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Original poster

How much over would you offer?

52 replies

Level75 · 09/06/2021 14:55

DH and I have been looking for a house in a specific area for absolutely ages. There's a really lovely one on the market at 265k which needs work but is still well priced. The market is super hot and it's garnered an absolute tonne of interest (50 enquiries in 2 days, 25 viewings before the week was out). It's going to best and final offers soon.

I really want it!

We'd actually budgeted for a bigger place so affordability isn't an issue at all, albeit we don't want to ridiculously overpay. We're cash buyers (decent inheritance) so in a good position, although I know this will be true of others.

What would you offer? We only get one shot at this and I don't want to miss out again.

OP posts:
ApolloandDaphne · 09/06/2021 14:58

My DD offered 310 on a house on for 280 and got it. Others offered the same but they were better placed being FTB with a big deposit. I think I would maybe go in at 295 and use your strong position to help you.

hopefully2021 · 09/06/2021 15:42

280k

CoolKitkat · 09/06/2021 15:45

What's the max budget that you could afford? I would think to go in at around the 280 mark, you're in a really strong position as a cash buyer.

I guess it depends on how much you love it, and whether you think you'll be waiting a long time for something like this to come along again ...

If you've been looking a while and this one is a rare gem, I would even go straight in at 300k if I could afford it.

Good luck, it's such a stressful process :)

CoolKitkat · 09/06/2021 15:46

Also depends on how long you're planning on staying there ... prices will always go up eventually, so if you're staying 10+ years, probably an extra 10k here or there at the moment won't make much difference in the long run.

MimiSunshine · 09/06/2021 15:46

What would it be worth if it had all the work done? And what would you think it would cost to do it? I think I’d offer somewhere between those two numbers

Original poster
Level75 · 09/06/2021 15:53

The specific location is perfect for us. Done up I reckon it'd be worth maybe 60k more but it's probably around 40k of work (optimistically!)

It'd be for the long term.

Money isn't really an issue but we don't want to be foolish with it.

OP posts:
mklanch · 09/06/2021 16:21

we offered £340k on a house on for £275k....it needed over 100k spending on it but it was our dream home....believe it or not they went with a cash buyer who offered a lot less.
we were devastated!

Original poster
Level75 · 09/06/2021 16:26

How rubbish for you @mklanch

OP posts:
Iamsodonewith2020 · 09/06/2021 16:27

We just offered £900k on a house up for £850k so I would say offer 10% over in your price bracket if you really really want it

mklanch · 09/06/2021 16:52

@Level75

How rubbish for you *@mklanch*
we had been looking for over a year and it came with the right amount of land in the right area. i got the impression we were the highest offer but they chose to go with a cash buyer. ive not found another house that compares since. it had all the features i wanted :( and could have been an amazing family home
emmathedilemma · 09/06/2021 17:20

I think a lot depends on the local market. Properties are typically advertised at "offers over" in Scotland and go to sealed bids on a closing date. The "offers over" is typically a bit less than the valuation price but you can only get a mortgage up to the valuation price, however that doesn't stop people bidding up to 20% more. Round here I would expect it to go for around £300k.

Mydogisagentleman · 09/06/2021 17:47

I’d speak to the estate agent and ask them.
Obviously they want as much as possible and can’t tell you what the other offers are, but you can ask them to twitch an eyebrow or wink when you’re in the right area

Original poster
Level75 · 09/06/2021 18:03

What neck of the woods are you in @emmathedilemma?

OP posts:
Castlepeak · 09/06/2021 18:09

@Level75

The specific location is perfect for us. Done up I reckon it'd be worth maybe 60k more but it's probably around 40k of work (optimistically!)

It'd be for the long term.

Money isn't really an issue but we don't want to be foolish with it.

So based on that you could go 285 and it wouldn’t be irrational.

I would consider that your starting point for deciding what to offer. Whether you go up or down depends on how badly you want the house.

silkpashmina · 09/06/2021 18:46

I think it really depends on the area but your estate agent should be able to advise how much over other properties have been going for. As previous poster said in Scotland properties are going 20-30% over home report value.

Lockdowndramaqueen · 09/06/2021 19:02

My gut says 301,500 or something but interesting to read others. Agree depends on region. Here you would have to be bold I think.

HmmmmmmInteresting · 09/06/2021 19:09

£30k above asking wouldn't be outrageous in this market. But only if it's worth that to you.

emmathedilemma · 09/06/2021 19:20

I'm in edinburgh, family sized houses are typically going for 20% over the valuation price. I'd love to know what all these people with so much cash do for a living!!

Swifey40 · 09/06/2021 19:25

We are in a small market town in South Somerset and houses are going for about 15% over at the moment, and with days (sometimes hours) of hitting the market!!
Whereabouts are you?

KitKat1985 · 09/06/2021 19:28

I'd go with £280k I think, and stress that you are cash buyers.

Original poster
Level75 · 09/06/2021 19:30

It's in a very popular part of Yorkshire.

OP posts:
SpecificPacific · 09/06/2021 20:01

We had an offer accepted yesterday. Up for 450k guide price, restricted to one day of viewing. 40 people on wait list to view!!

5 offers put forward, one at 498k property unseen, no survey!!! cash buyer (from London, property 3 hr drive away but still didn’t bother to view)

Went to best and final, we bid 507,500, apparently not the highest bidder but the owners liked us the most…thank god!!

Our dream home, been looking for months…EA been very honest and have told us it will be down valued but we are 50/50 cash mortgage so not a problem. It’s a long time purchase for us so in the long run we won’t lose out but the market is beyond insane right now. We are living with family so nothing to sell but feel so sorry for anyone in a chain…it’s brutal ☹️

SpecificPacific · 09/06/2021 20:14

…so to answer your question I reckon you need to be at minimum 10% over just to be in with a chance…probably 15% to bag it with little competition.

Finsburyman · 09/06/2021 20:33

I would go £286k based on what you said so far.

We offered over £15k for our house and thought that was a lot... the market must be very hot right now!

Didicat · 09/06/2021 20:38

I think you need to decide how much this particular house is worth to you....

If finance is not an issue and it’s practically perfect and your utterly desperate to have it - I think I’d max out at £310k with a lot of wincing and grimacing.