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Original poster

Best and final offers

20 replies

Beccarollover · 12/05/2004 22:15

I offered the asking price on a property a couple of weeks ago - it is going to best and final offers and we have to tell them by Friday.

We are up against another couple who offered exactly the same and are in the same position as us (sold house to first time buyers)

I really really really want the house but dont want to have to bid a fortune to get it...

What would you bid?

The asking price was 139,950.

OP posts:

Heathcliffscathy · 12/05/2004 22:17

jeepers becca...don't want to be held in any way responsible (what a sh*tty situation, it's so awful when you want a house) but the figure £146K flashed into my head straight as i read your post...so fwiw...

Soapbox · 12/05/2004 22:21

I would say 143883!

Original poster

Beccarollover · 12/05/2004 22:24

hey thats a good idea soapbox - Im drawn to that!

OP posts:

Soapbox · 12/05/2004 22:26

Kirsty on location location location always says to go for a 'different' type of number. It was just the one that sprung to mind

Good luck!!

Janh · 12/05/2004 22:26

Well 139950 is really 140000. The logical step up is 145000. How about 145500???

Original poster

Beccarollover · 12/05/2004 22:28

Am I being naieve in thinking that going as high as 145 isnt necessary and most people will only raise offer by a couple of grand?

OP posts:

Heathcliffscathy · 12/05/2004 22:31

the different number thing is v important soapbox is right...my reasoning is that they will go to £145K if they really want it, and you might beat them if you go to £146somethingK...but only you know how much you can afford and how much you want it...best thing is to decide how much you are happy to pay and then not to care if you dont get it, as any more would have been too much for you...sorry probably stating the obvious

Janh · 12/05/2004 22:32

ooooh, becca, I don't knoooow!!!!!

Yes, you might be right, they might bid 141000 so 142000 would get it but how keen are you? Or they might bid 142000 so you could bid 143000 (or even 142500) but you don't know how keen they are.

How matey are you with the estate agent? Any chance of a hint from them?

popsycal · 12/05/2004 22:33

i think 145001

Original poster

Beccarollover · 12/05/2004 22:36

The estate agent doesnt give much away AT ALL...

We do have the vendors home number - could I use this to our advantage at all do you think or should I not go there?

OP posts:

Janh · 12/05/2004 22:38

well they won't know what the other people will offer either.

You just have to pluck a figure out of the air really becca.

Good luck!

Tinker · 12/05/2004 23:28

If you really, really want the house, don't lose it over a few grand. Offer the most you can afford - within reason!

SoupDragon · 13/05/2004 08:19

The house we're in went to final offers. I think wed both offered aroun 5k under (ours had been accepted). When DS phoned the agents at the lats possible moment to put in our much higher offer, the agent said "Oh yes, the others offered the asking price" so we went £500 over and the house was ours. I've no idea why the agent told DH the other party's offer.

Maybe go £1500 over the asking price?

SoupDragon · 13/05/2004 08:20

We thought the house was under valued and were prepared to offer more than £5k over the asking price.

katierocket · 13/05/2004 08:29

housebuying is so stressful isn't it. what have other houses in the area gone for recently? are they selling quickly=? is it a really popular area? how easily do you think you'd find another house you like? all of this should inform your decision on how much to bid. I think it's about the house being worth as much as you are willing to pay for it so if you really, really want it then I would offer £145,500.
getting matey with estate agent is good idea but difficult in some cases.

JanZ · 13/05/2004 09:14

This system is the norm in Scotland - you even have to do it AFTER the survey, as the offer is binding.

The comment about a "different" number is important - when we got our current house, the difference in our bids was, to quote the vendor, "the contents of a wallet". I'd bid as much as you can afford/however much you want it - and then add £25 or £55 on top of that. I think we offered something like £138,150 (it was offers over £135,000 - but although the Glagow market in the good areas is always very active, we were lucky in that only one other person had surveyed)

And then, if you you win it, DON'T waste time thinking "but we might have got it for less". You offered how much it was worth TO YOU.

Likewise, if you DON'T get it, you'll know you'd offered as much you could/it was worth to you.

Good luck.

Original poster

Beccarollover · 13/05/2004 15:49

Ive decided I REALLLY want it and I think Ill offer around 145k now I just need to persuade DP as hes refusing to budge past 144k

OP posts:

JoSW19 · 13/05/2004 16:07

We recently won a sealed bid. We had to get the house, we bid ten per cent over the asking price, (as much as the mortgage we could get). We only just won. Top tip is to bid an odd number £145111. sometimes these things are won by a pound.

Original poster

Beccarollover · 13/05/2004 20:41

I want to put in 145267 (267 dd and ds birthdays for luck) but dp is stalling at 144k shall I just bid it anyway, it will only be an issue if we win and in that case I will be so happy i will deal with it then!?

Or is this a terribly awful idea

OP posts:

popsycal · 13/05/2004 20:42

you know what I think

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