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Thread: House buying and offers?

  1. #1
    Regular Member Gregg's Avatar
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    Default House buying and offers?

    Ok
    Exciting times lay ahead for me, made an offer on a house £5k under its list price, its being sold by a company through a local agent so i thought may aswel try my luck a bit cheaper as £5k isnt going to be too much for a big company compared to your average house seller.

    So been for the mortgage could lend 125k but opted to have 100k to keep monthly payments reasonable and well within what i earn each month.

    There is 1 other offer in on the house, obviously i really want the house should i play cool and if they want more stick to my guns or should i offer the asking price?

    At the moment i am in the best position agent syas as i am a first time buyer but my offer is lower.

    Bit of advice if you can people


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    Regular Member izonoky's Avatar
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    Good luck with the death grip , how many bedrooms?

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    Regular Member Gregg's Avatar
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    2, and easy loft conversion.
    it was built 1912 really nice place in a expensive part of my town so i am literally paying 30k more for the area its in.
    frustrating not knowing and being out of my hands.

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    Regular Member Karl's Avatar
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    Default

    tbh at the moment I would offer 10% lower on ALL properties, had 3 friends buy 3 houses in the last 4 months, all managed to offer 10% or thereabouts less than asking due to the market slowing.
    One of them got the deal of the century.

    BUT, if you REALLY want a house, offer the asking and put a proviso that you complete in 6 weeks or it reverts to 5K less

  5. #5
    Regular Member Gregg's Avatar
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    Cheers Karl
    Ive thought also saying ill offer the £5k more but i do not want anyone else showing around and it to be took off the market

    Like abuying a car in a way but far more expensive

  6. #6
    Regular Member R-man's Avatar
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    Hi Gregg

    Before you go running back with their 5k, imagine it as cash in front of you. Thats your loft conversion money for example. So don't be afraid to stick it out a bit, as by the sounds of it you are in the best position.

    Remember, even they decide to run with someone else, at the very point you get the news you could offer the 5k and they'd probably run with you.

    Either way just dont be afraid to hold your nerve, it's not monopoly money!

  7. #7
    Regular Member sonic's Avatar
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    Default

    Just wait and see what happens. You are in a strong position, and even if the company accept the other offer there is nothing to then stop you increasing your offer.
    Play it cool, the housing market has slowed and a buyer in a strong position, cash ready no house to sell, YOU, is a buyer worth having.
    Housebuying can easily become become an emotional experience but just try to detach yourself a little and play it easy.
    If they accept then 5K in your pocket is better than 5K in theirs.
    I would give the agent a bell, and tell them you are after a quick decision as there is another property you are interested in. Emphasise that you are a serious buyer in a strong position ready to buy and make sure they are passing that onto their client.
    Estate agents can be a little bit too keen to ignore lower offers.
    If The client sells for 5K less then thats 2-3% less of that 5K they wont be getting!

    Good Luck!

  8. #8
    Regular Member JCB's Avatar
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    Gregg - I work in housing and it is SLOW!

    In other words its a buyers market - stick to your guns, there are plenty of other houses around for sale at the moment (people start putting them up at this time of year) - trust me when I say that losing a house isn't the end of the world, things always work out for the best - if it goes, it goes....

  9. #9
    Regular Member Gregg's Avatar
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    Default

    Cheers guys. definely going to stick at my guns now.

    Cheers alot

  10. #10
    Regular Member R-man's Avatar
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    That'll be 5k consultancy fees please

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