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Original poster

What to offer?

20 replies

Notmyyearthisyear · 10/02/2022 14:17

Found a house that ticks 99.5% of my boxes in a very difficult area to buy in, but that I have to stay in for family reasons. Asking price £300k, Leeds West Yorkshire, 3 bed property. I'd say it's priced right, maybe on the low end for the area to catch the 300k search bracket, Full day of viewings plus a waiting list so generated a tonne of interest!
I'll need to put my offer in this weekend. No idea what to do! I mean I know I need to go over, but how much over?
I know this is a how long is a piece of string question but what do I do?

OP posts:
Londongent · 10/02/2022 14:23

What are you prepared to offer and what can you afford? How does it compare to other houses in a similar area in terms of price?
What position are you in, do you have a property to sell, can you be flexible on timelines, do you have your finances in place? You want to make yourself as attractive a buyer as possible

CrimbleCrumble1 · 10/02/2022 14:24

310k

Londongent · 10/02/2022 14:28

£307.5k if you are in a great position...£312.5k if not

PurBal · 10/02/2022 14:28

I don’t know the market but £310-312 sounds about right. A friend received an over of £28k over asking (lower value property so worked out as about 10%) but they pulled out because the mortgage company wouldn’t value it that high. So I recommend anything over £300 should come from cash, if that makes sense.

Original poster
Notmyyearthisyear · 10/02/2022 14:42

Other than not being a cash buyer I'm very 'attractive' as have no chain and over 40% deposit so the chances I won't get a mortgage are close to zero. Also I'm super committed to the purchase for a number of reasons (if the seller bothers to read my offer!) Also can definitely cover the difference with cash.
But if there's 30 people viewing it on the day and more waiting is 10k over asking going to cut it?? Bear in mind it is priced at the lower end of what I'd expect, as I said I think they wanted to catch the 300k bracket on Rightmove to generate interest as the seller is in a rush to move ...

OP posts:
Londongent · 10/02/2022 14:49

Well you will know the market better than me. What would you be willing to pay for it, top end and still be happy with that amount?

FitBy40 · 10/02/2022 15:19

Ask your Estate Agent/solicitor for guidance on what the market is like in the area.

We recently bid on a house, offering 8% over market value (£18.5k) as this was the average overpayment in the area. We were the highest bid out of 4 (marginally) but the vendors went with the second highest offer as they were cash buyers. Like you, we had a decent deposit (35%) and cash to cover the £18.5k overpayment but we still missed out.

Original poster
Notmyyearthisyear · 10/02/2022 15:24

@Londongent

Well you will know the market better than me. What would you be willing to pay for it, top end and still be happy with that amount?
I don't know. I've been in such an emotional state about this that I can no longer think straight.
OP posts:
Original poster
Notmyyearthisyear · 10/02/2022 15:26

@FitBy40

Ask your Estate Agent/solicitor for guidance on what the market is like in the area.

We recently bid on a house, offering 8% over market value (£18.5k) as this was the average overpayment in the area. We were the highest bid out of 4 (marginally) but the vendors went with the second highest offer as they were cash buyers. Like you, we had a decent deposit (35%) and cash to cover the £18.5k overpayment but we still missed out.

Because I'm not selling, I don't have an estate agent per se. How exactly did you establish the market value? Looking at Rightmove or Price mouse can be very misleading sometimes.
OP posts:
Londongent · 10/02/2022 15:26

If you were told the house could be yours for £320k, how would you feel about that?

Original poster
Notmyyearthisyear · 10/02/2022 15:27

I also wanted to say I really appreciate everyone taking the time to respond on this thread, thank you :-)

OP posts:
onedayoranother · 10/02/2022 15:43

If you aren't successful they'll come back and ask for more, so it's not a one shot deal (unless they've said best and final).

FitBy40 · 10/02/2022 16:09

I'm in Scotland. Here, any offer has to be made via a solicitor/estate agent. In advance of offering, we contacted a local firm and asked their advice on what best to offer based on their knowledge of the current market and they did some research on our behalf.

99% of properties for sale here go on the market as 'offers over'. That's usually just under the home report value, so if a house is valued at £300k it'll be marketed at Offers Over £295k. Nothing goes for market value though. Depending on the location of the property, a certain percentage over the market value will be expected.

We bought our current house for 7.5% over market value but have seen others go for much, much more!

Hotelhelp · 10/02/2022 16:10

15% over minimum to have any chance

Original poster
Notmyyearthisyear · 10/02/2022 16:27

@Hotelhelp

15% over minimum to have any chance
but that's 45K over on a 300k or so house??
OP posts:
Original poster
Notmyyearthisyear · 10/02/2022 16:29

@Londongent

If you were told the house could be yours for £320k, how would you feel about that?
Happy. Excited. Will it be enough?
OP posts:
Hotelhelp · 10/02/2022 16:51

Yes it is and it’s certainly the norm if not on the low side where I am just now.

Scottishgirl85 · 10/02/2022 18:15

You need to offer as much as you'd be happy to pay, with knowing a penny more you would happily walk away with no regrets that someone else got it.

rockyroad9 · 10/02/2022 18:38

Where is it? We live in that area, offered twice on houses at £300k last year and both offers not high enough at £325k and £315k.

elbea · 10/02/2022 18:47

If they’ve listed at 300,000 to catch that part of the market they want more.

To work out comparable values make a spreadsheet with similar properties on comparing all of the details. Look on rightmove/zoopla sold prices at recent sales and don’t be afraid to call up agents and ask how much similar properties sold for. They’ll tell you most of the time.

Average it all and see where the property you are looking at falls and it’s condition comparably.

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