What to offer on house please? Any advice appreciated!

[llamallamallama09]

Very grateful for any advice! We've recently sold our house, and have been looking for one to move to. We've seen a house this weekend that's been up for 9 days - the estate agent said he was expecting some offers on Monday and that it's been really popular. It's Offers in the Region of 325k.

We've seen a mortgage broker and have an offer on our house, (they have nothing to sell) and have a good LTV, though I know that FTB and cash buyers will be much more attractive than us.
Would you go in at asking or higher, and give our best offer (which I still haven't worked out!)? We love the house, but it does need work and we don't have an endless budget.

There is another house that we saw that is 295k, but it isn't as big, and the high schools aren't as good (though area better), but they had 42 viewers in a day, so I don't even think there's a point thinking of that one!

I've had a look on rightmove for sold houses for the pair of them, and can't really work out what is a good price as they are both detached in an area where they seem to be either bigger houses or semi-detached. I'm rubbish at this!

Any advice would be hugely appreciated!

[Divorcemakesyoustressedandpoor]

If the estate agent gets lots of interest (and I’m an ex estate agent!) then usually they will go for best and final offers .. sometimes it’s not the Highest offer that’s gets the deal it’s the position of the buyer. Also location is key .. better to have a small house in a great area than a big house in a not so small area !

[llamallamallama09]

Thank you so much @divorcemakesyoustressedandpoor

They're both good areas, it's just that we'd have no high school for the second one (though my little girl is 4 months old, I may be worrying early!).

My husband is saying go in at 326,150 (we read something about odd numbers) - does that sound reasonable? Would you say something about really wanting to live there etc, having solicitors and MIP ready?

The estate agent said he would ring everyone tomorrow, I'm so nervous!

[CatAndHisKit]

yes, mention ALL your positives. I think it's priced a bit to ohigh if it's been on for 9 days and no offers, whereas the other one undervalued what with the flood of viewings.

So if you offer over, you'll be paying over the odds! IMO it's only worth doing that if a house is likely to be snapped up in a couple of days and it's that sort of area, but after 9 days no, I wouldnt go over. I think they'd over the moon with asking price as it's not even offers over listing - it may be popular but because people anicipate to be able to offer less. In region off means 'we can accept a bit less than asking'.

I think also the agent will let yo uknow if anyone offers above asking (once you offered) as they love to create a competition - rather than not even give you a chance.

[CatAndHisKit]

*of

[Fennelandlovage]

Did this recently - 4 offers inc two first time buyers. We outlined our position which was very similar to yours and outlined why the house worked so well for us and that the one major down side would never bother us. We offerred slightly over as you are suggesting and secured it with no need for best and final. We probably are paying marginally over the odds but we plan to be there for some years and would have lost out otherwise. Best house we saw for our needs. Good luck.

[LooseMooseHoose]

Also work out how much the work will cost you, and therefore how much money you need to keep back. That basically determines your ceiling price. Good to know in case things get heated and will stop you from panicking and offering too much.

[llamallamallama09]

Thank you all much! Have spoken to the estate agent, who says they have had 2 offers, and some more and going to think during the day. He seems to think it is going to best and final on Wednesday

He said to make an offer and then give my best on Wednesday, but surely we're all just going to bid against each other and raise it right up? I imagine it will for for more than we can pay with the work it needs.

He did say that we were in a better situation than someone who hadn't yet sold their house, which makes me wonder if some of the offers may not be proceedable as of yet though?

I'm rubbish at stuff like this, I feel sick with nerves!

[CatAndHisKit]

So offer asking price which I still think they'll accept as you are in much better position (not sold is not a real offer!), and then if it does come to best and fimals you can still up a bit (by a thousand )