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Homer J Simpson

How Long Would You Wait....

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Presumably you made your offer to the estate agent. He should be able to get back to you in a few hours with at least an initial response fro the vendor. I would expect a considered response within a few days.

Did you make it by phone, email, in person? Presumably you have a name at the estate agent to deal with (whoever organised the viewing), if no response contact them again. I hope you offered good and low!

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after you make an offer on a house. slightly below the asking price?

i'm still waiting, no word form estate agents or vendor.

im a 1st buyer

We offered 31% below asking on the last house we bought. Flatly declined initially, but we settled on 28% below after a few month's wait. You have to decide how bothered you would be if they sold it to somebody else and what the alternatives are.

Over the years we have been 'gutted' a few times when we've missed out on something we wanted, but in the end something else has always come along which is just as good or better.

If you do buy at close to market value, make sure you are prepared to stay in the house for a long period of time - if prices do fall from here you might get stuck. If they rise then you're laughing, but I would think that is a big if at the moment.

Best of luck.

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We offered 31% below asking on the last house we bought. Flatly declined initially, but we settled on 28% below after a few month's wait. You have to decide how bothered you would be if they sold it to somebody else and what the alternatives are.

Over the years we have been 'gutted' a few times when we've missed out on something we wanted, but in the end something else has always come along which is just as good or better.

If you do buy at close to market value, make sure you are prepared to stay in the house for a long period of time - if prices do fall from here you might get stuck. If they rise then you're laughing, but I would think that is a big if at the moment.

Best of luck.

Set a deadline on the offer. Otherwise, the game is completely in their favour. I assume you're 100% cash or close to it, or absolutely guaranteed funded with proof - EA's will laugh at anything other. Hope you get it. :)

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after you make an offer on a house. slightly below the asking price?

i'm still waiting, no word form estate agents or vendor.

im a 1st buyer

Hi yes we have funding approved.

I've just heard back.

the house is on the market for 140k. we offered 115k as it needs modernised and work done. however someone then offered 122k, was refused, they then moved to 125k.

we then came in with 128k and now the other people after 1 week of waiting have came in with 130k.

sorta hard knowing what to do. we like the house but at the end of the day, its only a house. im sure something else could come around, though we can actually afford to go past the 140k mark if needs be but money is money

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Hi yes we have funding approved.

I've just heard back.

the house is on the market for 140k. we offered 115k as it needs modernised and work done. however someone then offered 122k, was refused, they then moved to 125k.

we then came in with 128k and now the other people after 1 week of waiting have came in with 130k.

sorta hard knowing what to do. we like the house but at the end of the day, its only a house. im sure something else could come around, though we can actually afford to go past the 140k mark if needs be but money is money

I'm no expert, however I'd be very wary. Do you know the other bidder is genuine, or is the Esate agent just trying to bid you up? It's called "bidding off the wall" in auction houses. In the current market bidding wars are rare, much more likely to be an estate agent bidding up the price for his client.

If you are not heart-set opn the house and want to see if it's genuine, walk away, politely thanking the Estate agent but saying you would rather leave it to the other bidder. Don't call or contact them in any way. IN a week or two they'll be back to you saying that the other bidder has pulled out for some reason, and offering you the house at 130K. You can then offer them 115K as before. Game on.

Good luck and walk tall, as a cash buyer you hold all the cards in the current market.

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I'm no expert, however I'd be very wary. Do you know the other bidder is genuine, or is the Esate agent just trying to bid you up? It's called "bidding off the wall" in auction houses. In the current market bidding wars are rare, much more likely to be an estate agent bidding up the price for his client.

If you are not heart-set opn the house and want to see if it's genuine, walk away, politely thanking the Estate agent but saying you would rather leave it to the other bidder. Don't call or contact them in any way. IN a week or two they'll be back to you saying that the other bidder has pulled out for some reason, and offering you the house at 130K. You can then offer them 115K as before. Game on.

Good luck and walk tall, as a cash buyer you hold all the cards in the current market.

Hi, thanks everyone for their replies.

You obviously know more about this than me :rolleyes: I get the impression that I am being played to be honest. When I first spoke to the agent, I asked what kind of money the seller was looking for as he refused my first bid. The agent said not to come back with an offer unless it was at least 125k or upwards.

After a couple of weeks, they called and said someone had offered 122k. However, then a few days later they called and said that it was now £125k.

We waited and then bid 128k a few days later. Then five days later, the agent called and said it was outbid and was now 130k. It had now been passed to another employee in the estate agents company, and I asked him what the seller was expecting to get. He said the seller wanted at least 135k at least. (I’m thinking, your colleague told me it was 125k last week.)

Anyhow, the agent said that the owner probably won’t accept the 130k but if the agent has too, he’ll take that offer to the seller anyhow. (The way he said it made me believe the agent hadn’t even told the seller that we bid 128k….which annoyed me, as the seller might have even accepted this bid during the five days that I was waiting for a response.)

Anyhow, I think we’re now just going to hold off.

Thanks for your help and advice!

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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