To ask how much over you’d offer?

[Xuli]

Property market being what it is at the moment, if you have to offer best and final, what kind of ballpark do you aim for - the max you can afford, the max you think the house is worth?

Just curious as we need to make an offer tomorrow, and am a bit torn between the two.

(It would be for a ‘forever’ family home for the next 20 odd years if that makes any difference)

Offer what you think it’s worth -

Can you add your financial position, soliton in place, cash deposit etc?

The max you can comfortably afford within reason. If you're staying long term paying top whack doesn't matter as you'd lose more in rent over twenty years even if the property doesn't increase in value which in the UK is likely too even if it's only a little. However there's a limit, you can't go crazy and pay £500k for a £250k property etc

Only what you can comfortably afford. Ours sold in one day as we had two interested people at an open house viewing. Still ‘only’ got full asking price rather than over although we were pleased. Definitely make your position known though as they may pick you even if you bid slightly lower if you’re more attractive eg first time buyer.

Like others, what you can comfortably afford.

We bought recently and went 2k over asking, they rejected our offer in favour of a significantly larger one - a few weeks later it turned out they couldn’t get a mortgage for that size and it wasn’t valued that high by their lender so they pulled out. We were asked to re offer as they wanted to move quickly due to the stamp duty holiday so accepted it that time.

So don’t get carried away with huge offers you can’t manage even if you love the place just to get the edge - you never know how it’ll work out!

It is so hard! I think the asking price should stay at that. I've offered over it on best and final offer.

Offer what you think is reasonable and what you can afford. Someone may offer more or not. In my limited experience the highest offers on two properties I was interested fell through.

Thanks all. We can afford to go about 8% over asking, which in the current market for properties like this might not be enough. Then there’s that temptation to go more in case you miss out by 2k…

I hate best and final!

What you can afford and within a tight range of what you think it's really worth. A lot of panic buying happened in the last 6m . Try to be objective

We offered 5% over on our house (it was sealed bids so quite stressful as you don't know how many others/what others will offer. Such a bad tactic!).

Anyway, there were 5 offers and ours was joint top with one other. Our good position and long term plans for the house went in our favour - so definitely worth giving them all your details up front (mortgage agreed, XX deposit, long term home etc.)

Good luck!

Thanks for the luck I think we’ll settle on the what we can afford at that much over. I don’t mind a big increase in our mortgage as it’s for a lovely house, but you’re right, it’s some easy to get caught up at the moment.

What you can afford. Why over price yourselves and then struggle for years? You want a comfortable life too, not worrying about money.

You offer the most you think it's worth and are willing to pay so long as that amount is affordable.

We are doing the same tomorrow morning………. There’s nothing else suitable within 10 miles we’d consider……. Really hope we get it……

Absolutely just what you can afford. Also remember that a lot of offers will end in 0 or 5; try to offer a slightly quirkier number I.e instead of £250k, try £252,750 for example. It may be enough to tip the balance in your favour!

I know it's a bit "stable door" but we have asked all the professionals we have come in contact with what the market is like locally ....we are Scotland though.

Agents who came to visit to measure up for sale, agents we have contacted for viewings and the surveyor

However they have all been fairly consistent with their advice, basically smaller properties, in town, small/no gardens are generally going for valuation, or a little under. Bigger family type homes, country locations, larger gardens are 4-10% over depending on interest/closing dates.

All you can do is offer your best, then at least you cannot worry that you could have done better. Good luck!

We had to go 20k over asking to secure our house in the current market. Another couple bid slightly more but then couldn’t provide proof of mortgage where as we had sold ours and a decision in principle approved by our broker so they accepted our offer!

We knew we could afford it as already had the decision approved and the survey has come back with that value, it’s a very nice area so we know we aren’t over paying.

Offer your absolute maximum you’d be happy with.

Remember that your mortgage will be based upon what the bank thinks the property is worth, which may be less than what you think it is, and what you think you can afford. This may impact your LTV % or, worst case, they won’t lend you the amount you need - if you have a good deposit or equity then this may not be a problem.

@Slimmingstar

We are doing the same tomorrow morning………. There’s nothing else suitable within 10 miles we’d consider……. Really hope we get it……

Everything crossed for you too tomorrow!