Active discussions

Meet the Other Phone. Child-safe in minutes.

Meet the Other Phone.
Child-safe in minutes.

Buy now

Please or to access all these features

Talk
Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

Original poster

First time buyers, accidentally set our heart on a house

67 replies

lazymumsmh · 07/04/2019 19:37

It will be our first time buying, we have seen the post perfect 3 bed, semi detached house that ticks every single one of our boxes. Its been listed since start of Feb and had no offers but apparently "gaining more attention now."

Its on at £260k or offers above, which is the top, top end of our budget. We are lucky enough that we won't need a mortgage - cash buyers - and come from rental so have no chain. We are thinking of offering £255k. What do you all think?

Something that worries me is that the vendor hasn't yet found a property, so I wouldn't think they were in a rush to sell, but then again - once they've sold they might feel more comfortable putting offers in themselves. The vendor was allowing up to 6 viewings a day, which seems quite eager to sell to me. I don't know - I'm new to all this!

Basically, I'm trying not to get excited about it, I realise we probably won't get it, but do you think there is a good chance?

To make matters more complicated we have to leave our rental on 4th July or else we are bound to stay here another full year.

OP posts:
bibbitybobbityyhat · 07/04/2019 19:43

This the trouble with "Offers above" marketing (there is another thread on here about it currently).

The vendors should have chosen £260,000 as the minimum they can accept if they choose to sell their property this way. BUT they may have been playing around a bit and might accept slightly lower - who knows?

All you can do is put in your offer and not be disappointed if they reject it.

Original poster
lazymumsmh · 07/04/2019 19:53

I agree it seems like an annoying tactic, one estate agent actually just told us to ignore it and treat it like a normal asking price.

OP posts:
Closetlibrarian · 07/04/2019 19:57

Ignore it and treat it like a normal asking price is my attitude to OIEO. We just had an offer accepted for 825k on a house that was listed as offers between 900 & 950. I'd go in a bit less than your top price (we went in at 810) so that there's room for negotiation.

NicoAndTheNiners · 07/04/2019 19:57

I'd offer 250k and be prepared to go up to 255k.

Original poster
lazymumsmh · 07/04/2019 20:01

Thanks for the advice! Perhaps we should go in at 250k. I'm just scared of someone else offering more! We are prepared to go up to 260k.

OP posts:
NicoAndTheNiners · 07/04/2019 20:08

Whatever your starting offer is someone could always offer more. But in that circumstance the seller wouldn't just accept the higher offer without coming back to you. They'd want to start a bidding war. Which may or may not happen.

Remember as a first time buyer you're in a very strong position. Also don't believe a word the estate agent says about six viewings a day and it getting more interest. It may be true but it may not be. The only fact is it's been on the market for a while with no offers.

Impress on the agent that you do like it and are serious buyers who would not mess the vendor around. But tell the agent that looking at sold prices (not for sale prices) in the area that you aren't prepared to pay more than 250k and that's your first and final offer.

snowone · 07/04/2019 20:14

Nobody ever offers 'over' an amount - we recently sold our home and our agent strongly advised against using offers over. I would defo go in with a cheeky offer (maybe £240k) and meet somewhere in the middle. You are in an excellent position with being a cash buyer, the vendor would be daft to turn you down

WBWIFE · 07/04/2019 21:30

We bought a house offers in excess of 300k and got it for 291k so I think 255k is reasonable. They can only say no and then you up it.

The vendor wouldn't have found somewhere as there is no point falling in love with a house and not being proceedable

Original poster
lazymumsmh · 07/04/2019 21:43

@WBWIFE Thanks! Is that the norm then, you wait to sell before putting in offers?

OP posts:
WBWIFE · 07/04/2019 21:46

Yes, would you accept an offer from someone who's house isnt sold yet? When their could be a first time buyer with no chain or cash buyer round the corner?

NicoAndTheNiners · 07/04/2019 23:12

Yes, I'd wait before my house sold before putting in offers.

Last time I sold some vendors wouldn't even let me view because I hadn't sold mine even though it was up for sale! I did have a short list of houses which I had in mind and as soon as mine sold we did 2 days of viewing these on the short list. Decided on one, put in an offer which was accepted and we moved 8 weeks later.

jemihap · 08/04/2019 06:32

The fact that's it's been on for almost 10 weeks with no offers suggests it's not on at a great price... in the current market anything that is sensibly and realistically priced would have likely at least had offers by now.

You say you're scared of someone offering more... again given the length of time it's been on with no offers, if you submit an offer and the agent immediately tells you another higher offer has suddenly materialised I'd be highly suspicious.

MaybeitsMaybelline · 08/04/2019 06:40

I would offer 250 too, keep the extra 10k as bargaining power but if they haven’t sold yet they may accept or meet you in the middle.

You can only ask! They may have 250 in their mind anyway.

popsadaisy · 08/04/2019 08:35

Go in at 255k and see how you get on, it's always a gamble! Also I work in housing (mainly rental) and when you say you have to be out by July or you have to stay on another year, I would get advice about that. It's difficult to advise as I don't know the situation but as a tenant you have rights and a lot of the time landlords will flog you a story like that in a bid to keep you there for the £££. If you have been there 6 months if should go onto a rolling tenancy but like I say I haven't seen your tenancy agreement to say 100% so get it looked over by someone if you can as that might not be an issue in this situation. Good luck!!!

Original poster
lazymumsmh · 08/04/2019 08:53

Thanks everyone, we talked about it a lot last night and have decided to stick with our guns and go in at £255k. If my house had been on the market 10 weeks, no offers and I had an offer 5k under asking from a cash buyer I'd certainly accept so thats our thinking behind it. I'll update when we hear back.

With the rental, they refuse to let us sign a shorter contract than 1 year, so if we need to stay beyond July we need to sign another 1 year contract which we can't then terminate (I don't think!) but this house is in a high demand area and it is pet friendly (rare!) so I imagine they would be able to fill it very quickly.

OP posts:
HeavensToTenby · 08/04/2019 09:52

If they've had no offers in ten weeks then the agent may well be pressuring them to consider dropping the price at this point; I'd start at £250k and see if they'll meet you in the middle at £255k. As a chain-free cash buyer, selling to someone who clearly hasn't found a house and therefore doesn't have a target amount to hold out for, you hold ALL the cards.

lll77 · 08/04/2019 10:04

Being a cash buyer counts for a lot. If you're super keen, I'd go in at 250 and see what the response is.I've sold recently and went with someone who was a cash buyer and made an offer close to asking, but it was not the highest offer I got. I chose them because they were really keen on the house and could move quickly.

The two higher offers came from someone who was yet to sell, and someone who wanted to develop the property and build in the lovely garden . The fact my buyer loved the house was a real bonus for me as I am very attached to it and I wanted it to go to someone who felt similarly.

PineapplePatty · 08/04/2019 10:07

I'd go in at £250000. You're cash buyers, that's worth something to most sellers.

AllTheFunAndGames · 08/04/2019 10:17

A few things I've learnt when looking:
-It's rarely a good tactic to say 'first and final' offer on the first bid.
-If you lose a bidding war, ask the EA to contact you, if the sale doesn't go ahead.
-The EA is not your friend. They are working for the Vendor. Do not tell them your max limit. Your limit will vary depending on the property.
-Remember when bidding: you can always go up, it is not as easy to go down again (unless something unexpected pops up in the survey).
-Make your offer 'subject to survey'.
-Set your limit before you start bidding (it's easy to get swept up in a bidding war). You need to know when to let go.
-If the vendors have nowhere to go, it may be putting other buyers off. Put in a clause for a walk through on completion day, before signing the contract (to make sure vendors have moved out and everything is in order).
-If you go 'Sale Agreed', don't tell too many until the sale is finalised. It may prevent you from getting gazumpt.
Start with 250. Good luck. Smile

AllTheFunAndGames · 08/04/2019 10:17

Sorry for the essay. Blush

AllTheFunAndGames · 08/04/2019 10:27

Sorry, 255 ^

SquishyFishy · 08/04/2019 10:31

We offered below, and listed our reasons why. I.e - cash buyer, no chain, stamp duty threshold etc. They turned us down and we said fine, no problem and walked away. A week later they came back and accepted. Sometimes you just have to take a chance

minniemoll · 08/04/2019 10:40

My current house was on for offers over £190k, I'd sold and the house I was buying had fallen through, so my buyers were ready to proceed, and I didn't need a mortgage, so I offered £180k. That was rejected but they accepted £185k.

So if I were you I'd offer £250k and hope to compromise on £255k. If you offer £255k to start with, you'll probably end up paying £258k or thereabouts.

Original poster
lazymumsmh · 08/04/2019 10:42

@AllTheFunAndGames Please don't apologise, this is a really helpful post!

OP posts:
Innernutshell · 08/04/2019 10:47

You're in a strong buying position OP. Anyone who isn't a first time buyer will have to pay significantly more to go over 250k which means overs over 260k is a bit daft.

For example if someone who isnt a first time buyer offers 255k this is what they'll have to pay on top:-

You will have to pay £2,750.00 in Stamp Duty
You pay no stamp duty on the first £125,000, 2.0% on £125,000 to £250,000, 5.0% on £250,000 to £925,000, 10.0% on £925,000 to £1.5 million, and 12.0% above £1.5 million.
Your effective stamp duty rate is 1.08%.

I'd go in with your 245k and be prepared to negotiate to 250k

Swipe left for the next trending thread