Page 3 | How can we secure our dream home!

SaltySeaAir · 2021-06-24T09:17:45+00:00

I'm a nervous wreck right now. We have been in rented for 12 months now, trying desperately to buy our forever family home. In that time barely anything has come on the market. Easter time a house came on, we were first through the door, offered asking price, and we still didn't get it 🙁 We are chain free cash buyers. On Saturday estate agent phoned us, house coming on they thought we would love - we are booked in to see it a week on Friday. Yesterday it went on Right Move, I'm completely in love 🥰 Immediately phoned agent to see if we can see sooner, we can't - but are first in the door next week. I know it's going to have so much interest 😭 Do we offer asking price as soon as we have seen it? So tempting to offer right now 😂 Any other tips to help them pick us???!!! This is going to be the longest week!!!

KBILLY · 24/06/2021 14:05

If you love it, (I'm disappointed I didn't see the listing 😂) then be prepared to offer over asking.

Jocasta2018 · 24/06/2021 14:06

I would offer maybe a couple of grand above asking price & stress that you are a cash buyer & chain free.
If you can show the EA solid proof that you have the cash available, it might make you incredibly attractive buyers!

randomkey123 · 24/06/2021 14:12

Estate agent details are designed very carefully to make the most out of a house. We thought we'd hit the jackpot when viewing a few weeks ago..... and it was awful in reality. They'd used a wide angle lens so the house and garden were really disappointing and the house next door belonged to a hoarder and had 3 massive trees on the boundary that hadn't seen a tree surgeon in 50 years..........

Go and drive past, or walk past. We now do this before we even book to view, as often you'll discount somewhere straight away. And look on local planning sites to see if neighbours have planning permission...... we viewed one at the weekend, and there was clearly a war going on with the NDN's over plans for an extension. House was lovely but we walked away as it wasn't worth entering a hornets nest for.

chesirecat99 · 24/06/2021 14:17

We can, we're self employed though and it's always so hideously complicated! I also don't know if my DH would go much over asking price as he doesn't trust the market at the moment. I just have to hope he loves it as much as me!

I'm self employed too so I know what a nightmare it is but lenders will be falling over themselves to lend you £50k on a property worth £900k+, as long as your income is high enough to meet the tiny repayments/income multiple requirements. There is no risk to the lender, they know they will always be able to get their money back on such a small loan to value ratio.

Obviously don't pay more than it is worth but in some places everything is going for more than the advertised price so you are never going to get anything at the top of your budget. If it's a forever/long term home, even if the market drops, in the long term you will get your money back and more. Or you have to wait. It will be the same on any property at the moment.

Peridot1 · 24/06/2021 14:30

We bought last year. We had pretty much decided to buy the house before we viewed. We did view and were told there were 3 offers on the table already - two below asking and one at asking. We offered above asking as cash buyers and our offer was accepted.

We then got gazummped. By one of the parties who had already offered under. They then offered 25k above our offer. Vendors said know as they had accepted our offer. They then offered another 75k on top. So 100k over our offer! The vendors obviously had to consider that offer. Would have been mad not to. They had built the house to sell. We had been looking in the area for a while so felt the house was good value at the price that was initially accepted. But we loved the house and matched the other offer which was accepted. The other party offered over again but were turned down.

So we got the house and we love it. Very pleased we didn’t walk away. The other party called the estate agent every week until we exchanged in case it fell through. I was half expecting them to turn up on the door step the day we moved in!

So - if you love it talk seriously to your DH about a plan of action. DH loved this house almost more than I did and even though he is a generally very sensible accountant he knew we would have to push to get it. He had a figure in mind he wouldn’t go above and we definitely did not want best and final or a bidding war even though that’s what we sort of ended up in.

Phrowzunn · 24/06/2021 14:44

It will just totally depend on the sellers’ situation - if they are putting it on Rightmove a week before they are even taking viewings it really sounds like they are not prioritising a quick easy sale but looking to get the most interest and thus the best price. Realistically, if you go in on the first day and offer over asking, all you’re going to do is make them think ‘oh if that’s our first offer, I wonder how much more we could get’. Your strategy would only work if they were looking for a quick sale which it really doesn’t seem like they are. You can’t blame them. If they’ve got an amazing house in a sought after area and they are not in a massive rush they would be literally insane not to wait it out and see how much they can get / encourage a bidding war. I think probably the best thing you can do for yourself is not get too invested (I know it’s hard, I’m the same as you and fall in love with something just from the pictures and get so upset at the thought of not having it!).

Waspie · 24/06/2021 14:54

Yes the Lake Road one definitely needs some work and the one you are looking at does look nicer from the photos. I don't understand why it's on RM if no viewing are allowed for another week, that seems strange.

I agree with the others that if you can you should go and look at it from the pavement in advance - check out the neighbours, what's the road noise like, search planning applications etc.

I've never had to buy in a mad market but I have recently sold a relatives house (in London) and it didn't even get to RM because the Agents had so many people on their books waiting for a property. It went to best and final.

I think in your position I would make my offer in writing and include why you are really good purchasers; cash buyers, how flexible you can be and how much you love the house. That always seems to work on Locationx3

Dizzycow79 · 24/06/2021 14:58

@Waspie

Yes the Lake Road one definitely needs some work and the one you are looking at does look nicer from the photos. I don't understand why it's on RM if no viewing are allowed for another week, that seems strange.

I agree with the others that if you can you should go and look at it from the pavement in advance - check out the neighbours, what's the road noise like, search planning applications etc.

I've never had to buy in a mad market but I have recently sold a relatives house (in London) and it didn't even get to RM because the Agents had so many people on their books waiting for a property. It went to best and final.

I think in your position I would make my offer in writing and include why you are really good purchasers; cash buyers, how flexible you can be and how much you love the house. That always seems to work on Locationx3

On a couple of properties we viewed, they put them on RM early then booked all the viewings back to back on a couple of days - one to try and avoid the drip of viewings and I think so agent could do them rather than vendor. Also helps drive price up

Iamsodonewith2020 · 24/06/2021 16:45

Offer over. We have just sold for £15k over and have offered £55k over for the house we want

SpecificPacific · 24/06/2021 17:47

At the moment with a decent property new to the market I think you need to offer 10% over just to be in with a chance. Probably more like 15-20% to see off the competition but I have no idea what the market is like in Portishead. It sounds like they want to get lots of viewings booked in, if you love it I would make it v clear to agent/vendors as I think it makes a difference.

Thisisanartattack · 24/06/2021 18:04

Asking price offers don’t seem to be enough these days sadly, I would go into over. If they are waiting for viewings it means they’ll be expecting several offers which will probably go to best and final. As an aside I would never accept an offer from buyers who hadn’t viewing my house in person, I would be expected them just to withdraw at the first opportunity they had to physically view.

huuuuunnnndderrricks · 24/06/2021 21:33

Yes offer before viewing . You can always pull out .. harsh but 🤷‍♀️

altiara · 25/06/2021 10:40

I wouldn’t accept an offer if the person hasn’t viewed, I’d expect them to drop out.

Also would think they’re trying to line everyone up to see the house in one go, so speak to the agent and hammer it home what a good position you’re in.

Ladyof · 30/06/2021 23:05

Let us know how you get on. Is it this Friday you view? Good luck!

StarlingsDarlings · 01/07/2021 00:16

So depressing how offers 10-20% over are necessary at the moment. I wonder if people come unstuck later on at mortgage valuation with this approach.

MarianneUnfaithful · 01/07/2021 01:03

I wouldn’t accept an offer from someone who hadn’t viewed.

I wouldn’t be chuffed about anyone knocking on my door and not going through the EA either.

Original poster

SaltySeaAir · 01/07/2021 07:38

@Ladyof

Let us know how you get on. Is it this Friday you view? Good luck!

Yes, tomorrow afternoon!

Excited and nervous 😬 I'm pretty sure they have viewings booked in Friday and Saturday, so chances are any offers made tomorrow we're not going to know anything until Monday 🤦

OP posts:

Roselilly36 · 01/07/2021 07:50

Good luck OP! Keeping everything crossed for you.

We moved in Feb, big downsize & relocation for us. I saw our property go on RM in the evening, straight on the phone next morning to book a viewing, viewed on the Friday, totally in love by then, offered asking price. So delighted with it, getting straight now and making it “ours”.

I hope your viewing goes well and it feels right, you are in a great position.

Katyy · 01/07/2021 09:58

I was once in your position a long time ago now though. I went and knocked on the door, told the lady I loved her house had a viewing booked, but was so excited was there any way she could let me have a look around. There and then she asked me in ! I was so surprised because my dh would not come with me, said I was mad.
She was so friendly, I told her about our position and she said if I came back with dh and everything checked out she’d sell to us.
She did, but sadly we didn’t love the house as much as we thought and moved 2 years later. Good luck to you.

CrispsnDips · 01/07/2021 12:49

Wishing you luck! If I was in your position (and I’m aware that everyone has different perspectives based on their own past experiences), I would put a note through the door explaining that you are in a position to proceed immediately, being a cash buyer, and that you want to submit a formal offer for the asking price.

I would also build a good relationship with the EA, ensuring they know all the details: you have cash available, there’s no chain and you are offering the asking price. Make them aware of how much you want the house. You could even copy them in on the note you put through the vendor’s door.

We were once in a position where we had to submit a best and final offer (within two hours), as another party were offering the asking price and they, like us, were in a position to proceed. We offered £3,000 over the asking price and secured the house! The other party had apparently offered the same but the vendors felt that we were more committed, and less likely to withdraw later during the process.

There should never be a bidding war, the EA has to act professionally.

We had dreamt of buying the house for five years prior ...no-one on this earth wanted the house more than we did!!

Original poster

SaltySeaAir · 02/07/2021 13:47

We have been to see it, loved it as much as I thought we would ❤️

Viewings already booked in for tomorrow, so we are going to make our offer tomorrow afternoon. Last time we offered early and it pushed the price straight up. I think we have agreed that we will go up to 25k over if we need to.

🤞🙏🤞🙏🤞🙏

OP posts:

CrispsnDips · 02/07/2021 13:58

Well done! Look forward to hearing how it all goes 😄

ApolloandDaphne · 02/07/2021 14:27

I don't know what the list price is but my DD and her DP had to go 10% over list price to secure their dream house earlier this year. They paid £310k on a house that was listed at £280k. £25k over may not be nearly enough to secure the property.

Roselilly36 · 02/07/2021 14:31

I hope you get it OP, you are in a good position, so it may not all come down to price, if the vendors are motivated. Good luck 🤞

garlictwist · 02/07/2021 14:43

Easier said than done, but you need to really try not to be emotionally attached to any house, especially this early in the process when you've not even seen it in the flesh.

House buying is such a gruelling process and you need to not give your heart over to anything until it's yours. If you lose it, just think that something else will come along etc etc.

I know this is hard!