Putting in an offer WWYD(8 Posts)
Been looking for quite a while and saw something we really liked today. Our house just been sold, cash buyer so no big chain.
Anyway, we were first people to view it. We want it but think it might be popular with other people. Would you:
A) phone up and offer asking price (we think worth it) if they take off the market
B) put in a slightly lower offer and we'll then be notified if anyone outbids us
Option A appealing except if they think the first people to view will offer the asking price maybe we can get more.
Option B seems line we're playing a longer game but are equally concerned someone else might come along. We won't offer more than asking price due to stamp duty thresholds.
Hmmmm - talking myself round in circles. WWTD??!!
If you make an offer (b) slightly lower than asking price and explain that you've sold your property and there is no chain they may accept and take the house off the market. If that fails then offer the asking price - got to be worth a try.
True, I guess if it came to it and you had 2 offers (for the same/v similar amounts) you'd just look at who is the best option iyswim. I hope as we've already sold we would be attractive buyers.
Nightmare - buyers market until you find a gem and then you feel the seller has all the cards!
We were in a very similar position. Offered under the asking price and were rejected as no one else had seen it. So we upped it to asking price but only on the condition that it came straight off the market, no one else introduced etc. We still reckon they could've got more if it had gone to the open market so are happy with our decision, we had looked at about 50 houses and not liked any of them enough to offer.
If it is at a stamp duty threshold, the vendors will know it is highly unlikely that they will get anything more than that but may have priced it there as they know it will be more appealing as will look good value, if they need a quick sale. I would offer close to asking but be prepared to up it, but only if it is withdrawn from advertising.
We were the first, and only, people to see the house we're buying and it was listed at a fair price. We offered 20k below the asking price and settled at 10k below. There's no reason to start with an asking price offer unless you know others have seen it and are likely to offer. You can always negotiate upwards from a lower offer.
we were the first and only viewers on our house too. offered 20k below (was on at 130k) and settled on 13k below. we were ftb, no chains above us, job done. i suppose it depends on the vendors situation.
It does, Pru. I was the first viewer on a house on the market around the same price as that. I offered only £7.5k below the asking price, then £5k when my first offer was declined. But the vendor is holding out for the asking price, which I won't pay because I think it's over value as well as over SDT. Three months later, it's still on the market, but the vendor hasn't yet found anything she wants to buy, so she's in no hurry...
Definitely worth putting in a slightly lower offer. If they reject it you can always offer the asking price quickly on condition they take it off the market. However, it is Saturday so they might have lots of viewings.
My friend was lucky enough to have a 'gem' as a PP put it. Within a week they'd had ten viewings and five offers. They ended up selling it for more than the asking price (they'd done about £25k of work on it last summer and this wasn't reflected in the asking price).
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