Advice re offers

[furryleopard]

So, after saying for years we were going to move and not actually going ahead... We saw a private seller's house yesterday and it was exactly what we wanted and we'd like to buy. But of course we haven't sold our house but after talking to the estate agents this morning we'll be on the market on Thursday pm. I've let the seller know and said we can't offer but we'll be on the market this week. He said he'll wait to hear from us and he was expecting to hear back from a property at the coast he's offered on (hence the sale).

My question is, should we offer now? He's asking for £178k and our top budget is £180 (this assumes selling ours for £100k).

We have a mortgage in principle so that's fine.

If we do offer now (or later) what should we offer? My feeling is £170k to meet at somewhere around £174k. My DH wants to offer £174 now but I don't think that allows negotiation space.

We're not fussed he's a private seller as we'll both have to appoint solicitors and of course the mortgage provider will also value the property. We are selling through a local estate agent.

We don't want to lose this house but equally there'll be another one eventually...

What happens if you do not sell for 100, but less? Could you still afford what you offered?

Also he may get asking price for it. Many do. So he may hold out for that.

Offer what you Think it's worth and what you can afford worst case.

So if yours doesn't sell for the required amount, you can't buy it? I would never accept an offer from someone who can't proceed, I wonder if your vendor needs to sell their house to offer on the other property?

Tbh, I get the feeling that you are not entirely up for moving anyway OP. It's a lot of hassle if you are not sure. Good luck with whatever you decide.

If you offer 174k, the seller might be more likely to wait for you to be proceedable.

We would love not to move but we've gained two children since moving here and we have no garden and only two bedrooms. We need to move.

I think we should hold off offering formally until we can proceed. Fingers crossed someone is interested in our house this next week!