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Tactical offer above the asking price?

(46 Posts)
Itshellofromme Tue 25-Apr-17 19:35:07

I have made an offer of the full asking price on a house local to me. There are two other offers exactly the same!

We have all been asked to present our best and final offer by tomorrow.

I really want the house as it is in a popular area and they don't come up for sale very often. I have been waiting to pounce for several months. However im not desperate and don't want to pay a silly amount.

The house is on at £220,000. What would you offer? What would you assume the others would do? I was thinking of an extra £1k, then I thought £1500 in case the others offers are the same. Or even £1600? Is that enough to secure it? What about £222,000?

Any ideas? Has anyone actually done this? Thanks

PoppinsMoppins Tue 25-Apr-17 19:38:20

I have done this. House was on for £400k, I offered £408,658.

The general advice is to avoid round figures. So maybe go for £222,455 or similar (only if you think the house is worth that though!)

PoppinsMoppins Tue 25-Apr-17 19:39:06

And got the house btw. EA said the next offer was very close to mine

NoraCharlesMartiniGlass Tue 25-Apr-17 19:41:57

Remember it isn't just about the money - it's also about your position and ability to proceed. The vendor doesn't need to pick the highest offer so if you have things you could say that might sway them don't forget to include those.

RebelandaStunner Tue 25-Apr-17 19:45:11

We have done this too. Like Poppins said offer a number that no-one else will. Ours was similar to £302 999. We also sent an email saying why we wanted to buy it so much and how serious we were etc etc.
We got it even though we were later told that some of the other offers were higher.

aliceinwanderland Tue 25-Apr-17 19:45:27

Offer what you think it's worth to you. You have no idea what someone else might pay.

Itshellofromme Tue 25-Apr-17 19:53:41

Thanks for that. That's exactly the advice I was looking for.

Apparently we are all in exactly the same position re ability to proceed.

It's difficult to know what it's worth as such as all the houses in this particular area are different and you can't easily compare.

EssentialHummus Tue 25-Apr-17 19:58:18

Reiterate how able you are to proceed, don't give a round number (I'm the proud owner of a £xxx,011 flat) but do only offer what you think it is worth. Don't get suckered in to it being a competition you must win at all costs.

Itshellofromme Tue 25-Apr-17 20:04:49

What about £222,501?

NickMyLipple Tue 25-Apr-17 20:11:05

Also the estate agents would tell you that there are other offers - they want someone to offer over asking price so that they gain more in commission.

I offered full asking price on my current house. I was told there were 2 offers the same and could they have my best and final offer. I stuck to my guns and offered full asking price. I was in a position to proceed quickly as I wasn't in a chain. I ended up getting the house despite the estate agent telling me there were two higher offers.

Don't underestimate the impact of your position - if it's good I'd stick with asking price!

NickMyLipple Tue 25-Apr-17 20:12:38

Also I'm not saying your estate agents are doing as above but they're in sales - their job is to extract as much money as possible out of You!

Itshellofromme Tue 25-Apr-17 20:14:16

Oh now I'm confused.

I suspect at least one of the buyers would be a landlord, possibly even my own, as he has a few in the area and has been looking for another one.

namechangedtoday15 Tue 25-Apr-17 22:42:40

Have done this twice - and got the house both times. Pick a completely random number, not 501 or 999. Also there are likely to be similar offers, within a couple of thousand, so its your position etc that will strengthen your position. We have stressed we're committed (been looking for a while, won't mess vendor around etc), in rented (no chain) and can work to vendor's timescales (quick sale or wait for them to find onward purchase), mortgage in place, husband's firm will do conveyancing (no delays), want it as a family house etc.

Mistressiggi Tue 25-Apr-17 23:01:08

Where I live you need to offer about 6% on top of valuation.

Dowser Wed 26-Apr-17 00:00:51

I've got a house for sale for a guide price of .£62.5k

Some idiot offered £41k

Today he thought he was doing me a big favour by offering me £46k...it's his final offer!!

I told the EA to say to him the more he continues to insult me, the more th price is going up!

If you like a house , offer the asking price or at least as near to it as you can afford.

If I was selling the expensive houses, I'd choose the nice family who would love it...even if it was the cheapest offer.

Kokusai Wed 26-Apr-17 04:44:34

The whole 'offer a funny number' stuff is such bullshit. If you think it makes it look like 'it's the max we can afford, right to the last penny' it doesn't. It just looks like you've been told to offer a funny number by the internet.

Offer what you can afford and what it is worth to you and stress your position if chain free.

As a seller for a 200k house I'd think anyone fucking around with increments of less than £100 was a bit of an idiot.

Kokusai Wed 26-Apr-17 04:45:07

If I was selling the expensive houses, I'd choose the nice family who would love it...even if it was the cheapest offer

LOL

Wallywobbles Wed 26-Apr-17 04:58:35

Are you allowed to add a letter? If so say why you love the house. It's for you not to let and that you will be good neighbours. Friends of mine turned down the highest offer because they felt they were less good neighbours than the young family who loved it.

toastyarmadillo Wed 26-Apr-17 05:02:25

Let us know if you get it x

AndersArms Wed 26-Apr-17 05:26:25

When we were in this position recently I made an offer of £3k over the asking price and included in my offer all the relevant information - details of our ability to proceed, our willingness to be flexible about dates, that I had instructed a solicitor already, and also that we wanted the house to occupy as a family home and that our DC attended the local school. We got it. Good luck OP.

Itshellofromme Wed 26-Apr-17 06:11:12

Thanks for that. Yes I will definitely send an email today explaining my position and reasons for wanting the house. Still not sure what to offer!

GeekyWombat Wed 26-Apr-17 06:23:12

Do you know how long they've owned the house and how much they paid for it? It could be a factor.

We knew our vendor had turned down several offers before we put in ours. A bit of digging on Zoopla showed us he'd bought it for the exact same price it was up for 'offers above', so the amount people were offering effectively meant he'd lost money on what he'd paid for it.

We offered £2.5k more than he paid for it, but told the agent it was going to be our only offer. He accepted and we later found out it was because he'd told the agents he had no intention of accepting less than he'd paid.

Itshellofromme Wed 26-Apr-17 06:25:22

Yes I can see in rightmove how much they paid for it and it is definitely going for a profit.

CountMagnus Wed 26-Apr-17 08:07:15

In Scotland, where going to best and final offers on a closing date is common, it's usual to offer figures such as £235,187 rather than a round number.

johnd2 Wed 26-Apr-17 08:25:03

Yes agreed unless you think it'll give a bad impression, it's good to beat the other offer even by a few pounds.
I learned that trick after bidding on a computer monitor on eBay, somehow me and someone else's successfully bid exactly the same round number in the same second right at the end, both bids went through somehow but they won it.

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