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Original poster

Making an offer

31 replies

Newcornishmama · 24/02/2020 13:50

I am going to view a house tomorrow, and I am certain that I will want to make an offer.

The house only came on the market at the weekend. I am first through the door, but I know there are others viewing after me.

The house is on the market for £315k. While I can afford to pay this, I cannot afford to pay much over so want to avoid any potential bidding war.

What is the best way to play it? I am tempted to wait until the other viewings are over and then make an asking price offer subject to it being taken off the market. I would also need to tell the EA we are interested in making an offer to avoid the sellers accepting an offer before we have a chance to make ours.

I don't want to make our offer too early incase its used to push up other offers.

For context, our house is sold stc and is being purchased by a ftb.

OP posts:
WinterCat · 24/02/2020 13:55

If you wait until after the other viewings, you might miss out altogether. Why don’t you view and if you are certain you want it, offer straightaway (perhaps £310k) and say no more viewings to stop the others looking round altogether. Few people will bid over the market value.

ChicCroissant · 24/02/2020 14:05

You're overthinking this a bit IMO and you can't control the situation as much as you are hoping, unfortunately.

It is possible that someone may make an offer before you, if you wait until after all the viewings. If you have already said you are interested in offering, the EA may - if the vendor wants them to - contact other interested parties (including you) but that does mean that you are competing against other bids straight away.

The vendor may not be interested in a bidding war and simply accept the first offer that matches their idea of the property's worth. That may or may not be yours. It is up to the vendor whether they accept an offer or reject it, not the EA.

Good luck with the viewing, I hope it goes well tomorrow.

longtompot · 24/02/2020 14:07

We were first to view our house, and made full asking price offer at our viewing which was accepted and taken off the market. There were future viewings booked, which were cancelled. We were ftb though with a MIP, but if your house sale has gone through and you are in a good position, then I wouldn't wait to offer. Esp if you like this house.

MaggieFS · 24/02/2020 14:10

I agree with pp that you'll struggle to control this, but think you have two options:

  1. Offer something like £295 which puts you in the game, but may be used to entice higher offers from others, although of course the house may be entirely unsuitable for them, so you don't know.

  2. Offer asking price subject to the house being removed from the market and no further viewings. The vendor of course doesn't have to accept this, but they may be keen to just get on with moving. Also with nothing binding at offer stage, they could agree this and still keep it marketed.

Good luck!

Original poster
Newcornishmama · 24/02/2020 14:11

Thank you. I am a bit of an overthinker unfortunately. Ok, there is a viewing booked immediately following ours (EA managed to slip this into conversation). Would you still offer at viewing if this is the case?

OP posts:
bluenoir · 24/02/2020 14:11

Put in an offer of £310k.
If no one else puts in an offer you will most likely buy the house for that.
If someone else offers asking, offer a bit more.
Have a set figure in mind that you won't go over and don't.

You win some, you lose some.

If you are chain free and can move quickly, emphasise that point.

Original poster
Newcornishmama · 24/02/2020 14:12

@MaggieFS yes I agree those are the two options. I think the house will go for market value as it is fairly priced and there is not much on the market. I am therefore leaning towards option 2.

OP posts:
Movinghouseatlast · 24/02/2020 14:13

If you want it, just do full asking.

MaggieFS · 24/02/2020 14:17

If you can afford that and think it will go for asking price, plus would be cross if you lost out for the sake of £10k then go with the asking price.

Original poster
Newcornishmama · 24/02/2020 14:21

Thanks all. If we like it we will make an asking price offer and whatever will be will be.

OP posts:
Treacletoots · 24/02/2020 14:21

What MaggieFS said. With that many viewings, it's obvious it's a desirable property. Just offer asking price and don't play games. Tell them you expect it removing from the market as a condition.

You say you're sstc, sorry does that mean you've exchanged? Until this point you're no more a secure bet than someone just on the market themselves, buyers can pull out at any point before exchange.

WinterCat · 24/02/2020 14:41

Ok, there is a viewing booked immediately following ours (EA managed to slip this into conversation). Would you still offer at viewing if this is the case?

If you want it, as soon as you leave, ring the Estate Agents from your car and put in your offer. If you tell the EA showing round the next person/people they might try to entice a higher bid out of them knowing what you’ve offered. The EA needs to ring the seller to confirm regardless, so no need for the next viewers to know how keen you are.

BackforGood · 24/02/2020 14:55

If I put my house on the market at the weekend and had at least two potential buyers booked in on Monday morning, and - inferring from your OP - potentially more later today or tomorrow - I wouldn't take it off the market until all 4 (or however many there are) have seen it and had a chance to make an offer.
Particularly as you say not many come on the market and it is fairly priced.
They other viewers could be a) cash buyers (either ftb or already sol and moved out), or b) could offer more if they were particularly keen and knew others were interested etc. or even potentially both.

I think you have to accept you are not in the driving seat here.
Generally I would say with most houses, offer under and it gives you room to negotiate, but you have to look at this from the vendors position too - why would they take it off the market when they have viewers line up on the first week of marketing it? It's not to their advantage.
Offer what it is worth to you, and emphasise you are SSTC to FTBs and cross your fingers. I mean, you can ask them to take it off the market, but I wouldn't if I were them until all 4 (or however many there are) arranged viewings had taken place.

sunshinesupermum · 24/02/2020 15:23

I would offer the asking price on the proviso it is taken off the market and no further viewings take place. If you are in a postion to move quickly ie you've sold your own home, then the vendor would be foolish (greedy?) to wait for further offers.

Original poster
Newcornishmama · 24/02/2020 16:13

@WinterCat yes good idea, thanks.

@Treacletoots we have accepted an offer on our house but not exchanged. While it can always fall through, it can take several weeks to get to this point.

OP posts:
Treacletoots · 24/02/2020 16:20

Yes, we're in exactly the same position.... Hmm stressful!

sunshinesupermum · 24/02/2020 16:56

Newcornishmama You're in a very good proceedable position then.

needmorecoffeeandcake · 24/02/2020 17:54

I viewed somewhere and offered asking as soon as the office opened the next morning. Someone else had already offered asking. We went above asking and someone else went WAY above asking. I wasn’t in control at all!

Original poster
Newcornishmama · 24/02/2020 18:01

@needmorecoffeeandcake yup that's what I am scared of- rubbish isn't it?!

OP posts:
needmorecoffeeandcake · 24/02/2020 19:22

Yes it is but another house came along.

geordiepidge · 25/02/2020 12:59

We were first to view and made an asking price offer. However our seller also had a load of very early interest and the next people to view also offered full asking price. Three days later it went to best and final offers. If it's unusual/desirable and well priced then you're not in the driving seat unfortunately. All you can do is decide how badly you want it (head as well as heart) and be prepared to walk away if it doesn't work out. We lost out at best and final but the other people had to pull out, so we got another chance. What's for you won't pass you by. Good luck.

suzie779 · 25/02/2020 22:38

I was in your situation a last month OP. First to view a house that had just came on the market and had other viewings lined up after us. Could afford asking price but not willing to pay higher or get into bidding war. We originally offered 5k less which was declined then went straight back in with asking price on the condition that future viewings were cancelled. All worked out well and we should be moving in a couple of weeks and I'm so happy. Good luck!

suzie779 · 25/02/2020 22:39

Also I wouldn't mess around with the offers if you really want it or you'll just end up losing it to someone else

PaulaP3 · 26/02/2020 09:07

When you make your offer, remember that Coronavirus is currently decimating the global economy, and the coming recession is likley to be long and hard.

Blobby10 · 26/02/2020 09:20

@Newcornishmama in the nicest possible way, if you think you are feeling stressed now, just wait until the next few weeks/months are over!! I have bought and sold several houses and each one has given the most horrendous amounts of stress on the run up to exchange and completion! Then you add in moving day which takes you to a whole new stratosphere of stress!! Grin I really hope you get the house you want x

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