Please help me with how to proceed with offer?(40 Posts)
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I would really appreciate some help as my mind is going round in circles!
We are currently renting in a village and have been looking for a few months for a property to buy. We are limited to quite a small area (by choice) so not much has been coming on. Now we are at the spring market a property has come up that I LOVE! We thought we would have to buy a three bed and save to extend but this has four beds and a reasonable garden.
Looking back on Rightmove there are probably only 3-4 suitable properties that come up per year in our search area that would fit our requirements. I think this property is overpriced at £495,000 but it’s about what someone is prepared to pay and it’s a popular area. We were the first to view on Friday and offered £475,000 the same day. This has been rejected as it is new to the market and they want to get more. We have a second viewing tomorrow and I know there are other viewings booked.
We can stretch to asking price if necessary but I’m not sure if it is worth it? I don’t know that we would get something better though and I have mentally moved it!! What would you suggest in our position - if we still like it tomorrow to offer say £490,000 or wait and see if anyone else offers? We are in a great position being chain free but I don’t want to overpay and don’t want to lose it!!
Any advice welcome
Sorry, just seen that’s an essay! Thank you if anyone read it!
Having missed out on houses I’ve loved before for the sake of a few thousand pound, I would say offer at least the £490k and increase to full if needed.
It’s very difficult to know whether house prices will remain steady or go down in the next few years, but if it has everything you need and you can afford it, then getting on with your life in a house you love is worth the potential losses.
Ditto what @OscarandLucinda said - you'll kick yourself if you miss out on the house for the sake of a few grand. Plus, from what you've said it sounds like this may be one of your only chances this year so think of all the rent you'll pay waiting for the next one to come up.
Definitely offer the asking price. (Would you be more upset that you paid £10K "too much" for the house or that you missed out on it completely?)
Thank you everyone for your opinions! It did really feel like somewhere we could just get on with things rather than ‘one day I’d love to have...’ which is a good way of looking at things. We would intend to stay there for 10-15 years minimum so hopefully enough to ride out the market!
We paid a couple of thousand more than we originally intended for our house. No regrets.
Don't bother dithering about a few thousand. If you can genuinely afford the asking price, offer that. You'd be furious if you ended up losing the house over it.
We overpaid for a house.. it was one of a handful of the style and size in catchment for the school we wanted. The chances of us finding another one immediately were zero. The cost of temporarily renting and moving twice, in our case, reduced the perception of how much we were overpaying by. When we sold... 6 years later, our buyers had exactly the same thoughts and offered our aspirational asking price on day one.
In the grand scheme of things the extra money won't make a huge difference but will get you what you want sooner. Sometimes it's worth it!
If it takes another 6 months for an alternative house to come on the market, that's another 6-9 months of rent paid out. Perhaps that money would be best invested in this house you love now even if you do pay a bit more than ideally you want to.
If the property is perfect and scare in supply for the area, it sounds like you’re happy to pay asking price. If you can soften the blow by asking for curtains/fridge etc to be included, that helps get settled sooner. Good luck OP!
Before you make an increased offer, try to find out if there have been any other viewings and if more are booked. You don't want to find yourselves in a bidding war. If you make an asking price offer you want the house off the market.
Have you met the vendors? I'd be tempted to ask for the vendors to do your second viewing and say you want to ask them things about the house rather than have the EA go back and forth between you. You can then tell the vendors how much you like the place, you want to stay in the village, etc.
Just go to asking. The best advice my fil (property developer) gave us was decide on the price you're happy someone else can have it for, and that's what you go to.
We probably overpaid for the house we're in now but it is perfect for us, we'd been looking for ages and nothing else compared. Maybe they would have accepted our lower offer if we'd left it a week or so & no other interest but we decided it wasn't worth it to us to take the risk of losing it (we were first people to see it etc).
In the grand scheme of house buying a few thousand here & there really isn't much (I know that sounds bonkers!).
Do the second viewing and go in with a critical eye and make sure it's definitely what you want. If it is, then increase your offer. It sounds like you would be gutted to miss out on it for a few thousand.
Thanks to everyone who has commented, it really helps that no one (so far) has said don’t do it!
I am worried about getting into a bidding war and offering even asking price then people being told it’s on the table and offering more. The vendor works at the agency selling the house so I think that makes it awkward.
The vendor works at the agency selling the house so I think that makes it awkward.
Surely that's a conflict of interest?
I'd agree with the general consensus. We probably overpaid slightly, but the style of house and garden size for our area is limited. Worth it in the end.
To update we did a second viewing this morning and still loved it. There were two more viewings after us and one of those is doing a second viewing tonight.
The agent said they basically just want to get the most money they can so wouldn’t make any decisions til after the second viewing even if we offered asking price. Not sure whether to offer something today or wait til tomorrow?
I’d offer asking price now, then wait. Might be worth considering if you would go over and by how much.
We don’t want to go over asking, so I’m a bit worried if we offer asking price that just gives someone else the opportunity to offer more then we’re stuck! Such a difficult one!
I'd hang on , looks like they want to stoke a bidding war . I guess if the others made an offer they will come back to you to invite a counter offer.
An estate agent has to sell their house somehow! There is no conflict of interest.
Bidding wars are a nightmare so offer what you can afford. Have you sold your property? This might be the difference between you and another offer. Good luck and go for it.
If you can't go over 495 then offer that as final offer. It's not worth playing games over 1% of the asking price.
We are currently renting in a village
All in the OP
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