OIEO - advice on offer price please!

[hanette]

I have seen a house that is perfect - it is advertised with a "offers in excess of" price. After keeping a very close eye on all local sales over the past 6 months I'd say the price quoted is about £25-30k less than market value.

The viewing is on a one day only open day next Saturday (I'm the last viewing of the day. Unless there is something wrong with it, from the pics and floorplan I'd really want to buy the house. I have exchanged on my house, and am due to complete 31st January.

My question is - any advice on what I should offer? Should I go in at the higher price I think it is worth straightaway or full asking price? The estate agent said he would forward all offers to the owner on the Monday following the open day.

Are there any rules as to how the agent should handle it? I am hoping my position as chain free (now I have sold) will help? I'd hate to only offer full asking price and someone else gets it as they offered more, but don't want to pay more than I need to.

Any advice appreciated - many thanks

Tbh, if it's an open house then I think the agent will be expecting several offers and that will be merely Round One . Unless you are really unlucky, there won't be an outright "winner" on the day and the agent will ask for best and finals. So, if I were you I'd go straight in at asking (or perhaps slightly over if, as you have identified, it's underpriced) to show that you're serious and keep my powder dry for Round Two.

I would emphasise your excellent buying credentials too (already sold etc) just in case thatvswings it. Good luck.

thanks both - I think I'll offer over then, what I think is market value based on sales in surrounding streets over the last couple of months

If it's not a sealed bid situation, but just submitting offers on the Monday (not sure if there is a difference), do you know if the agent will be open about whether higher offers have come in, so I can up mine?

It's not something they should do, that's not to say they won't. It's considered a bit unethical as can mean buyers being played off one against the other in an auction-style scenario.

OK thanks lala (I was hoping you'd turn up when I started this thread !