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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

Need to make an offer on a house asap!!

100 replies

Changeitplease · 21/03/2023 14:57

Bottom line is we like the house!! It is a new build and the developer has just lost out on the buyer today. It is the last property to sell and we have already shown our interest.
They have asked that if we are interested we can make an offer now. We have the agreement in principle.
Now question is what the offer should be? It is on market for £1.1 and apparently their last offer was full asking. Wise Mumsnet people - pls advise what should our offer be? We don't have anything to sell. In today's market what should be the offer? Any advice!!

OP posts:
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5
Happydays321 · 21/03/2023 14:59

How is it priced compared to similar houses in the area?
My gut reaction was a million.

Ishefuckingkiddingme · 21/03/2023 15:00

Now question is what the offer should be?

Obviously no one on here knows this…it would be a complete guess.

trollymolley · 21/03/2023 15:01

Maybe ask for 5% reduction so £55k. Nothing wrong with making a slightly cheeky offer, they can always say no.

DinnerThyme · 21/03/2023 15:01

Happydays321 · 21/03/2023 14:59

How is it priced compared to similar houses in the area?
My gut reaction was a million.

If they’ve already had an offer for £1.1 million then why would they accept OP’s lower offer?

Northernlurker · 21/03/2023 15:03

They always say the last offer was amazing. Means nothing. People lie. I'd go in saying you love it. You will move fast etc. Then offer around 15% under and go up from there.

mindutopia · 21/03/2023 15:04

I would assume if you want it, you will need to match the previous offer. They have only lost their buyer today, so in no rush, but sounds like they are pushing you to rush as they will know it's the last property available. I assume you are not the only one potentially interested.

That said, I'm trying to envision a new build that costs £1.1 million! I'm sure it must be nice, but the new builds around here are all quite flimsy and rubbish looking.

Original poster
Changeitplease · 21/03/2023 15:04

It is priced reasonably in my opinion. I think because the last buyer backed out as their chain broke and mortgages are so difficult these days there is room for negotiation.

They do seem to be desperate (ever so slightly)

OP posts:
trollymolley · 21/03/2023 15:04

If they’ve already had an offer for £1.1 million then why would they accept OP’s lower offer?

Because they were lying?

Chickenly · 21/03/2023 15:06

You’ve not given enough info to get any decent advice.

  • Why did the last buyer pull out?
  • What else is in the local area? How much are others nearby selling for?
  • How much can you actually afford?
  • How much do you want this house specifically?
  • How much are other properties on that estate selling for as non-new builds?
  • How long are you intending to stay in the property?
  • How reputable is the developer? Are you likely to end up paying a fuck tonne to stop the place falling down?
  • Is anyone else interested in the property?
Ishefuckingkiddingme · 21/03/2023 15:07

trollymolley · 21/03/2023 15:04

If they’ve already had an offer for £1.1 million then why would they accept OP’s lower offer?

Because they were lying?

You’re not wrong there. I can’t fathom why OP is buying it at all.

Chickenly · 21/03/2023 15:09

mindutopia · 21/03/2023 15:04

I would assume if you want it, you will need to match the previous offer. They have only lost their buyer today, so in no rush, but sounds like they are pushing you to rush as they will know it's the last property available. I assume you are not the only one potentially interested.

That said, I'm trying to envision a new build that costs £1.1 million! I'm sure it must be nice, but the new builds around here are all quite flimsy and rubbish looking.

They built a new build estate down the road from my parents and the five bedroom houses were on for £1,000,000. They look like the houses two roads away that are selling for £500,000. Most of the ones that have sold since (not many, it’s a small town) have sold at a loss.

Original poster
Changeitplease · 21/03/2023 15:10

@Ishefuckingkiddingme why can't you fathom? People buy house because they like it and the area. Buyer lost the deal because their own house sale fell through. Happens specially in this market.

OP posts:
Laiste · 21/03/2023 15:11

It's on the market for 1.1 and they've just lost their buyer who was going to pay the full price. It's the last one.

If you love it and can afford it i'd jump in with full asking price. Or very close. With loud announcement of no chain.

Laiste · 21/03/2023 15:12

But yeah i would be aware that newbuilds don't always hold their price OP.

wheresmyomega3 · 21/03/2023 15:13

Dying to see a new build worth a million!

SchoolQuestionnaire · 21/03/2023 15:13

DinnerThyme · 21/03/2023 15:01

If they’ve already had an offer for £1.1 million then why would they accept OP’s lower offer?

Show quote history

Because the sale has fallen through so the higher offer is off the table. Because the market has slowed. Because they need the cash. Because op is seemingly the only person offering today and they know that she likes the house which is why they are seemingly trying to rush her into an impulsive offer.

I’d offer £950K.

ChristmasCakeAndGin · 21/03/2023 15:14

How sure are you that there was another buyer that fell through?
If you are sure and kind of have proof other than them telling you - then prob offer asking.
If not, tell them you are super interested, but have another house to view/are interested in another - then offer 15% under.
I ask because I went to buy a new build - last on site - and apparently I was in a race with another buyer who was flying up from London RIGHT NOW!!! SO I HAD TO DECIDE NOW!!! I walked away and it was still for sale weeks later.

Good luck!! xx

Nucon · 21/03/2023 15:14

wheresmyomega3 · 21/03/2023 15:13

Dying to see a new build worth a million!

Me too! I find it so interesting how it varies so much. Where I live that would get you a massive house with a lot of land too. There's a few new build houses near us that were £500k for 4 beds and I thought that was nuts😆

Ireolu · 21/03/2023 15:14

This shd really be in the property section as not really sure there is an aibu question here... Good luck with whatever offer you put forward.

Sqqueeeeeeee · 21/03/2023 15:14

Changeitplease · 21/03/2023 15:10

@Ishefuckingkiddingme why can't you fathom? People buy house because they like it and the area. Buyer lost the deal because their own house sale fell through. Happens specially in this market.

Because, financially speaking, it’s unlikely to be a sensible decision. Your decision, of course. But it’s not surprising that people question it.

Original poster
Changeitplease · 21/03/2023 15:16

Good questions and perspectives here

• Why did the last buyer pull out? - their house sale fell through
• What else is in the local area? How much are others nearby selling for?
• How much can you actually afford? - we can afford upto 1.05 easily
• How much do you want this house specifically? - quite a lot. It's is big and beautiful
• How much are other properties on that estate selling for as non-new builds? - this is a private estate locally there aren't such properties as it is quite big.
• How long are you intending to stay in the property? - 15/20 years
• How reputable is the developer? Are you likely to end up paying a fuck tonne to stop the place falling down? - seems reputable but it is always a bet
• Is anyone else interested in the property? - they say there are but I don't know

OP posts:
Original poster
Changeitplease · 21/03/2023 15:17

I know there was a buyer because it had come off the market and they refused to show it. They called when they found out that the buyer had to pull out.

OP posts:
Viviennemary · 21/03/2023 15:18

Who knkos. Depends if there is anybody else interested. Say you are intersted but say its a bit beyond your budget are they open to offers. Amd see what they say.

PennyForearm · 21/03/2023 15:18

SchoolQuestionnaire · 21/03/2023 15:13

Because the sale has fallen through so the higher offer is off the table. Because the market has slowed. Because they need the cash. Because op is seemingly the only person offering today and they know that she likes the house which is why they are seemingly trying to rush her into an impulsive offer.

I’d offer £950K.

Show quote history

This ^

They are chansing you. You’re chain free and ready to go.

£950k.

Crikeyalmighty · 21/03/2023 15:19

I would offer 50k less but nothing to sell is a big bonus -