised they don't want it off the market. Mmmmmm, be careful.

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