Making an offer

[dinkydino123]

After a lot of searching, we've found a house and want to make an offer. We actually found two houses earlier in the year but both were at the top of our budget (400k) and both went for a lot over asking. This house is lovely, although outside the city so requires a short commute unlike the other two.

It went on for 400k a couple of months ago and the vendors accepted just over 380k. This sale fell though due to mortgage issues for the buyers. The vendors have now found a property they want to buy and so the house is back on, this time for 388k. How much would you offer? I think 375k as we are not in a chain and can be pretty flexible around timings etc. My other half disagrees and wants to offer more! I doubt we will complete before the end of March so will need to factor in stamp duty. I am very new to all this so any advice would be hugely appreciated!

Think it depends on whether you think it's likely to be quickly snapped up now it's back in the market? Will there be much competition do you think?

It's hard to say. It is not in such a competitive area as the other houses we offered on, but it is fairly high spec with a lovely kitchen and living room. We don't want to lose it, but at the same time I don't want to overpay. I feel like we are good buyers (we have our mortgage in principle, are first time buyers and can be very flexible on dates) which hopefully would stand us in good stead. There are two more viewings this week.

If you really want the house then its worth getting it off the market - you wouldnt want to lose it for 5k would you?

If you were in their shoes would you be looking for 380k still?

If we thought we could wrap it up by 31 March I think we would offer 380k as we wouldn't be spending on stamp duty, but I doubt that will happen. Their new place is not in a chain, but even so I think it may be a little tight time wise. I am an absolutely terrible decision maker and second guess almost everything I do, so you can imagine what I am like with something this big!!

Offer £375K with a £5k bonus if they complete before the end of March ....basically sharing the spoils of saving stamp duty

Definitely £380K and no less. If someone offered that before they will be expecting that again. By putting it on the market lower however, they may also be expecting the full asking price. It depends on how much you love the house...make a decent offer and ask them to take it off the market. I paid over the odds for my house cos I knew it was the one! Good luck.

Not necessarily @Roo1000, if they have something they are desperate to buy, then there may be wiggle room in the price to keep the chain together.

While you're on here prevaricating, someone else is putting an offer in...

Make the offer you're prepared to pay for the house.