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Property/DIY

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Original poster

Best and final offers by midday - how do we decide what to offer?

30 replies

TheThreeMoos · 31/10/2013 08:41

Scenario is...lovely house with a guide price of 500k. We saw it yesterday and offered 500k and so did the other couple. Estate agent/buyer have decided that it's best and final offers by midday today.

Obviously we offer what we think it's worth and what we can afford but it's so difficult to figure that out especially as we don't know what this one other couple are going to offer, we don't want to pay any more than we have to and the house needs work doing which we were hoping to have some cash available for.

We spent too long last night looking at a spreadsheet of the different scenarios and I think we have a figure that we're comfortable with but I think I need to see it again before we do. If I call the estate agent and ask will it look like we're being flaky/undecided?

Any advice or soothing words of comfort would be very appreciated!

OP posts:

Saminthemiddle · 31/10/2013 08:46

Just had a friend in this position but she was selling - she got three offers but didn't chose the highest offer because they needed a mortgage and hadn't organised this. They chose the middle offer who were chain free (in rented) and no mortgage. So maybe go for what you can afford without pushing beyond the limit and state why they should chose you, ie chain free, sold stc, mortgage in place etc. Hope it goes well, good luck, try not to stress, what will be will be!

5amisnotmorning · 31/10/2013 08:46

We sold our huse a few months ago with 5 people going to best and final over asking and then found a house which we had to go to best and final against another couple.

I would just ring the EA and say that you want to have another look before putting in the offer to price up the work that needs doing and see how much you can afford.

My advice would be to offer a number that if you lose out, you would still be happy that it was as much as you thought it was worth (if that makes sense).

purplewithred · 31/10/2013 08:47

Call the estate agent - it doesn't matter what they think, this is half a million quid we're talking about. In fact they will probably just you are being serious and reasonable and therefore less likely to pull out in the future.

Whatever your offer is, don't forget to sell yourselves as buyers - are you in a good position?

And if it doesn't go to you, well, that's life. There will be other lovely houses.

Original poster

TheThreeMoos · 31/10/2013 08:51

Thank you for your wise words! And you're all right there will be other houses. This house is great but it's not perfect and there are compromises. Another house might come along with different compromises.

The other buyers and us are in the same position (under offer to a FTB) but we've got a great price for ours so we'll go through with the sale and go into rented/bunk down with relatives to put us in the best position for the next house if this one doesn't work out.

Thanks again and I'll let you know how we get on.

OP posts:

ChazzerChaser · 31/10/2013 08:51

I'd offer the maximum amount that I wouldn't then feel gutted if I lost out for the sake of a few quid. But I'm not very much of the property as an investment mindset, more a home I want to be happy living in for many years, so it depends on your mindset

Original poster

TheThreeMoos · 31/10/2013 08:53

Definitely of your mindset chazzer. We see this as our home for the next 15 years and even if we 'overpay' by a few thousand if you average it out over the next 15 years it's nothing.

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Pinkje · 31/10/2013 09:14

Go for a 2nd view, imagine standing there with keys in hand and it's your house knowing that you paid £5xx,000 for it.

If you feel happy at that point then there's your offer; if the thought scares you then maybe not.

Good luck. (wonder if the other buyer is on mums net too?)

Original poster

TheThreeMoos · 31/10/2013 09:23

Hadn't thought of that Pinkje!

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neepsandtatties · 31/10/2013 09:27

Our house went to best and final. The main criteria was that we went with the person who was in the best position (there was only about 10 K between the offers) but, it did also sway us that they said how much they loved the house and the work we had done to restore it.
You don't want to go overboard but I think a bit of psychology can help, e.g. our buyers could tell that preservation/restoration was important to us, so flattered us on that basis. It might be that your seller is downsizing after raising a family, so tell them that the house has a lovely family feel and you want to raise your family there etc.

In your position it might also be worth mentioning that you will move into rented once you have sold your house regardless (i.e. you will wait for them if they have trouble finding somewhere to live, or their house purchase falls through._

Mrsladybirdface · 31/10/2013 11:38

if you go in at anything over 500k you'll be liable for extra stamp duty...

Original poster

TheThreeMoos · 31/10/2013 11:47

2nd viewing done and offer in! Think we're really comfortable with the level of the offer and hope that we'll get an answer soon.

Fingers crossed!

OP posts:

greyvix · 31/10/2013 13:50

Good luck!

Original poster

TheThreeMoos · 31/10/2013 14:26

Thanks greyvix! Still haven't heard anything so I have a feeling it won't be good news.

OP posts:

cavell · 31/10/2013 14:42

Not necessarily. This is a big decision for the vendors, too. They might want to talk it over through lunch or even to "sleep on it". I wouldn't give up hope just yet.

Original poster

TheThreeMoos · 31/10/2013 16:07

You were right cavell. They're talking it over and we should hear by the end of the day

OP posts:

Saminthemiddle · 31/10/2013 17:00

good luck!

ChazzerChaser · 31/10/2013 17:22

Good luck! Please update, need to know when I can uncross fingers

Eastwickwitch · 31/10/2013 18:07

Any news?

Original poster

TheThreeMoos · 31/10/2013 21:10

Were told we'd hear by six then estate agent got an email saying we should have an answer by tomorrow morning! Sleepless night ahead I think!

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Dillydollydaydream · 01/11/2013 09:06

Ooh hope you hear soon.

futureforward · 01/11/2013 09:07

This reply has been deleted

Message withdrawn at poster's request.

Original poster

TheThreeMoos · 01/11/2013 11:07

Still no news!!!

We had a nagging suspicion that they weren't particularly motivated sellers and this isn't helping!

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Original poster

TheThreeMoos · 01/11/2013 13:46

We got it!!

OP posts:

bimbabirba · 01/11/2013 13:54

Congrats!! How exciting! Bet it feels really good!

lighthousesea · 01/11/2013 15:14

Awesome congratulations! Now push that sale through at the speed of light..

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