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Original poster

Advice needed - what to offer?

80 replies

Misty9 · 03/07/2020 16:22

I'm seeing a house on Monday and I'm 99% certain it's perfect. So I need to decide what to offer. It's on for guide price 260-270k. Nothing else has sold on that road for a few years. Comparable property round the corner is sstc for same guide price. It's empty having been rented out. I'm chain free and have a large deposit. I want to offer an amount that takes it off the market... Any experience with this?? It happens on location location location! Grin

OP posts:
BammBamm · 03/07/2020 16:38

I'd wait until you've seen it. I've thought the same but the reality is often very different when you physically view.
What's the market like in the area currently?

Original poster
Misty9 · 03/07/2020 17:38

The market is booming with it being difficult to even get viewings quickly! I know people in the area and the exact same property type. But I hear what you're saying. I just wondered if vendors would be receptive to asking price offers if they take it off the market...

OP posts:
boredboredboredboredbored · 03/07/2020 17:49

How long has it been on for?

Original poster
Misty9 · 03/07/2020 17:50

It came online last night...

OP posts:
Onekidnoclue · 03/07/2020 17:58

I was told you should be embarrassed by your first offer. You can always go up! Assuming U.K. I would offer under 250k Because of stamp.
Speak to the EA. explain you’re in a procedable position and want if off the market right now.
They can easily tell you to piss off! If they do they will give you a number to take it off the market.
I assume you have mortgage approval for a value above that? Push the point that they could have the cash in their account in a few months as you can love fast. Sellers love fast cash!

Original poster
Misty9 · 03/07/2020 19:10

I've already lost one house to an investor... Not sure I want to mess about if it's what I want as I have really had enough of looking at houses! I think under 250k would be a bit rude...? But I take your point about stamp duty

OP posts:
boredboredboredboredbored · 03/07/2020 19:32

I put my house up for sale a couple of weeks ago, I had 12 viewings booked in within 24 hours and it went in excess of the asking price. It very much depends on the market where you are, if it's moving fast I wouldn't offer low and expect it to be accepted. If it had been on the market a while then you'd have better luck.

Maybe try 265k but go up if it's worth it to you and you can afford it.

Oopsiedaisyy · 03/07/2020 21:05

I looked at a house on for 270k, made an offer for 260. They accepted 265k.

YankeeDad · 03/07/2020 23:35

I think it boils down to whether you care more about paying the least you can pay, or whether you care more about getting this particular house.

If it's the house that you want to live in for the next 5-10 years, and if you can afford to lose some of what you paid (or to make less) when you resell, and if you are the kind of person who can just enjoy living there without caring whether you paid a little too much, then it can be worth putting in a higher offer.

But if you cannot afford to lose any of what you pay, or if wondering whether you paid too much will keep you from enjoying it, or if there are plenty of other houses that would suit you just as well, then probably it is better to offer less.

GreyGardens88 · 04/07/2020 09:42

I'd offer £250k and see what they say

sbplanet · 04/07/2020 11:03

"I'm seeing a house on Monday and I'm 99% certain it's perfect. So I need to decide what to offer. It's on for guide price 260-270k."

Ask how many other viewings there are, what position other viewers are in (if there are any) and how quickly the sellers want to sell.

Then base an offer around those answers - if they say lots and no hurry I'd go in at 270k and say 'no more viewings and off the market' and see what they say. If its 99% perfect and a long term stay, plus limited other houses in the area on the market, what is 5k or 10k in the scheme of things? If the market does anything crazy you'll have time to wait it out.

Original poster
Misty9 · 04/07/2020 11:04

Interesting thoughts so far, thank you. I'm leaning towards offering 265k as it really is the house I want to live in for 5-10 years if it's as good as I'm hoping... I just feel like 250k is a bit cheeky?

OP posts:
Original poster
Misty9 · 04/07/2020 11:06

@sbplanet Cross posted. Yes, that's what I'm thinking. Lots of interest in 24hrs but agents are being cagey about how many other viewings there are. They did tell me it's mostly owner occupiers though, rather than investors.

OP posts:
Atadaddicted · 04/07/2020 11:07

It came on last night?
You love it and “perfect”

Full asking and removed from listings

Atadaddicted · 04/07/2020 11:10

My place
Within 24 hours 4 viewings and 4 offers.
We offered full asking
Someone offered £25k more
Vendor accepted ours as cash buyer

The good properties go. They go quickly. And they don’t go for a “deal”.

8 years later - bloody hell I love my home. Perfect.

Boohoohoohooho · 04/07/2020 11:13

sbplanet
Ask how many other viewings there are, what position other viewers are in (if there are any) and how quickly the sellers want to sell
Then base an offer around those answers

Trouble with this approach is that some EAs are happy to tell porky pies. I wouldn’t ignore what they said but I wouldn’t take it at deface value either.

sunshinesupermum · 04/07/2020 11:19

Full asking price will get it removed from listings as long as you ask for it. If you know it's a long term home I would go for it. I've done this each time I've moved. Shortest spell was for 7 years and longest 14 and market dropped then revived every single time.

Atadaddicted · 04/07/2020 11:19

It’s often not so much the EAs telling porkies

More the fact that they are representing and indeed being paid by the vendor.

So why would they say “oh the vendor is getting divorced and desperate for a quick cheap sale”. Letting the vendor down and reducing his share.

Original poster
Misty9 · 04/07/2020 15:15

@Atadaddicted

It came on last night? You love it and “perfect”

Full asking and removed from listings

This is what I'm thinking. But which is full asking if it's guide price 260-270k?? The last thing I want is a bidding war or best and final sealed bids...
OP posts:
boredboredboredboredbored · 04/07/2020 15:44

Then offer 270k and ask for it to be removed from the market otherwise it could above 270k.

Sitdowncupoftea · 04/07/2020 16:17

I would wait until you have actually viewed it. I'm in the process of buying and some house on viewings are nothing like the photographs. I don't trust EA . If you put an offer in do it by email then follow up with a phone call. The housing market is busy at the moment but most people do make offers below asking price initially depending upon the condition of house. You as a buyer will be aware of the area and what they are currently selling for in that area.

Original poster
Misty9 · 04/07/2020 16:58

I should have said, it needs a bit of updating in the kitchen and bathroom, carpets etc. I am going to wait to view it but then may well try offering full asking on condition of it being taken off the market. But the vendors may well think, if one person is that interested, let's see if we can get more, no? Oh for a crystal ball!

OP posts:
Atadaddicted · 04/07/2020 17:19

I’d go £270

Ask yourself
If I lost the house and it went for £270 would I feel gutted because I could have gone to that.
Or resigned because I couldn’t afford it anyway.

bilbodog · 04/07/2020 17:24

I agree go in at £270k and ask for it to be removed from the market.

Atadaddicted · 04/07/2020 17:27

Well yes they could think that and it would well be their prerogative to say that given initial interest they increasing the price
But their EA will almost certainly advise them not to do this
And it will provide you with the insight in to the vendors that perhaps wouldn’t be the most pleasant of sales if you increased offer and they accepted

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