Please help me decide what to offer on a house

[Sunwillcomeout]

Hi, posting for traffic sorry, I am a first time buyer and need a bit of help!

The house is on at 220k. There are two offers for asking price, I till 4pm today to make an offer.

Shall I offer 221k and hope that they go with me because I offered over and am in a good position?

Or should I offer 225k in the hope that as this is substantially over, they will accept right away and won’t take it to best and final?

*I have until

How much do you want the house and how much can you afford?

What's your position? Cash/deposit/in a chain?

I've accepted a lower offer from 100% cash buyer before. If you're in a chain, you need to go higher etc.

225

Well I could stretch to 230 if push came to shove, but I don’t think the house is really worth that, the problem is that there is very little on the market so I am a bit desperate (and presumably so is everyone else)

I’m a first time buyer

I would go £225.

An extra grand wouldn't sway me either way. I'd go for the buyers I preferred, whoever was in the best position with the lowest liklihood of messing me around.

An extra £5k may still not make me choose the highest bidder if an 'only' asking price purchaser was in a better position - but it would be more likely to pause for thought!

I’ll need a mortgage but have an AIP

• it would make me more likely to pause for thought that is.

Thanks for the advice I really appreciate it!

If you really love it offer £225. It shows you're serious.

If one of the £220 bidders is a cash buyer the vendor will probably go with them.

As a first time buyer, you're in a strong position. Offer the asking price and you can always raise it. Especially if you don't think it is worth it.

We were in this position when buying our first house. My solicitor advised me to put the offer in writing as it comes across as more serious. Also tell them you have a mortgage agreed in principle and that you’ve instructed a solicitor to act on your behalf and give the name and address. It worked for us.
Good luck!

1st time buyer.

AIP

Both of those make you fairly attractive as a buyer. Chat to the agent, stress your position and maybe offer +2.5k, see what the agent says.