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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:
Warmduscher · 09/06/2021 20:41

We bought last September, guide price was £380k, we offered £401k. We were cash buyers. The seller asked if we wouldn’t mind writing a few lines about why we wanted the house and why we wanted to move to that area. The EA told us afterwards that ours wasn’t the highest offer but the seller felt our story resonated with her. Thank goodness - the location is perfect and it’s our dream home.

snowspider · 09/06/2021 21:38

I would also go 310k if you really want it. Property here going well over asking for type of property those from outside the area want. Lots of cash buyers and buying sight unseen no survey. 20 to 30 % over asking not unusual.

OldWivesTale · 09/06/2021 21:41

If it's for the long term, you can easily afford it and you love it, I'd go in at just over 310.

ToExtendOrNotToExtend · 10/06/2021 00:19

The agent cannot tell you exactly what other people have put down, but they can give you some hints if they think you are a good buyer. Although you cannot fully trust the agent, you can find out roughly how much is enough to be the highest the bid.
The most important thing is to set a budget and NOT to go over.

KBILLY · 10/06/2021 00:31

I'm not in the UK so take my advice for what it's worth. We recently bought and where we are, the market is ridiculous (making national news). The neighborhood we were looking at is also incredibly sought after.

We saw a house and made an offer that day (things are selling here within hours.) Asking price was $620 and we ended up in a "highest and best" situation. Our initial offer was $635k and we were outbid - but in the "highest and best" stage we upped it to $650k. We got the house. So around 5% over asking. I'd do it again in a heartbeat.

LemonSwan · 10/06/2021 02:33

The market is so crazy theres no guarantee no matter what number you choose. It could easily be 20%+

I would put the highest you would feel happy with spending and stress you are cash buyers no chain; If you really really want it - offer subject to NO SURVEY,

Goodluck Wink

Didicat · 10/06/2021 07:10

@Level75 did you make a decision? Fingers crossed you get it.

GrandmasCat · 10/06/2021 07:16

I think this 95% mortgage opportunity is already creating a bubble that will bust at some point.
I would feel tempted to protect my investment by offering no more than 10% over the price BUT you may also need to consider that prices are already rising fast so… you may not find another house you like as much for the same amount of money for months to come, and in that time your buying power is reducing as the house prices rise.

RolloTomassi · 10/06/2021 07:57

I'd come up with a number you think is about right - but before putting it forward officially, phone agent and sound it out. Say you love the house and definitely want it, and don't want to lose out, but due to work required you need to be mindful of spending too much on the purchase price.

They won't tell you other bids but they might say "it's a strong offer" or they might hint you higher. Obviously might say nothing at all! But given your strong position they will probably be willing to guide you into the right ballpark. Certainly nothing to lose by trying! We did this and got our house.

BernadetteRostankowskiWolowitz · 10/06/2021 07:59

280 sounds good but make sure they know you are cash buyers & chain free. That would be more appealing to most than any other 280-300 offers.

ApolloandDaphne · 10/06/2021 08:39

@Level75

It's in a very popular part of Yorkshire.
You don't say where in Yorkshire but (as I posted upthread) my DD needed to pay 310 on a 280 price to secure the house. This was in Leeds if that is any help.
greenlynx · 10/06/2021 09:06

Have you viewed it already? Are you going to do searches, building survey or HB report?

Original poster
Level75 · 10/06/2021 11:23

Hi, thanks for all the responses.
We've viewed already and have a further week before the deadline.
I think the stumbling block in all this may be my DH - he's more financially cautious than me!
I might try and pluck up the courage to speak to the estate agent and will let you know how I get on.

OP posts:
Panda368 · 10/06/2021 11:24

based on our area in Manchester which is mental - I'd offer minimum of 10% + a bit

house we are buying - listed at 290 - we got it for 330.
House we are selling - listed 225 - Sold for 249

Original poster
Level75 · 10/06/2021 11:25

I think we'll say the offer isn't survey dependent but then try and get one. It wouldn't be to haggle on price as we can see it needs a lot doing - more to check it's structurally sound.

OP posts:
Panda368 · 10/06/2021 11:28

also - ask yourself before you lose it - how upset and annoyed you will be if you don't get it.

We initially lost out on the house we are now buying due to trying to be clever with best and final.

We re-offered after the final bids as we were so upset about it - this was refused but 2 weeks later they came back to us as their original buyer pulled out.

furstivetreats · 10/06/2021 11:45

We are paying 440 on a guide of 425 and it sounds like we were lucky to get it for that! Not in Yorkshire but market is hot here for this type of property (detached, 4 bed). We were chain free with a very decent deposit, we know they turned down a lower cash offer and we asked for all further viewings to be cancelled so they cancelled 2 days of appointments. It is an elderly woman selling a house she has lived in for 50+ years and we did say we wouldn't put any pressure on in terms of time lines etc which apparently they reacted well to (adult kids helping with sale).

Original poster
Level75 · 10/06/2021 13:17

Just had a chat with DH and he's agreed to go 15% over! He must like it as much as me.

OP posts:
Starseeking · 10/06/2021 17:34

I'd offer £291,850 or £301,850, depending on which I felt most suited the house, and was a reasonable amount to offer, particularly if finances are already in place for offers at that level.

Psychologically people seem to like round number offers, so you'll likely find people offering £280k, £290k, £300k etc. To differentiate your offer, I'd put some odd numbers such as the above in.

Original poster
Level75 · 10/06/2021 19:03

The estate agent actually told everyone to put in odd figures for the offer in order to distinguish them. Obviously expecting loads of offers!

OP posts:
KBILLY · 13/06/2021 01:35

What did you decide on, OP?

Nandocushion · 13/06/2021 03:32

@Level75

The estate agent actually told everyone to put in odd figures for the offer in order to distinguish them. Obviously expecting loads of offers!
I was going to say this too as it's what our agent recommended (different country). So if you were considering 295k, I'd say 297k, or if low 300s I'd say 304k. But if you love it and you can afford the renos then I'd go as high as 309k - with that much interest, you will have competition who can also overpay.
Paddingtonthebear · 13/06/2021 07:44

Hot market where I am but the house we are trying to buy was valued at £25k under the sale price by the mortgage lender. Mortgage broker and estate agent have both said this is now happening a lot, whilst the market is hot the prices are inflated and the lenders are getting wary.

bonfireheart · 13/06/2021 08:23

What will happen in that situation if its valued lower?

Paddingtonthebear · 13/06/2021 08:57

We are trying another lender to see what a second valuation comes back with. Then if it’s still under the seller will need to reduce or we will have to walk away. The other option is to make up the monetary difference ourselves and put in more to cover what the bank won’t lend but we are not able or prepared to do that.