How much over would you offer?

[Level75]

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.

@Paddingtonthebear

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.

I don't blame you because the bank is trying to protect its investment and you should too!

A belated update. We bid 16% over the asking price (cash). We didn't get it . It's been a crazy market.