Making an offer on house of my dreams!

zipee

OK so I am reading threads here saying house is just a house and there are plenty of houses that tick all the boxes. But typical woman here.........I have viewed sooo many houses and never had "The Feeling". The feeling that I believe you need to have for it to be the right one. I have fallen in love with a house with a most lovely atmosphere. Every room is just lovely. It needs absolutely EVERYTHING done to it. Wiring, windows, insulation, plumbling, wardrobes, kitchen, - EVERYTHING.

But lovely garden. If I get this house I will not be moving again. I have an unusual family dynamic as in tots and twenties (my kids). This house provides perfection in its size and layout for all. It was on the market before but then owner died and it came off market for probate. It is back on a few weeks and already dropped 25k. I am planning on making an offer 50k below asking next week.

This is first house in the area to drop so low and it has big square footage (allbeit in dire need of mega updating).

I viewed and told EA that I am interested. Open viewing this weekend so going to phone next week with offer. I am pretty much a cash buyer so hoping that will help and told EA so. But I badly WANT this house. The more I pay over my offer is the more off what I have to spend on fixing it up. So every 10k means me living in bad situation with tots.

I am afraid I will lose this house as it is priced keenly and I am chancing my arm here to a degree by bidding low but honestly 60K to get it up to scratch at least. How do you know when to stop bidding?? Any words of wisdom??? But please don't start the "walk away" stuff as I REALLY want this house. Single mom to 3 here!

Thanks..........please talk me in off a ledge here!

Bigcheeze

Don't panic, don't be tempted to bid against yourself. You're going to have to be patient as if your offer is well below asking don't expect quick acceptance of the offer.

But that's ok, once you've an offer on the table the EA is not going to sell the house from under your nose. If the house needs a lot of work you're in even better shape as there aren't many buyers out there and there are fewer buyers with cash for refurbishment.

ProudDUB

You say that you have kids in their 20's. Should you be making this massive long term financial commitment to a house with them in mind? Sooner rather than later, they are going to want to do their own thing and live their own lives, in their own homes and with their own partners.

If you buy this "lovely" house now, and you bust a gut and your wallet to make it livable, how will you feel if they announce 6 months after wards that they are heading off to Australia for a few years, or are moving in with their girl/boyfriend?

Forget about how lovely the house is. There are a lot of lovely houses out there. Make a decision based on how well this house suits what your long term needs are going to be realistically, not what you think they are or want them to be now. Banks aren't lending to first time buyers as they used to, and people don't have the job security that they used to have. Parents now may feel an obligation to do more to keep a roof over their kids than they may have felt 5 years ago. But that still doesn't mean that your kid won't want to strike out on their own sooner or later.

Mr. Loverman

You sound like an EA's dream.

If you can afford the house (as you say, cash buyer) and you plan on staying there forever, then feck it why not, go for it!

But you really need to work on your negotiation skills as I am afraid you might come across as desperate.

Suggestion:

Could you get a "disinterested" third party (e.g. your brother) to negotiate on your behalf?

Best of luck.

zipee

Thanks for replies.

ProudDub - My child in 20's has health issues which means he may be with me for good. But if he does test his wings I would be thrilled but would always like a bedroom for him. Even if it is just that he feels he "can" come back. But if he did leave (as in a girlfriend) then I would be Thrilled to gain an office :D

The reason I love this is that I really feel it does answer my longterm needs for 20+yr old and my 2yr and 4yr olds and ME (finally).

But you are all right. I am too eager. I have been thinking half the night about it and I feel a bit more level headed about it today. I have set a limit in my head and if it doesn't get it then so be it.

But I have looked at a lot of houses and none have ticked all the boxes except this one. I think I might ask my brother to negotiate for me. He haggles when he buys things in town!!!

So fingers crossed and here's hoping for snow on Sat during the open house!!:rolleyes:

Thanks again

Idbatterim

Zipee, where is property located and what is the asking price? Also another bit of advice i would give IF you end up going for the property, when it comes to getting quotes etc, get a man to do it for you... (im not saying all builders, tradesmen will take advantage, but better to cover yourself! also let them know you are getting other quotes). also always start low, you can always work your way up with the offer if needs be, additionally once you put in an offer the EA will keep you updated, they wont just one day turn around and say "oh it was sold to another party" If i were you maintain a poker face when viewing and if asked id say there is another property you are seriously interested in, but thought you would take a look at this one. DONT LET THEM THINK THEY HAVE YOU OVER A BARELL!

StillWaters

Idbatterim wrote: »

Zipee, where is property located and what is the asking price? Also another bit of advice i would give IF you end up going for the property, when it comes to getting quotes etc, get a man to do it for you... (im not saying all builders, tradesmen will take advantage, but better to cover yourself! also let them know you are getting other quotes).L!

Im female and have never been ripped off by tradesmen. This is 2012, tradesmen are well used to dealing and negotiating with female customers. I think I read over on the construction board (you will become a regular there too I'm sure) that women make up about 50% of the people project managing and dealing with builders.

Good luck, it can be very daunting, both the bid and renovation process. But fun and all absorbing too.

zipee

Thanks for all replies! Well I bid €10K less than I was even planning! So a very low bid. EA took it to owner and obviously they said no but no other bids in. So the waiting game begins! They had a busy open viewing but no bids. He says we will come back if any other bids. I bid €65k under asking and he indicated they "might" move for a HIGH bid which would be about €25k under asking price (so in my mind they have come down €25k already???? AM I wrong???)

I am still looking at other houses and all of them I would spend a fortune on extending or changing to get the area and floor layout this one offers. I am not put off by it being in bits............my last house was the same. I would gladly do the work to see my tots in the big south facing garden on swing set and trampoline (which will be my first purchases!)

Any advice now????????????? Just sit and wait for EA to contact me again? I would love another look at the house - would I seem too keen? What if I went to an open viewing???? I would love to bring my brother who does property maintenance???

Thanks again.

Snakeblood

zipee wrote: »

Thanks for all replies! Well I bid €10K less than I was even planning! So a very low bid. EA took it to owner and obviously they said no but no other bids in. So the waiting game begins! They had a busy open viewing but no bids. He says we will come back if any other bids. I bid €65k under asking and he indicated they "might" move for a HIGH bid which would be about €25k under asking price (so in my mind they have come down €25k already???? AM I wrong???)

I am still looking at other houses and all of them I would spend a fortune on extending or changing to get the area and floor layout this one offers. I am not put off by it being in bits............my last house was the same. I would gladly do the work to see my tots in the big south facing garden on swing set and trampoline (which will be my first purchases!)

Any advice now????????????? Just sit and wait for EA to contact me again? I would love another look at the house - would I seem too keen? What if I went to an open viewing???? I would love to bring my brother who does property maintenance???

Thanks again.

Why not send your brother without going with him, as a prospective buyer. That way you get the place checked out and an unbiased opinion from someone who doesn't want to buy.

Joe10000

Snakeblood wrote: »

Why not send your brother without going with him, as a prospective buyer. That way you get the place checked out and an unbiased opinion from someone who doesn't want to buy.

And a good way of testing the EA's honesty.

Aggiem

What happended about the house? Did you buy it?

Snakeblood

Joe10000 wrote: »

And a good way of testing the EA's honesty.

I'm working on the premise that all EAs are goddamned liars. If I ever find an honest one, I'll revise the opinion.

zipee

Well still no word from EA on house since their initial refusal. The good weather is making me soooo itchy to be getting stuck into doing it all up. I can't fathom it NOT being mine!! It seems like I made my offer months ago but only a few weeks. I am just finding this so hard! My brother never went to look but I am hoping a friend will go soon. Turns out my brother vaguely knew EA and he would know it was me really.

How does anyone actually do this???? It is a killer! I desparately want a 2nd view but 2nd best would be a friend to take a few photos on smartphone. Sigh!

Any advice????:(

pawnacide

Ring the EA and book a second viewing. This don't bid against yourself claptrap only applies if you're making serious offers, but if you've made a seriously low offer that's been refused two weeks ago with no further contact I can almost guarruantee you're not on the agents radar anymore.

You made an offer the owners refused but came down 25k and you left it at that .. is that right ? if so the balls in your court.

If it needs work it's imperative that a builder has a look with you.