Getting myself into a tizz about house viewing tomorrow. Please help.

[NotAnotherNewNappy]

A house has come up that ticks all our boxes: 3 good size bedrooms, large child friendly garden, good size kitchen and diner that can be knocked into one etc. It has apparently had the same owner for the last 70yrs so, as you can imagine, it does need some updating.

It is on for 230k which is the top of our realistic budget. It is on a nice estate that houses do sometimes take a while to shift. I've been watching and they normally stay on for a while and reduce the price once before selling. However, this house is much larger than average and better proportioned. Although it is FUGLY.

The EA told me there'd been quite a bit of interest and he was arranging a block viewing tomorrow. I managed to book a slot but I am now getting myself into a panic about what our strategy should be. Originally I was going to offer 210k and stress that we're FTB with finances in place, but now I'm worried we'll lose it if I don't go straight in at asking price. Arrgggh - what to do?

So you only have the EAs word that there's been a lot of interest in it, you haven't seen it, don't know for a fact if anyone else is actually going to the alleged block viewing, or if they will like it, or even have the means to buy it, in an area houses aren't moving particularly quickly and you're considering offering asking price? And people wonder why EAs are sometimes 'liberal with the truth'... A good friend of mine went to an open house the other weekend - they were the only one there and by all accounts the EA rushed out the house and almost pulled them out the car
Go to the viewing, play it cool, imply this is just one of a few you're viewing and watch the EA start to salivate when you casually mention you're a FTB in a position to proceed .

Even if it did turn out there were other people who wanted to buy it (which would be very unusual at the moment) what exactly would you gain from going in at asking price? If someone goes in at asking price the vendor won't say 'Yes please' instantly and cancel all the other viewings, he'll wait to see if any offers come of these viewings, so that if he gets 2 asking price offers he can choose between them or see if any can be persuaded to bid up.

and if you make an offer and it's lower than someone else's the agent will say to you 'They've had a higher offer, would you like to increase yours?' It's not like you only get one shot.

Just ask the EA to 'keep you in the loop' regarding the house if your first viewing suggests its a contender. And you might not like it. Online I picked this one house that I thought was perfect. But when we went to see it, and thought about it, we were thinking 'hmmm'.

The EA, if he's telling the truth, also only knows that people have booked to view. Maybe quite a few people have. But who knows if any of those will turn into offers? Or even into second viewings?

Thank you all for talking sense. DH is even worse than me, he's paranoid an m'ner is going to hear about it through this thread and gazump us!

I'll let you know how it goes. I'm so excited, I don't even know how I'm goign to sleep tonight.

Let us know how you get on but remember be as rational as possible

So... In person, DH and I weren't quite as blown away as we'd expected to be. I was disapointed the bathroom was so small (wouldn't fit a full size bath) and DH thought the garden was smaller than he expected. Although, we did get a good feeling about it and agreed it ticked all our boxes, so I made a cool headed offer of 220k. There were 6 people viewing it today and one of them had already made an offer, although the EA hinted that this was quite far off the asking price. We'll find out on Monday what the vendors decide.

However, we have been talking it over all afternoon - rejigging the layout on endless bits of paper - and now both agree it could easily be converted into our dream/forever house! So now I REALLY want it and am desperately hoping they accept our offer

Wow, 220 is really high for a 230 asking price! They would be daft not to accept. Good luck.

Good luck! The waiting game is pants. But honestly if this one doesn't work out, there will be something else ( I know as we lost our 'dream house' a week before moving into it and we now live in another 'dream house')

Elderberry Do you really think that's a lot? Even when there has been lots of other interest?

DH would have offered 225k, my mum and my sister both told me to offer the asking price - I thought I was being stingy at 220k! None of us really know anything about buying houses (Dsis paid 10k over for hers because it was 'the one'* and DM bought her council house for about 50p back in the day).

I do think it's worth 220k and I suppose you have to pay what you think it's worth. I am hoping that as FTB we'll trump all other offers. We did lurk outside for a bit and saw that most of the viewers seemed to be older people (who won't be FTB or won't fancy taking on the work involved) plus one german couple who looked far too glam to want my fugly little cottage.

*In fairness it is gorgeous and she was 8m PG.

I think you've gone in high, you should get it. Noone is going anywhere near asking price at the moment. The vendors should take that like a shot if that is the first asking price and it hasn't already been on for awhile and been dropped. I suspect 200k was their bate minimum. Estate agent are pitying things on at high asking prices as they know everyone is expecting 30k odd off asking price at the moment. That is how the Market is round here anyway. I would have gone in at 210 I think but if you really want it and can afford it hopefully you have secured it now.

My view is offer what you can afford. You can get too hung up on price which to be honest you forget about if you stay in a house for any length of time!!!

30k off the asking price would have been lovely. If there had been less interest or if it had been on for longer then I'm sure I would have found my balls and gone in lower.

I have been doing some more research and found out the ok girls school down the road achieved great exam results this year, is moving to a fab new building, with excellent sports facilities, and opening a 6th form. We have 2 manic DDs. I am glad I didn't know this yestetday! Just hope it doesn't turn into a bidding war tomorrow.

RedHelenB - I completely disagree. Have you heard of the saying 'cost is what you pay, value is what you get'? I could afford to pay £10 for a pint of milk...but don't pay that because that would represent terrible value. Also, even if someone was happy to pay over the odds for a house, they may be able to afford it currently with interest rates historically low, but what about when they rise? Or when it comes time to remortgage and the bank values it considerably less, meaning less equity and higher rates. Or even if you find yourself needing to move (e.g. job relocation, unemployment, unexpected arrivals etc.) and discover the hard way others don't think its worth what you did.

Update: Just spoke to the EA. They have recieved 2 offers, the others are also FTB with an AIP and 15% deposit. There is not a lot between the two figures (although obviously she wouldn't tell me whose was highest). The next step may be to to go final offers, i.e. we both state our max amount and the vendor decides (presumably to avoid a bidding war).

I am so How dare somebody else try and buy our house??? Grrr.....

It sounds like you are already in a bidding war. It may seem like an obvious point but the EA works for the vendor and their task is to achieve the maximum possible selling price..by whatever means. Presumably, given that from what you've said houses in that street take a while to sell and are normally reduced before selling, the one you're interested in must be extremely competitively priced, particularly given that it needs money spending on it, considering its had two (very good) offers within days of coming on and at one of the quietest times of the year.

Presumably, you've looked at what the other similar houses have been selling for recently and taken into account what needs spending - that should be the basis of your offer - any more than that is obviously up to you but see my post above.

It is a biddibg war, isn't it? Bloody EAs, I can understand why everyone hates them now. Is it normally done like this, blind offer? I am in London not Scotland!

Really bad luck, yes this is how it goes, they are a nightmare.

I am always suspicious that this is a ploy to push up your offer - how will you ever know if there genuinely was another bidder.

It's a tough one, I'd be tempted to say we'll stick thanks unless it is yor dream house.

Is this the house you described as "fugly" in a previous thread? I think you've had a lucky escape.

Bid as much as you want at this stage - mortgage surveyors are routinely downvaluing, so the price may very well come down in the wash. If you're the "winning" buyer, you can always back out, or proceed at a price you're comfortable with; you don't get that choice as the sensible loser.

We had an offer of 225k accepted I think that's a fair price and would have paid more. Although, I am dubious about "the other buyers" and think they may have egged up their keeness in order to get more money out of us. Other houses in the street have sold recently for 235k, 240k etc, although I have no idea what condition they were in and it's one of those streets where every house and garden is different. Ours looks to be one of the largest but does need at least 15k worth of work.

Yes it is a bit fugly We decided to overlook that for the space, views, potential to expand and, most importantly, price. Plus, with a bit of TLC I think some of the original features could be restored and it could look quite pretty.

Congratulations!
I hope it all goes smoothly and you will soon be the proud owner of a fugly but spacious house with a view and lots of potential!

yay! We are also going fugly but spacious - it's the way forward!