Help us make this offer?

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We have recently sold our house to a cash-buyer relocating from abroad. We are now frantically viewing things and upon viewing 14 (!) this week and made a spreadsheet of things have found No 1 - it’s currently on for 525,000.

Now the agent selling it knows full well that we are porting our mortgage and our DIP in hand is for 500k. We sspecifically said to him prior to viewing that if that’s too low and the sellers cannot accept that please don’t have us around as we have so many to view over one Saturday and no time. Agent specifically said 500 would be fine.

Viewed it today and really liked it. The bath has broken though in the 2nd of its 3 bathrooms and theirs some water damage on the floor. Nothing major but we would need to repair that.

Would it be cheeky to offer £493 in this case? I’m very bad at this so thought would check first.

They are chain free sellers and our cash buyer is very keen on a small chain and rapid completion so this makes sense in various ways....

But offering 493 on 525 seems cheeky. House been on for 1 month. Obviously with current stamp duty holiday deadline things are selling in weeks here.

Like I said agent knows full well our DIP is for 500k and we did ask not to show us if that was too low.

So wise MN ers - what do we do?

What are other similar properties near it selling for? Take that and deduct cost of bathroom damage.

Average property price there according to zooplankton: 467k.

Highest sale price: 522k in 2019. However that was a 4 bed, not a 3 bed like this one.

So - this ones asking price is higher than any house has ever sold there in last 10 years.

Not zooplankton. zoopla. FFS

I would take 10% off and work up.

You offer what you are willing to pay for it.

I don’t have the backbone to take 10% off. I know! Offering 493 on 525 is 6% and am almost apologising about it :/ GAH - woman up woman!

How long has it been on your market?
How does it compare to others you've seen?

Considering agent knew your max was £500k, start at £480k.

Thank you - been on for a month. But stamp duty holiday till end June means properties are flying off shelves. Ours sold in 3 weeks but we rejected 4 offers till that point.

Compared to others we saw this is v clearly number 1. It ticks all boxes we have -

1. 3 bathrooms
2. Home office for me
3. Guest bedroom
4. Overall condition
5. Excellent kitchen diner
6. Attached garage with conversion potential
7. Distance to schools nursery and work
8. Budget
9. Overall area sale value for potential moving up the ladder in 10 years say.

10. “Feel” of things

Haven’t seen anything else that ticked all ten.

Definitely offer £490. Give yourself some room to negotiate.

If it's been on for a month in this climate you have some room to negotiate.

Why on earth would you tell the estate agent what your budget is? Don’t do that again! Any time I’ve been asked to show proof of funds, I’ve given it with the figure redacted.

I also don’t understand the angst on here about “cheeky offers”. Offer what you like. If it’s not enough, the seller will simply say No. That takes all of a minute.

It doesn't matter what your top budget is, it's what the house is worth to you. If it's worth 493 to you offer that (say it's best and final if that's what ot is).
Next time you could say your budget is £500k if the house is perfect- and no house ever is.

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Not zooplankton. zoopla. FFS

Oh this did make me laugh Thanks, OP

Well hopefully the EA knows that the seller would go for £500k, and isn’t just hoping that you’ll fall in love with the house and be able to bridge the gap...

If £493k feels right, make the offer. If it’s been on for a month, they might be happy with that. Did the EA mention whether it’s had more offers? More viewings?

Round here everything is flying off the shelves at over asking price, so if it’s calmer where you are; definitely take advantage of that.

The worst they can say in no!

It's not cheeky. They can say no if they want.
They might have a lowest they'll accept figure but you want know until you start negotiating
The EA does the dirty work so don't feel embarrassed to offer it

Figure out a ball park to fix the bathroom and offer 500- that. They know that 500 is your max and it sounds as if it is overpriced a little.

Also you are feeling embarrassed in front of people you will probably never see ever again.

If it's on too high then it won't sell, offer low with reasons and walk away and let them stew on it a while

Dont ever discuss things like budget with EA in detail - they're getting the most they can as their commission will be higher

When we brought our house, the agent said to us “yes yes the owner will accept an offer within your budget”. We offered up to our “top” and did the owners accept it - did they hell!!

To be fair, we were able to increase our offer, past our original maximum having seen a different mortgage advisor and adding some more savings, but I think it’s just estate agent talk sometimes, to get the most buyers through the door for their clients. To make then look like they are doing something, drive up demand and hope to create a higher price.

I really hope I’m wrong OP and you get your home. You are in a great position with a cash buyer!

Thanks all.

So we viewed on Saturday noon and the agents said happy bank holiday weekend to the seller who was hovering outside and drove off.

We called that afternoon to make the offer but their voicemail said they are all out on viewings.

So we left them an email with our offer which offers £493. Worth noting that the only house in that road that’s sold for over £500 is one that’s a whole bedroom larger. We mentioned the broken bath side and water damage in our offer and also asked them to get back to us ASAP as we do have another two we would like to offer on if this doesn’t work out.

Haven’t heard back but they are not open till Tuesday owing to BH.

Hope we did the right thing! In my view - for a house at 525, they are unlikely to be swarming with chain free first time cash buyers (could always be an exception) - so is being STC to a cash Ft buyer is possibly a good look for us as their buyers — as good as it could get I suppose.

We will see...

Mine was on at 325k we offered 257k and it was accepted. If you don't ask you don't get!

Mortgage offer is in place and we have a secure chain behind us. We are placing an offer of £475,000. Can you please let us know the owner's decision ASAP because we have another property we are prepared to offer for.

That’s the perfect short confident email! Mine was a tad too long but same content with a higher offer. Noting language for the future!

UPDATE

In case anyone is interested in random internet strangers' property updates (!) - we offered 493 for the 525, they asked for 510, we settled at 500. Offer got accepted yesterday and house now removed from listings, and Memorandum of Sale here - all super quick! Our sale is to a FT cash buyer, and this house is chain-free so hoping things go smoothly :)

Thanks for all the advice everyone :)

YES!!!! Really happy for you here's to a smooth move