Is there any point in me making an offer on this flat?

[closethedoorpls]

I’m a first time buyer. I’m single and earn £28k. I’ve previously put offers in on three properties but keep getting outbid, sometimes by investors.

I’ve seen another flat I like. When I went to view it at the weekend there were two offers on it already, one asking price and one a bit less, but they both had houses to sell. This flat is at the top of my budget but I was planning to make an offer on it to match the lower of the two offers as I am chain free and ready to go.

Today I’ve been told there is now another offer at asking price from someone who is being bought out of their property by their ex partner after a relationship breakdown.

I can’t really afford to go more than asking price and I don’t want to get into a bidding war. I also don’t want to be laughed at by the estate agent if I offer less than asking price now that there’s a pretty much chain-free offer at asking price. Should I not bother with making an offer?

It’s all so disheartening as I’m really unhappy in my current living situation and I can’t seem to get out. Trying not to lose hope

Yes, if the sale from the other buyer falls through they vendors may accept your offer.

Do it. I came third in the bidding for the house I'm now sitting in - the winner pulled out and the second had bought elsewhere. You have nothing to lose.

I would choose you over someone who is relying on an ex-partner…….

i guess it depends how much under you were planning on offering. Doesn’t hurt to talk to the agent.

i had planned to offer about 3.5% under asking price

That doesn’t sound too unreasonable to me.

Does the seller currently live in the flat @closethedoorpls? You have nothing to lose by putting in an offer at what you can afford. We were the 3rd highest offer at a closing date on the house I’m currently sat in. We were chain free and made it clear in our offer that we were happy to move at the sellers pace as we knew they were waiting for a probate property and we’re having some hold ups with that.

Go for it. I sold a house last year and took a lower offer because the buyer was ftb. Years ago my ex bought me out of our joint property, and it took 9 months to do! I know he was dragging his feet, but also he struggled to get the money together. You have nothing to lose. Good luck!

Definitely, always worth a try. I have never been to bidder on a property but my timescales have lined up with what worked for the sellers. Fingers crossed for you

Go for it!!

I would make an offer.

personally I'd make it a small amount over the asking if I could afford to. Only say a thousand and stress the cash buyer & flexibility to work to their schedule (as has been said!!).

you've nothing to lose making an offer! Even if you decide to offer under! However, if you really want to get moved & really like it, I'd be offering as much as I could to make it happen.

good luck, let us know what you decide to do!!

If I were selling a property, I would not want to get involved with divorcing couples..my experience in conveyancing tells me this set-up often leads to delays while the divorcing couple argue, with one of them not caring that they are holding everyone else up. So unless their deal is done, with all paperwork signed and the money all in the right place, they are actually not at all like first-time buyers. You are potentially a better buyer, so go ahead and make your offer.

Thanks everyone. I made an offer - I offered slightly under the asking price because it is at the top of my budget and I didn’t want to totally overstretch myself. I did make clear my good position though.
The estate agent has come back to me saying that as there’s been an offer at asking price, my offer would have to come above this. That’s not right surely? I could offer £5 if I fancied it, the vendor would just be mad to accept.

I’m not even sure if they’ve passed my offer on to the vendor.

I thought if you made an offer, they were obliged to pass it on? Your position could be worth more than a few quid to the seller.

The sellers may come back to you. They must be mad to wait for this divorcing couple to sort things out. You are chain free which is a huge advantage.

Keep looking. Something good will come of this.

Yes, agent is obliged to pass it on. I would accept your offer over the divorcing couple too.

You can match an offer or not increase it. The EA legally has to convey all genuine offers to the vendor. Tell the EA you’re in a strong buying position being chain free and that is why you are staying with your offer. It depends how swiftly the seller wants rid

You're a first time buyer, that is worth a lot to vendors. No fucking around with chains

You did right to make an offer under the asking price and at the top of your budget. If your initial offer is above, it leaves you nowhere else to go, whereas you still have the option now to offer more, if you wanted to stretch yourself even more. However I wouldn't rush to do that.

I would emphasise to the agent that you are a serious buyer, it is a decent offer and top of your budget and ask them to put forward your case that you are a first time buyer, that you are serious, have finance assured and have set your heart on the flat and that you are freer than competing bidders to move, which is advantageous to the seller who wants to get on and complete the sale.

@closethedoorpls i think you’ve done the right thing! The EA is talking nonsense- you can offer what you like.

Out of interest, what park of the UK are you based in? Assuming you are in the UK of course! I know procedure varies slightly throughout!

The EA isn’t Springbok is it?