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Original poster

Having offer accepted - how long?

20 replies

Knitternatter · 25/03/2022 20:55

Hi everyone,

Was just wondering how many offers people have put in before being accepted? I know it’s a difficult market but we have offered over on every property we liked, are in a good position and have sold but seem to keep missing out. We have seen the perfect house for us and are thinking of offering 15k over asking after the open house. I know things vary region to region, but how much are people offering over asking price at the moment?

Thanks!

OP posts:

GoldenApple · 25/03/2022 23:03

House #1 listed at £215k, offered £215k... Vendor wanted best and final... £217k, offer accepted. Day later, vendor withdrew acceptance and went with a different (higher bidder) 🙄 so best and final wasn't really best and final 🙃

House #2 listed at £230k offered £230k and was accepted. 6 weeks later, vendor hadn't progressed the sale at all (didn't even send any details over to my solicitor to begin searches) so I withdrew my offer

House #3 listed at "offers over £220k"... I offered £222k... They asked for £223,500 and I accepted. Currently on track to complete at the end of May.

Buying a property is hard, even when you're in a good position. Good luck.

Constantlypanicking12 · 26/03/2022 07:00

I offered £287 for one with OIEO £270. I’d offered on 9 houses before that, always over asking and I was always told I was nowhere close. I’d been looking for 6 months and was starting to give up a bit.

Twiglets1 · 26/03/2022 08:27

My daughter offered in North London recently and got her flat for 10k under the asking price so it really does vary a lot from area to area

mrsed1987 · 26/03/2022 08:43

We sold for 5k over had 6 offers.

We have brought for dead on asking price, they had reduced the price a few weeks before though.

fourofwands · 26/03/2022 09:18

Have just had an offer accepted on the 6th house we tried for. For context they have all been up for 170/180.

House 1: offered under (naive haha)
House 2: offered asking, didn't increase at best and finals

House 3: offered asking, increased by 2K at best and finals

House 4: offered asking, increased by 6K at best and finals

House 5: offered 10K over asking straight away

Was very fed up by that point that even an immediate 10K over offer couldn't do it.

House 6: was the 1st viewing and offered 15K over, which was accepted. However what helped us here was that we had met the owners when we went to look at the outside of the house before the viewing, they liked us and could see that we were keen.

Good luck, it's so hard.

Original poster

Knitternatter · 26/03/2022 09:22

Thanks everyone, really interesting to hear everyone’s stories. We bought our first house 6 years ago and it was a new build so no bidding wars etc so this is all new to us. Really interesting, I assumed that those of you that had been accepted would have offered way over asking price as I assumed that was why we never won in best and finals. We’re not in an expensive area, looking around 220-250k for the sort of house we want and it’s just really disappointing that we seem to keep missing out. Did those of you that were accepted wrote a letter to support your offer as well? Our agent keeps telling us that a house is only worth what we are willing to pay for it, but at the same time we don’t want to start a bidding war with ourselves!

OP posts:

Original poster

Knitternatter · 26/03/2022 09:23

Also it’s awful that as someone has said on here someone has accepted an offer then changed their minds and gone with a different one at best and final!

OP posts:

Original poster

Knitternatter · 26/03/2022 09:24

After best and final that should read!

OP posts:

girlmom21 · 26/03/2022 09:27

It completely depends on the houses you're looking at. We're currently buying. We didn't do anything with open houses because we just couldn't be arsed with the nonsense. We looked at houses that had been on the market longer, on the basis that although they probably needed work, the seller would be more keen to accept an offer.

The house we're buying was right in the middle of our budget and we've got it for £20k under asking. We did barter a bit for that - we were cheeky with our original offer tbh.

girlmom21 · 26/03/2022 09:28

Although OP we've sold for over the asking for a house slightly over your budget. Every offer we received was over asking.

Sandinmyhooves · 26/03/2022 09:31

It depends on your buyer’s situation too. Ours liked that we were ready to move because they were desperate to offer on a property so we got ours for 5k under asking even though it was only on for 2 days.

FitAt50 · 26/03/2022 10:06

I am in York and just accepted an offer on my house on Wednesday. It was on at £450k and we had 4 offers £457k, £465k, £467k & £475k. We went the £467k offer as they were lovely and also in good position. The highest offer lived in Hong Kong and hadn't viewed the house - estate agent told us to stay clear.

Chakraleaf · 26/03/2022 15:07

House 1 offered 5k over a house up for 260...didn't get it

House 2, offered 281 on a house up for 260...went best and final amd went for 'substantially more'

House 3 up for 260, accepted our first offer of asking price.

Frostylaudanum · 26/03/2022 20:09

I offered 6k under, vendor offered back 2k under which after a week I agreed.

umpkj · 26/03/2022 21:24

We offered the asking price and it was accepted. After two buyers pulled out on our house we sold it under asking price. Our vendor reduced the price half of thst!

Kite22 · 26/03/2022 21:36

2 young people that I know that have completed in the last few months.
One paid £200K for a house that had been advertised for £190
One paid £265 for a hour that had been up for £250K

Both had missed out on others they had put similar offers in for.

I read that the market seems to be 'slowing down' but I think it really is area dependent, in really small areas - as in within a few miles of each other.

dubyalass · 26/03/2022 22:47

First house on at £275k but had been sitting around for a month, offered £257k as a starting point (far too cheeky now I look back at it but I honestly didn't think it was worth any more), went to someone else.
Second house offers over £250k, I offered £265k at best and finals, it went for "considerably more".
Third house offered asking price last week. Have yet to hear if it will go to best and final but I'm not going to offer any more, it's got too many compromises and I'd rather keep looking and spend more on something more suitable.

dubyalass · 26/03/2022 22:48

I am thoroughly fucked off with the whole business to be honest!

Kite22 · 26/03/2022 23:33

Another thing that has happened more and more as people have offered considerable over the asking price, is that the sales fall through quite early doors, as the mortgage lender's surveyor doesn't agree to the valuation, so the buyer then can't get the mortgage.

Of course, you might have a large deposit / the cash to be able to circumnavigate that, but it has apparently become increasingly common.

Roselilly36 · 27/03/2022 08:44

Crazy times I agree, we moved last feb, sold our house under asking, bought our home for asking price, it has only had only been on the market for 2 days, for we were very lucky to get it.

Now buying an additional property, £2.5k under asking. But some that we have seen are going well over, not sure how they are getting valued for mortgage purposes though?

I am noticing more going SSTC and then coming back onto the market, which is exactly what happened with property we have agreed the purchase on, the previous buyer couldn’t secure funding.

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