Keen to put in offer - too soon?

[Motherof3Dragons]

Good evening, fellow Mumsnetters!

To keep my story as short as possible:
DH and I are MIP approved FTB‘s and we are looking for the right property since early last year!

DH is very specific about the area he want‘s to stay in, the view from the property and other amenities- so basically, he is being very fussy!
I am more concerned about the overall condition of the house and the costs we‘d need to spend on necessary building-works/ updating etc.

Today a house went on the market, that would tick almost all of our boxes (which didn’t happen in any house previously) and we are keen to view it, but due to work commitments we won’t be able to view it before the weekend.
DH was so keen, he nearly rang the EA to put a full asking price offer on it straight away - although I’ve managed to stop him!

I know it is a bad idea to act overly enthusiastic, as the vendor might feel he could get far more money if he gets an offer of full asking in the first few days of hitting the market!

And it’s not like the property is really worth the money they are asking (compared to other properties) - or even more than that - it‘s just like we are by now really fed up with looking and this is the first property that fits the bill for us personally... but at the same time, we do not want to entice a bidding war, as the asking price is already close to our top budget.

So, what would you do?
Jump in with full asking price, or wait and see how much interest this property generates over the next few weeks?

Thanks for your input!

I would view as early as you can. If it happens to get an offer on it in the next couple of days, you can always put in an offer of your own anyway (I know this is frowned upon, but wouldn’t cause too much upheaval so early on in the process).

If you like it once you’ve viewed, just put in an offer. There’s no point in playing games, especially if it ticks all of your boxes. You don’t know what the seller’s situation is, they might be after a quick sale and be happy to take an offer under asking price.

Good luck!

Definitely don’t make an offer without viewing and I wouldn’t go straight to asking price either. It’s a business transaction number one and needs to make practical, as well as financial, sense before it becomes your new home.

I absolutely understand the painful process of a never-ending search and seeing lots of unsuitable places. I viewed 83 houses in 6 months (across 8 different areas in the same county). Even if this house isn’t for you (you’re outbid or reality doesn’t live up to expectations), something better will come up!

During the viewing, make sure you act interested, but not overly keen and I wouldn’t make an offer on the spot. You should come across as committed buyers with lots of research behind you.

We’ve just exchanged on a new house and DH knew as soon as he saw the new RightMove listing that it was a good one. I called immediately to arrange a viewing for the next day, but they weren’t ready yet, so we were first through the door the day after. We both loved it the minute we pulled into the drive. Kept our excitement under the hat. We made a verbal offer by phone to the EA later that afternoon. Followed up with a letter and proof of finances the following day. A letter can really help if you use it to outline the strength of your position.

If you can see the positives from the online listing, so will plenty of others and I would t procrastinate. We lost out on a good house a month earlier, as I didn’t make a second viewing appointment quick enough and it went under offer (in the end that chain collapsed and they came back to us, but it wasn’t relevant at that point, as we found our new place by then).

Good luck OP!

P.s. check the library for books on house buying. Sounds odd, but there’s one by Phil and Kirsty that’s good. A small book that’s quite old now, but it’s full of useful advice when I read it 15 years ago before negotiating on our first house

Thank you for your tips @PJ and @MeMe, they are really helpful!

This particular property was on the market a few years previous but didn’t sell.
I don’t think it would appeal to a lot of ppl, but it does appeal to us.

It‘s a small town, we know the EA well and we do not want to play games or test the vendors pain-threshold.

I just think if we wouldn’t offer the full asking price, someone else might be and then we are in a bidding war situation again, no?

Did you put in an offer under asking on day 3 after the house coming to the market @MeMe? Was it accepted right away, or did the vendor negotiate?

I guess, we will need to wait until after our viewing and see if there is an offer on it by then, or if our offer would be the first.

Thanks again, your input is highly appreciated!

When we bought ours I offered asking price on the day it was on the market. My dad thought I was crazy but I had kept an eye on prices for a while and knew it was reasonable and how fast houses on this road sell. 5 years later we have sold it on for asking price within 72 hours of going on the market, to the first viewers in a string of booked viewings. A house 3 doors away sold in a similarly fast timeframe a few weeks later.

How well do you know the market? Some places the houses just go really fast, others they linger and you can afford to play the waiting game.

There’s nothing innately wrong in offering asking price, especially if you know it is fairly priced. When we were buying last time I really wanted to move before the baby was born so it didn’t make sense to try and put it cheeky offers. Not all of us want “bargains” some of us just want the right home at the right time. (And I say that as someone who works in the property industry)

I agree with not playing games. The conveyancing process is lengthy and you want a good relationship throughout the chain if possible.

L

Try not to worry if you’ve got the appointment to view on Saturday. If someone offers before then, most EAs would encourage the vendor to wait to see what other booked viewers might do (to incite bidding wars primarily).

Yes, we made an offer on day 3 of the listing. Our original offer was 10% below asking price and we wouldn’t go higher when the EA tried to push. I know this market really well now though, so I was very confident to say it wasn’t worth more based both on the current market, as well as historic selling prices in that particular street and surroundings.

In reality, we would have gone a bit higher to close the deal, but I left the original offer with the EA for another day on the basis that we wanted to make an offer on another house with a different EA if that wasn’t successful. The following day he came back and said he could close the deal for 1% higher, which I jumped at. I was already prepared to go 2% higher later that day anyway. We’re in Surrey and buying a forever home, so a small percentage is a large increment. Also, we’re chain-free and most people buying bigger houses are in chains or still need to sell, so I used that position to our advantage.

I think the FTB market may be busier, so game playing can be tricky territory. It’s good to draft your offer letter now though (look at templates online) and get a soft copy of your mortgage offer and bank statement showing your deposit. I’d also use this time to line up your solicitor (get quotes and recommendations locally).

Are one of you free to view it before Saturday? Then both of you could go together for a second viewing on Saturday.

We had a similar thing. Found a property that looked perfect but we live 200 miles away. We asked our mil & fil to view it on our behalf and they thought it would be perfect too, ticked all of the boxes. Hubby wanted to call and make an offer but I also managed to talk him out of it.

We rushed up after school on the Friday ready to view at 9am on Saturday morning. Disappointment hit as soon as we got in to the hallway. The place just felt gloomy, the flow didn't work, no potential and couldn't put my finger on it but it just didn't feel like right.

So glad we didn't offer before seeing it. In fact it is still on and has been reduced by £20,000!