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Another stupid FTB question re Open Houses

(7 Posts)
MummyPigLovesAppleSauce Wed 18-Jan-17 22:31:02

Hi all,
I have another question for all you clever MNetters!
Going to an open day on Saturday for a house we really like. It's at the top end of our budget but it ticks all the boxes on paper, so I think it's worth stretching for.
It's on for £200,000 but having spoke to the EA, they seem to think it will go for between 205,000 and 210,000. They also said that the vendor is keen to move so is likely to take a lower offer from someone with no chain rather than just going with the highest bid. There are 10 people viewing it in 2 hours, we are the last to view it ( so far).
Having never been to an open house before my question is, if we do decide we want to offer, do we have to do it on Saturday? If so, do we do it while we are there or phone afterwards from the car? Should we offer 207,000 or go straight in at 210,000 and hope that puts a stop to a bidding war ( that's our absolute max)?

Or should I just prepare myself that we aren't going to get it sad

Testificateman Wed 18-Jan-17 22:51:16

Wait til you get in your car and phone EA. I'd offer 206, with no chain. Just hope everyone else is in a chain.
Good luck

MummyPigLovesAppleSauce Thu 19-Jan-17 06:08:09

Thank you!

fluttershyby Thu 19-Jan-17 07:36:05

I don't like open houses because of the bidding war that ensues.
All the ones I went to at weekends offers were taken the Monday after.

gruffalocake2 Thu 19-Jan-17 10:28:23

Don't phone from the car. Ask what time the open day ends and then ring after that. You don't want your offer used to make other viewers offer more. You might end up in a bidding war anyway but hiolding off for a few minutes/hours could help. This is what we did (and won eventually) and what the sainted Kirtsie and Phil tend to do!

wowfudge Thu 19-Jan-17 11:44:00

I wouldn't make an offer until lunchtime on the following Monday, unless you are told they need to hear from you earlier. Check whether you can get a mortgage in principle at a price you can afford first. This puts you in a good position and means you know your limit if your offer is countered.

You don't want to have your offer accepted then find you can't get a mortgage for the purchase price. Don't forget you need the deposit and funds to pay the stamp duty (2% of purchase price) too. Your mortgage won't cover these costs.

Sunnyshores Fri 20-Jan-17 09:57:16

EAs talk prices up, especially for open houses, so do your research and check the house really is worth £210k before believing EA.

Dont give any indication of what you may offer. They will tell other viewers.
Ask when offers are to be made by. It may be sealed bids on by x time, but it may just be the first acceptable offer they take.

If you do make an offer, dont just say our offer is £x. Go in to the office and hand them a letter - with name of mortgage company, name of solicitor, proof of deposit, saying your a ftb, saying you love the house because of this or that, rough idea of completion timescales. What you are doing is proving to the buyer that you are serious, that you are organised and arent going to mess them around.

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