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Original poster

Full price offer?

23 replies

DarkDarkNight · 10/07/2021 10:28

I’m viewing a property today. It’s just what I want in the area I want. I’ve been pining over one I liked from a few months ago on the same road when I wasn’t in a position to move. This one looks just as nice and is £10,000 cheaper so even better.

There’s been a lot of interest according to the Estate Agent (I understand they will say that anyway) but I think it is likely to be true as property is selling within a week and this is a good price for a sought after area.

I’m a first time buyer with an agreement in principle so in a good position so do I offer asking price or slightly below? I don’t want to risk missing out for the sake of a few thousand when the house is cheaper than others I’ve been looking at and seems good value.

OP posts:
IloveSooty424 · 10/07/2021 10:32

We were in the same position in May and ended up offering the full asking price just to secure the house. The house had received another for the full asking from a buyer who hadn’t yet sold though. It depends on what the market is like where you are and how long it’s been on for. If it’s new to the market I would want to secure it.

Livingintheclouds · 10/07/2021 10:35

If you offer slightly below either they accept, or reject, or counter. Either way you will have the opportunity to increase your offer.
However, if you have done your research and believe it is worth the asking, by all means offer that, saying you want it off the market and no more viewings. Then get a solicitor lined up and book a survey.

Original poster
DarkDarkNight · 10/07/2021 10:42

Thank you both, I feel jittery. I’m hoping being a first time buyer will go in my favour. It’s only been on a few days IloveSooty424 but properties are going very quickly.

It is very good for the area, terraced rather than semi-detached which I think is bringing the price down but I can live with it for getting the perfect area without having to stretch myself too much on the mortgage Livingintheclouds.

OP posts:
Mizydoscape · 10/07/2021 11:53

Where we are at the moment, a below asking price offer would not even be entertained and you wouldn't get a chance to offer up as it would be snapped up by someone else so would lose out. Depending on the market where you are then keep that in mind if you really like the house OP.

Willwebebuyingnumber11 · 10/07/2021 11:57

We went on the market 3 days ago and have had 3 asking price offers from 1 FTB and 2 in a chain and one 7k over asking from a FTB

I wouldn’t go in under tbh.

Original poster
DarkDarkNight · 10/07/2021 12:23

I think it will definitely have to be full price then. I hope no one offers over, I’m not keen to go over the asking price.

OP posts:
PointyMcguire · 10/07/2021 12:27

We made a full price offer on our dream house last year, had we offered below there’s not a chance we’d be living here now as there was a lot of interest, including an over asking price offer after ours had been accepted. We’re just lucky our sellers were so lovely and refused to entertain any other offers as ours came in first and they appreciated how straightforward we were (own house close to completion, low LTV).

Just ask yourself how you’d feel if you lost out on this house for the sake of a few ££.

Blossomtoes · 10/07/2021 13:42

We bought our current house in a red hot market. We wouldn’t be living here now if we hadn’t offered full asking.

Devondonkey · 10/07/2021 13:49

It depends on the market in your area but it’s slowing down where I am post stamp duty. Don’t get bounced into a silly offer - there have been a lot of posts recently from people who got whipped up and are now regretting it.

Fallulah · 10/07/2021 13:54

If the market is strong and you’ve done your research and feel it’s worth asking price, and you can afford that, offer that to spare yourself the risk of missing it.

Make it clear yours is a really strong offer, mortgage agreed, can move soon, no chain etc. Whenever I have offered before I’ve also requested that they stop marketing it if my offer is accepted too (take away the risk of someone gazumping you once your offer is accepted). Good luck!

NoToast · 10/07/2021 14:05

Here it's all been open days with a subsequent deadline for best and final offers with no room for negotiation Asking price offers don't stand a chance, I saw recently that a house listed in October for £240k had sold for £258k. Depends on the market in your area.

chorusline79 · 10/07/2021 14:17

If you really want it just offer full asking as you would be gutted if you missed out for the sake of a few thousand as you say. Good luck!

CharlieBrown65 · 10/07/2021 14:37

We put ours up in May, within 2 hours we had 15 viewing requests and an offer despite them not even seeing it. It was only on the market for 4 days and in that time we had almost 50 viewing requests and 10 offers. We got significantly over the asking price and the people who offered below didn't even get a look in! I would definitely offer asking price at least but be prepared you may have to pay more.

Iamsodonewith2020 · 10/07/2021 16:06

We offered £50k over to secure our dream home. We managed to justify it as when we worked out price per sq foot it was similar to house we are selling

huuuuunnnndderrricks · 10/07/2021 16:20

Houses are going like hot cakes way over asking at the mo !

Bluebellbike · 10/07/2021 18:11

My house sold in 4 days in May. Probably would have gone quicker but I wanted to do the viewings myself so it went online on the Tuesday and viewings arranged for my next day off, the Saturday. Viewing requests from people who were not proceedable were refused. I did 6 viewings. One offered 10k under asking price, one 10k over and one 5k over, which is the one I accepted as they were FTB and I liked them. My house was on the market 3 years ago but it fell through. I have sold it now for 55k more than the offer I accepted in 2018.
It's just crazy at the moment. My EA said I may get more if I did more viewings as they were still getting enquiries. But I am more than happy with what I accepted.

pilingup · 10/07/2021 18:12

I wouldn't bother with a low offer if it's what you want. I had to go in at £10k over asking price with mine as there was so much interest.

LividLaVidaLoca · 10/07/2021 18:18

In a red hot market like now, asking price can be just the starting point.

We went to sealed bids and won at 11k over and that was in October; things are potentially even hotter now.

LipstickLou · 10/07/2021 18:57

Jesus. We are being pushed to offer guide price even though there are no other offers. Won't sell for less. I heard yesterday that a local agent was knocking on doors of houses with sold boards offering to get 10% more. Madness. The owners of the house we like have suggested they are taking the cooker, fridge, carpets, curtains and plants. Do we have much choice? No because we have already been gazumped twice. A lot if greedy nutters out there.

Twiglets1 · 11/07/2021 08:26

It’s very dependent on the local market so ask a couple of estate agents what the local market is like before deciding. It’s slow in central London for example but hot in other places

LittleLadyCece · 11/07/2021 18:03

As an estate agent working in the NW the market is horrendously busy at the moment. Most houses I'm selling are going over and that's due to the sheer amount of people viewing and then offering. My advice would be if you love it, it's where you want to be just go over the asking price to ensure you sure it.

Don't play games with the seller - it's a sellers market at the moment. Yes you're in a good position but so are a lot of other people. Don't lose it for the sake of a few grand which will only be pounds on your monthly mortgage payment. Good luck!!

sabrinathemiddleagewitch · 11/07/2021 18:10

Asking price is the starting point

Give your "firm and final offer" whatever you can afford and is reasonable. Anywhere between 5-50k over asking is the standard at the moment.

I

Blossomtoes · 11/07/2021 20:50

The owners of the house we like have suggested they are taking the cooker, fridge, carpets, curtains and plants

As long as that’s clear in pre exchange paperwork, there’s nothing wrong with that. Most people take their fridge (unless it’s integrated) and curtains.

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