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Property/DIY

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Original poster

When to make an offer?

22 replies

Cafemad · 07/09/2020 10:23

When is the best time to make an offer when there is interest but no offers? The property has been on for a week.

Would school opening affect the amount of serious interest and as a buyer I’m i in a stronger position as autumn progresses? Thank you.

OP posts:

Comefromaway · 07/09/2020 10:25

The best time to make an offer is when you are sure you want to buy the house. If you think it is over-priced you can either make a lower offer, or wait a month or so to see if the price is reduced.

Original poster

Cafemad · 07/09/2020 10:28

Thanks. Would you worry about offering too early.

OP posts:

Comefromaway · 07/09/2020 10:35

I don't really know what you mean about too early. If you wait you risk someone else getting in before you.

Bells3032 · 07/09/2020 10:39

I don't think you can offer too early unless you want to offer something ridiculously low? tbh if you want to make a decent offer then the sooner the better. We literally made an offer within an hour of seeing our house. they were happy with it and took it off the market. Waiting means someone else may pip you to the post

JellyBelly78 · 07/09/2020 10:40

Don’t play games or you risk losing it. If you like it make an offer and start negotiations. Depends how fast the market is moving in your area I guess, but if there’s already interest from others I wouldn’t waste time.

TokyoSushi · 07/09/2020 10:41

If you really want it, make the offer.

Yippeeforme · 07/09/2020 11:12

Surely it's like buying anything else, if you want it buy it? If you're not happy with the asking price then offer what you're willing to pay. The sooner you agree to a sale, the sooner you can get all the tedious paperwork done.

Original poster

Cafemad · 07/09/2020 11:41

I don’t want to play games. I think the house is overpriced by about £50k and I think perhaps the seller will not seriously consider offers much below asking price until reality kicks in. There has been about 9 or 10 viewings and no serious offers. I like the house a lot but don’t want to waste my time if the seller feels it’s a slow week last week and will hold off for a month before they decide to negotiate.

OP posts:

Bells3032 · 07/09/2020 11:47

It depends whether the house is a million or £100k how much difference £50k makes. make the offer you want. It may be they know it's overpriced but figure they will be pulled down either way.

No harm in trying. We gave a low offer on a house and it was rejected. 6 weeks later they came back and accepted. however we'd found somewhere we liked better by then

JoJoSM2 · 07/09/2020 13:41

I’d just make the offer.

We once went to an open day with 20+ viewings. Didn’t bother offering as the house was worth less to us and I thought others would offer more. It went under offer within a week of the open day. When I later looked up sold prices, someone got it for 130k under asking! The vendors probably got a reality check given the number of viewings and just went with the offer they got.

Original poster

Cafemad · 07/09/2020 15:00

I put in an offer.

OP posts:

Bells3032 · 07/09/2020 15:30

yay. let us know how it goes

JellyBelly78 · 07/09/2020 17:05

Fingers crossed for you 🤞

ramblingsonthego · 07/09/2020 20:54

We are having the same issue. House been on a week tomorrow. The agent says it is overpriced, they valued it at 240k and next door which was in immaculate condition sold 2 weeks ago for 240k (we viewed next door as well but we hadn't sold then). The vendors have put it on for 250k (against agent advice) and it needs an absolute ton of work. Our maximum offer would be 235k as we want the location. We know they will be offended and have been holding on. We may just stick an offer in and see what happens based on this thread.

The neighbours house did test the market as it started at 265k and slowly got reduced over 3 months until they sold at 240k.

Original poster

Cafemad · 08/09/2020 11:29

Good luck Rambling. I’ve not heard back from EA on whether my offer has been accepted or declined.

OP posts:

FingersXrossed · 08/09/2020 12:05

We were supposed to be viewing a house last week but someone knocked on the vendor's door and bought it on the spot.

Good luck with your offer.

ramblingsonthego · 08/09/2020 14:25

We put in an offer of 236k to show a bit of willing but it was point blank refused. We have said its left open on the table until we find something else to buy and we are still very actively looking. I love the house but not at any price and if someone goes higher good luck to them. The search continues.

Original poster

Cafemad · 08/09/2020 17:06

I understand from the EA that we are in a good position but there are 2 more viewings this week and plus the people whose offer are a bit lower than ours have the budget to increase.

It is what I worried would happen. Still waiting to hear from the EA but I expect the vendor would like to drag it out.

So painful!!!

OP posts:

Original poster

Cafemad · 08/09/2020 17:08

Rambling your offer is a good one. Shame they let it go. They may regret doing that.

OP posts:

ramblingsonthego · 08/09/2020 18:22

@Cafemad

Rambling your offer is a good one. Shame they let it go. They may regret doing that.

We have left it on the table for them. If something else comes along then we are not hung up on this house, we will buy something else. It was just a very handy location for work and family. I might feel different if it was the dream house but its not.

Original poster

Cafemad · 09/09/2020 16:22

Still nothing. I guess that’s not a good sign.

OP posts:

Bells3032 · 16/09/2020 09:38

Any update @Cafemad?

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