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Timing of making an offer

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  • 24-01-2013 9:58pm
    #1
    Thumpette
    Registered Users Posts: 1,185 ✭✭✭


    Hi All,

    Would love some advice on our current situation.

    We have found a house we love, really ticks all our boxes and the asking price is our max budget, so we'd be hoping to come in under that.

    We are sale agreed on selling our apartment since last August, it's been a bit drawn out due to some complications with the buyer, however they all seem to be resolved now, valuation done, apparently his money is ready to go, so we are hoping to sign contracts in the next week, with a view to move out by mid Feb.

    We will probably move in with my husband's Dad then, hoping that we will be buying very soon. We need to get a mortgage of approximately 60% of the house value, we are currently dealing with a broker for this. He seems very good, sent us packing in August to sort out our finances and get regular savings. We have done this, and he now reckons we are very likely to get the mortgage we require.

    Just waiting for some final paperwork, but we hope to get this in next week, and to have approval in principal within 2 or 3 weeks.

    Our question now is what to do about this dream house we have seen. Should we go ahead and make an offer now in our current situation (not sure how attractive that would be?) or should we hand tough for a couple of weeks to see if we provide a stronger prospect then?

    The estate agent tells us that there is already an offer of 30k less than the asking price in (obviously aware this could be bs) but houses in the area do seem to go sale agreed very quickly. There was also another couple viewing it while we were there, it does seem popular, but it only went on the market this week, so might be an initial spurt of viewings.

    We really want this house and would love to make the right moves to secure it, any advice appreciated!


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    #2
    ABajaninCork
    Closed Accounts Posts: 8,411 ✭✭✭ABajaninCork


    I wouldn't be in too much of a hurry to make an offer yet. Wait until you have the mortgage approval in principle, then offer 35-40k under the asking price. You can always raise in increments of 1-2k if you need to.
      NEVER offer the asking price. NEVER tell the EA your budget. DON'T be too quick to increase your offer DON'T appear to be too eager. The EA will have you by the nuts then!(figuratively speaking) DON'T be afraid to walk away if you think things are moving too slowly or you feel you're being messed around.


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