psychology of house offers etc

[jobergamot]

Am looking to move house. I've got an offer on mine of the asking price. There is not much currently on the market in my price range - up to 180 max (north west england). I'm going to see a house today for a 2nd viewing but it says 'offers over 185', so have I got no chance with an offer of 175?

I'm very naive about all this stuff and feel quite anxious about the whole thing!

It depends on how sensibly the house is priced and how motivated/desperate the vendors are. Generally, with offers over and you offering below, it’s highly unlikely to work as they tend to be set at the absolute min someone would accept.

I think if you go in as a cash buyer people may be more flexible on price in that they know you are chain free and will actually complete rather than be a prospective buyer.

I would therefore hang on to your buyer and see what the owners of the new house might do about price. They may accept £175,000 but then keep it on the market behind your back. Lots of people I know rent for a couple of months whilst finding the right house as a buyer with no chain. If you don’t ask, you’ll never know though.

Also depends how long it's been on the market ime.

Speak to the EA before you view. Ask them why it's on an offers over because you could be wasting everyone's time. What do similar houses go for? As a vendor I'd be pissed off if you offered £10k under an offers over price unless you could justify it by comparison with other sales.

The OP may well not be regarded as a 'cash buyer' (this to me and most people when they are selling means someone with nothing to sell - not just an offer on their house.)

Still OP you can always try an offer - you could catch a desperate seller.

I agree re cash buyers. A cash buyer is someone with cash in the bank and not needing a mortgage. Being ‘under offer’ is the least you can be to be taken seriously.

well i bunged my offer in. if it's meant to be it's meant to be. let EA know it was a best and final offer. I think it's actually a property developer's doer upper as it looks very neutral and spartan. no furniture in it etc.

fingers crossed anyhow!

Good luck OP. I would say though that my understanding is that 'offers over' is usually taken to mean the vendor won't be prepared to consider an offer of less than the price point which they've set, but you may get lucky.

OMG they accepted it!!!!

That's brilliant. Just shows there's no harm in trying

Wahoo! Congrats!

Wow that's great news OP. Hope everything goes really smoothly for you

thank you so much. I'm off to join the chain hand holding thread!!!

Congratulations! Excellent news.

Just to clarify: I know what a cash buyer is and this is why I suggested people sell first and then rent to become a cash buyer! I know if you have sold, but don’t have the money, you are not a cash buyer.

If you're upsizing, then even if you're renting you're not likely to be a cash buyer unless you made enough on your sale, combined with savings, to not need to borrow for the house you want.

Congratulations - that’s great news and has inspired me as I have my eye on a house overs offer (which I absolutely hate) but it’s not moving so shows might be worth a cheeky offer.

Have a smooth move xx