Active discussions

Meet the Other Phone. Child-safe in minutes.

Meet the Other Phone.
Child-safe in minutes.

Buy now

Please or to access all these features

Talk
AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

How much to offer on house?

28 replies

User11137 · 04/06/2022 11:00

Hello,

I like a house for sale in the south of England which is up for offers over £425,000. It's got great potential but not in a great state currently. We are really keen for it but have no clue what we should offer. What sort of offer is reasonable in England for offers over? £10k over? More? We are torn by not wanting to offer crazy over if it's not needed, but also don't want to take the piss and do really wanting to secure the property if possible.

OP posts:
KurriKawari · 04/06/2022 11:03

I'd start with £425k.

Redouble · 04/06/2022 11:07

For a house I just 'liked' then I'd offer asking.

But there's a lot of demand, if you love the house, it ticks your boxes and you'll live there a long time, then offer the best you can afford.

A good question to ask yourself is how much you'd be willing to lose it by, if 6here was a higher offer? 5k? 10k? That'll give you your ceiling price.

Original poster
User11137 · 04/06/2022 14:03

The best I can afford is £450,000 but the mortgage payments will be high. We would be willing to pay that but should we go in at that price as first bid?

OP posts:
Petronus · 04/06/2022 14:08

Id go in at £431k. If they want over asking, then that’s a solid offer that shows you are serious, but in the scheme of things won’t make a huge difference to your mortgage. It’s hard to be sure what the market is like where you are, but it seems like reasonably priced houses asking for offers over are getting a lot of interest. You will probably have an idea of whether £425k is a reasonable starting point or not.

SafelySoftly · 04/06/2022 14:13

How long has it been on the market? How many offers have they had? What are the Vendors looking for? what have nearby properties sold/been advertised for? You need all this info from the estate agent.

Are you in a chain as that will make you less attractive and therefore need to offer more.

Redouble · 04/06/2022 14:13

Go in with a strong offer of £431k like the PP suggests, say that's your best and final, and outline how proceedable you are (assuming you are). Say your solicitor is ready and waiting, and I'd be surprised if it wasn't accepted. The estate agent will likely highly recommend they accept.

Original poster
User11137 · 04/06/2022 14:15

The estate agent said the vendor hasn't said what price they are looking for. It came on the market a few days ago and there is an open house next Saturday. They are hoping to do the viewings all then I believe rather than viewings on other days.

OP posts:
Original poster
User11137 · 04/06/2022 14:15

I'm in a rental - no chain

OP posts:
somewhereovertherain · 04/06/2022 14:26

Key is how long as it been on the market. There is an app you can download for right move that’s shows how long and if there’s been any price changes.

new to the market I’d start at 400.

if it’s been on the market a long time I’d start at £375k

Redouble · 04/06/2022 14:30

So you haven't viewed it yet?

Original poster
User11137 · 04/06/2022 14:32

somewhereovertherain · 04/06/2022 14:26

Key is how long as it been on the market. There is an app you can download for right move that’s shows how long and if there’s been any price changes.

new to the market I’d start at 400.

if it’s been on the market a long time I’d start at £375k

It's only been on the market a few days. Unfortunately this is an area without many houses coming onto the market and offering below will be met with an immediate rejection. Houses are going for offers over in this market and area.

OP posts:
Original poster
User11137 · 04/06/2022 14:32

Redouble · 04/06/2022 14:30

So you haven't viewed it yet?

Not viewed just been to outside it, viewing is on Thursday but it's the best house we have seen (based on the listing) in 6 months

OP posts:
Original poster
User11137 · 04/06/2022 14:33

As we are not available for the open day

OP posts:
2bazookas · 04/06/2022 14:34

Consult the English lawyer who is representing you.

Nobody here can advise you.

Nothappyatwork · 04/06/2022 14:35

User11137 · 04/06/2022 11:00

Hello,

I like a house for sale in the south of England which is up for offers over £425,000. It's got great potential but not in a great state currently. We are really keen for it but have no clue what we should offer. What sort of offer is reasonable in England for offers over? £10k over? More? We are torn by not wanting to offer crazy over if it's not needed, but also don't want to take the piss and do really wanting to secure the property if possible.

The price that it’s marketed for will reflect its current condition.

it’s a tough one I paid five grand over the asking price for mine. The way I looked at it is if I had to spend another six Months looking for another house that was similar that I could afford them that would be five grand down the drain in rent anyway

OutDamnedSpot · 04/06/2022 14:35

This might have been good advice a few years ago, but in the current market for a house you like, with an open day planned…?

I’d go in high (at least £435k) and ask them to take it off the market.

OutDamnedSpot · 04/06/2022 14:36

Ugh. Bloody new format. My post was supposed to quote the poster who suggested offering £400/£375k.

Nothappyatwork · 04/06/2022 14:36

somewhereovertherain · 04/06/2022 14:26

Key is how long as it been on the market. There is an app you can download for right move that’s shows how long and if there’s been any price changes.

new to the market I’d start at 400.

if it’s been on the market a long time I’d start at £375k

You’d actually getting banned from viewing houses at our local Estate Agent if you came out with an offer like that. They would laugh in your face and cross you off the list as a time waster. The market is very different right now

Original poster
User11137 · 04/06/2022 14:37

2bazookas · 04/06/2022 14:34

Consult the English lawyer who is representing you.

Nobody here can advise you.

What? No one is representing me? I will instruct a conveyancing solicitor once an offer is accepted.

OP posts:
niceaspies · 04/06/2022 14:39

I’m in the south and houses are going for silly money at the moment even if they need a lot of work doing
so I’d off the max you think it’s worth and make that clear and ensure they know you are chain free etc

Gumps · 04/06/2022 14:43

If it's anywhere near me in the south and it's a decent house, it will sell before the open day. If you love it I would put an offer in now. The market is ridiculous here.

easyday · 04/06/2022 15:07

I think if you went straight in at your max the vendors will think they have a very desirable property indeed and will wait for the open day to see what other offers they'll get. In fact they should do that anyway.
However if your tactic is that £450k, off the market no further viewings or offer withdrawn, they may just go for it.
If it is such a popular area it's likely to go to best and finals if others are interested, so I'd go in at ask, they may counter or say they'll wait til after open day with the resulting best and finals if others are interested, and if not you still have room for negotiations.

SnackSizeRaisin · 04/06/2022 15:16

KurriKawari · 04/06/2022 11:03

I'd start with £425k.

That's not offers over is it. You probably won't get another chance so put in a decent offer . If you put in 425 they will choose someone else. I would think about the amount that you'd be annoyed you did not get it for, Vs the amount that you'd think oh well I didn't want to pay that much.

TheGoogleMum · 04/06/2022 16:03

I nearly put my house on market recently. The value is much less than this, but based on what estate agents said I think 'offers over' means they want at least 10k over

Startuplife · 04/06/2022 16:12

People saying offer under asking price have clearly not tried to buy a house in the current market in the SE. The house we’re in the process of buying was on for £350k and we ended up having to offer £390k to secure it. Another house we really wanted was on for offers over £375k and we pulled out at £400k but the offers kept going above that.

I’d ask the estate agent whether they want final offers straight away or not. We found that different estate agents had very different ways of doing it. All the houses we offered on were similar to yours, all of the viewings on a Saturday (and some had 40+ on the same day) and then offers in by Monday lunchtime.