When should we put in offer?

[youngadult109]

Hello all, I'm new to this forum and also a first time buyer. Hope you'll be able to advise us on this.

Husband and I saw a place that we like and went for second viewing yesterday. Before we left, the owner told us that there'll be another couple viewing it tomorrow. We are ready to put in an offer slightly lower than the asking price but should we put in our offer today or shall we do it after tomorrow?

We are worried that if we put in today, the owner may either counter our offer hoping that we will offer more or even tell the next couple how much we've offered and see if they'd like to top it.

But if we don't offer today, the other couple might make offer on the spot and be accepted? What should we do?

[Bowlersarm]

Unless you put n an asking price offer on the proviso that they don't accept any more viewers, they'll have people round over the weekend. I realise thats not what you're asking though!

Hmm, I think I'd offer today if i were you and have your interest registered. Yes they may use it to get an offer from the other people, but if it comes down to same price offers they may feel more obligated to sell to you because you've offered first.

[AnotherEpisode]

No, offer tomorrow. If the other couple are going to offer, both the agent and the vendor will hint at the value of the existing offer in an aim to get you into a bidding war!

[AnotherEpisode]

Tell the agents that you will be offering, but you need to think about it and will let them know on Monday. They will not get the vendor to accept the offer until they have all of the offers in.

[youngadult109]

@bowlersarm thanks for your reply! I did suggest offering the asking price and requesting they don't accept new viewers but hubby isn't keen with the idea. He said that if we go straight to the asking price now, we lose the negotiating power and they might hold us up to see if the next couple will go higher? I don't suppose they'll cancel a viewing just to accept our offer?

[youngadult109]

@AnotherEpisode yeah, a bidding war is what we're trying to avoid, hence the uncertainty of whether or not we should offer today. It's just that we get excited when we see a place we like and would like to just get the ball rolling! Guess we need to hold our horses for now

[Bowlersarm]

I don't think you'll avoid a bidding war tbh whichever way you go about it.

The agent will go back to you both on Monday for feedback, especially if the other couple seem keen as well, and if you both like it then the bidding war will start and will only stop when one doesn't go up any more. Or one is in a better position, or has a bigger deposit etc.

The other couple will probably hate it anyway, so don't worry too much.

When you fall in love with a property you automatically think everyone else will love it too, but they don't!

[bilbodog]

Make sure the agent knows you are interested. Personally I would offer straight away - that way, if anyone else offers the same, you might get chosen as being the first viewers who offered first and didn't mess around? It also depends on what your own position is - if you are FTB with nothing to sell then that counts for a lot as well. Good Luck.

[youngadult109]

Thanks Bowlersarm and bilbodog!

After a brief discussion with dh (he's still at work now), we will be putting in our offer tonight. It's an online agent so we can leave an online feedback but I also have the owner's email address, so we might email them directly after we put the offer online. Hopefully this will show that we are serious and keen buyer even if we don't offer the asking price (just 2k below it, tbh).

By the way, is there a difference between STC and "taking it off market"? What else should I say when making the offer so that they won't gazump us if there's a chance of others offering higher than us?

Thanks again for all the advice!

[Bowlersarm]

Just say something to them such as - once our offer has been accepted we want the property taken off the market. You have to trust them to do this, it is not illegal if they don't. You can monitor it though, by making sure you can't still find it anywhere 'for sale'.

Sold subject to contract, under offer, is the same thing, I.e. the property has a buyer.

'Taking it off the market' could be a number of reasons why the property is no longer for sale including because the vendor now has a buyer, or the vendor has decided to stay put and isn't selling anymore, of a private buyer has come up etc.