The nervous wait to exchange....

  • Thread starter Thread starter noj
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oggiet said:
Just had first offer for our place, £410k.....agents listed it for £425k which we thought was too high. If we could get another £5k would be ideal but we might just settle for what they offered now.
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Your position and theirs really dictates things in my experience.

I'd rather have a slightly lower offer from a party that's really interested, committed and in a good position. Than a slightly higher offer from a less reliable party, who are more so-so and perhaps part of a long or unstable chain.

Opportunity cost etc.
 
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One house we saw today is nice, I can imagine us living in it. It's 4 minute walk away from the beach which is ideal, also very quiet cul-de-sac. House wouldn't need any work itself, garden is not big but big enough for us. On side of the house there is detached garage and detached garden studio. Studio is not in great condition so would most probably be knocked down and could build something like 5x3m games room for us to chill in. Will have to look into how much something like that would cost.
Not getting to excited but there is potential in the house, Mrs absolutely loves it. Hopefully we hear on Monday is any further news on offer on our house, fingers crossed they come back with something like 415k offer as house we like is on for 425k. Thinking we go a bit lower than that due to studio needing work and see if seller will negotiate. She is single lady who is looking to downsize.
All in all it was positive day for us.
 
BennyC said:
Your position and theirs really dictates things in my experience.

I'd rather have a slightly lower offer from a party that's really interested, committed and in a good position. Than a slightly higher offer from a less reliable party, who are more so-so and perhaps part of a long or unstable chain.

Opportunity cost etc.
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Agree with you. We have decided whatever they come back with we will accept, even if it's same 410k they originally offered. They are young couple with baby due in August so we don't want to mess them around. We been in their shoes as first time buyers.
 
oggiet said:
Agree with you. We have decided whatever they come back with we will accept, even if it's same 410k they originally offered. They are young couple with baby due in August so we don't want to mess them around. We been in their shoes as first time buyers.
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You have to be comfortable, the worst they'll say is 'no' and re offer their original. This is where a good EA earns their fee.

You may have to wait weeks or months for a better offer, so if it's not a real hindrance or barrier for you, getting things moving is the best option sometimes. It's stressful enough!

If you're that unhappy then accept but ask your EA to continue to market/conduct viewings and put the brakes on instructing solicitors for a week or two so as not to cost them £ unnecessarily.
 
BennyC said:
You have to be comfortable, the worst they'll say is 'no' and re offer their original. This is where a good EA earns their fee.

You may have to wait weeks or months for a better offer, so if it's not a real hindrance or barrier for you, getting things moving is the best option sometimes. It's stressful enough!

If you're that unhappy then accept but ask your EA to continue to market/conduct viewings and put the brakes on instructing solicitors for a week or two so as not to cost them £ unnecessarily.
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Thanks for the advice. Buying your first house is so easy, when selling it's totally different ballgame. Good learning progress that's for sure
 
as a first time buyer you have that luxurious 425 stamp duty threshold .. so from one perspective a house at that price is ~9K cheaper., than for a 2nd timer.
 
jpaul said:
as a first time buyer you have that luxurious 425 stamp duty threshold .. so from one perspective a house at that price is ~9K cheaper., than for a 2nd timer.
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My partner is a first time buyer, shame i am not as it requires both of us to be first time buyers. be nice if they halved what we're paying.
We're going through a purchase/sale at the moment, estimated time of completion is 12-16 weeks. Sure it never took this long when we bought ours but that was years ago.
The estate agent's have a phone app that tells us what stage we are at, what we are waiting on and any updates which is handy :)
I took out insurance for the purchase of the house too, hopefully wont need it
 
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