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Original poster

Offers over? Sealed bids - how over do I go? HELPPP

20 replies

Poi23 · 09/04/2022 21:48

House i want is up for offers over 220.

I put my house up for sale as soon as I had viewed this property as I really want it!!
Mine was put online yesterday and had 3 viewings today already and more booked in next week. So I’m hoping for a quick sale.

I offered 235 last week. The seller had 6 offers and seem keen to sell quickly as they stopped viewings within 1 week of it being marketed. They then said they will give until Monday for last offers before making a decision.

How high do I go? I really want it due to location and potential. I can’t see anything else like it coming up for sale any time soon.

I can afford maximum 270 but would like to keep some money for renovating. But also not the end of the world if I can’t. I would have more money in a few months as I pay a LOT for nursery fees at the moment. This will stop in September.

I just really don’t want to lose it. I’m aware I’m not in a great position as I have a house to sell. But houses are selling very quickly in my area.

I’m thinking of going to 245? Or 250 maximum. I just think 30 over is a lot but I don’t really know what the standard is?

How far over do people usually go?

PLEASE HELP ME.

OP posts:

123walrus · 09/04/2022 21:56

Are you sure they’ll consider you when your house hasn’t yet sold? It sounds like it’ll sell quickly but the vendor doesn’t know that and no one knows if you’ll end up in a massive and complex chain.

Original poster

Poi23 · 09/04/2022 21:59

I have no idea. The estate agents said we were ok to offer and they’ve been keen to hurry ours on to market to put us in a better position. It doesn’t sound completely impossible but I’m aware we are probably in the worst position. Which is why I’m considering going quite a bit over.
We have around 50% equity in our current house which is why I could offer more than it’s worth and I am willing to do that.
I just don’t know what to offer.

OP posts:

CellophaneFlower · 09/04/2022 22:48

30 over is a lot in my eyes, at that price range. It would probably secure it (if vendors are happy you can sell quickly). Yes, it might be that you're paying over the odds, but it really boils down to how much you want it. In this situation I always think you have to offer what it's worth to you... and if that means paying more than you could have done after finding out the other offers (which you probably won't anyway), well that's irrelevant. You'd be far more upset losing out by say, 5/10k, which you'd have been prepared to pay anyway.

Good luck!

HomeprideSaucy · 09/04/2022 23:01

Forget what the house is "worth". The question should be how much can you afford and how much do you want it?
You offer the amount that above which, you couldn't justify buying it anyway.

Soringhaze · 09/04/2022 23:05

I think you'll be their weakest bidder as you don't even have a buyer yet so I'd offer the 260k. I think you've got to temper your expectations as no estate agent will see yours as a strong offer.

ContadoraExplorer · 09/04/2022 23:17

It really depends on location and the type of house. In our town 3 bed semis are going for c.17/18% over the offers over and a very lovely bungalow went for 30% over recently. Even doer uppers are going for a decent amount over because people want into the area.

Are you able to check recent sold prices for similar homes, that will give you an idea how realistic your offer would be. Rightmove often retains the pictures to give you an idea of the state of the house too.

lakeswimmer · 09/04/2022 23:24

We put our house on the market to try and secure a property we really wanted but, despite offering well above the asking price and managing to line up a chain-free buyer within a week we didn't get it because it went to a buyer who didn't have a property to sell. It can be a real disadvantage having a somewhere to sell in a fast moving market.

All you can do it offer what you can afford. I was devastated when we didn't get the house we were after. Two months later, it's come back on the market but having had a chance to look at other properties meantime we've found one we prefer and we don't care any more.

This is a long winded way of saying offer what you can but try and keep a sense of perspective and get a buyer lined up so you can move fast on another property if this one doesn't work out.

Is there anything that might make the vendor favour you? For example, if it will be a family home rather than an investment property/holiday home it can sometimes swing opinion your way. This has worked for us in the past and we're hoping it might help us with the house we're currently offering on.

Kiitos · 09/04/2022 23:29

Annoying answer but what is it worth to you? If you really love the house it might be worth spending as much as you can afford to.
When I was in a similar situation I thought hard about it a figure that I felt comfortable with, knowing that I wouldn’t want to offer more than that, and also that I’d gone high enough to not regret being too careful if I didn’t win.

CatherineCawood · 09/04/2022 23:32

My friend has been trying to buy for a year. She is a cash buyer, good to go ASAP. Can not secure a house, all houses going to sealed bids, even though they give decent offers they never get it because some people seem willing to offer £80k over asking price on a 600k house

Kiitos · 09/04/2022 23:34

Oh and I would also advise not going for a ‘round’ number - so go for say *6500 rather than *5000 - it might just give you the advantage over a close offer

123walrus · 10/04/2022 07:27

Do you have a mortgage AIP sorted? Proof of deposit and other funds? A solicitor lined up?

If not you need to get all of those sorted before iui submit your bid.

Original poster

Poi23 · 10/04/2022 07:45

Everything is sorted.
Solicitor has been arranged through the estate agent and I’ve agreed to the quotes for both sale and purchase.
We have a lot of equity in our home and the new mip is arranged.
As far as I know, I’ve done what I can to get as ready as I can.
Thanks for all the replies. Really helpful to get different viewpoints.

OP posts:

Geneticsbunny · 10/04/2022 08:48

If it is the perfect house for you then I would offer as much as you can i.e. 270. House sales where I am are crazy at the moment. I have just bought a property marketed at 180, for 265. It went to sealed bids and we got it. It is worth it because we have been looking for over a year and desperately need to move due to declining parental health. The house is definitely worth that to us.

We have missed out on several other houses because we didn't bid enough and were previously stuck in a chain for 6 months because the vendor couldn't find anywhere to move to and then pulled out of the house sale.

januaryfanuary · 10/04/2022 09:05

10% over is standard in my area. Hope you get it, good luck. X

januaryfanuary · 10/04/2022 09:08

Just thought I'd add, if you're subject to sale it puts you down the pecking order. Make sure they are aware you're getting lots of interest. Those who her subject to sale tend to put in a pretty high bid so their Offer is more appealing. In my area often your offer will not be considered if they are subject to sale. Are you selling with the same agents they are? Sometimes that can help as it's all on house.
Xx

Pogonogo · 10/04/2022 09:17

We've just gone through sealed bids and we had to offer 30% over the asking price.
We also wrote a letter to say why we wanted the house.
This worked as someone offered more than us, but the home owner really liked our letter.
If you really like it then offer as much as you can. You wouldn't want to lose it for the sake of a £1k for example.
At least that way you know you tried your best.
Equally don't offer more than you are happy with as you'll always regret it.

hopefullybuying · 10/04/2022 17:00

20-25% over for sealed bids is pretty standard where I am, so if you really don't want to lose out, it would be your max 270k here. Not sure where you are, though.

Original poster

Poi23 · 10/04/2022 18:31

Thanks all!
I really do think I want it. I’ve been rattling my brain all day and I thought I’d settled on writing a letter and offering 250.
The estate agent who showed some people round our house on Saturday pulled a face when I said 250 which to me suggested that was a bit steep. And there is a house just up from this one, maybe 1/4 mile, which is similar but is in much better condition but on main road and that’s going for 255. So I feel that 250 is a good offer. But knowing that my position is weak, I do wonder if we need to go in with our maximum to just give us the edge.
If someone said I could have had it for the 270, I’d regret not going in with 270.

OP posts:

wildasthewind · 10/04/2022 23:02

Hi I was in exactly the same position year ago. Loved a house that went up, beautiful area stunning little old cottage with stunning views/ surroundings. It was very unusual and knew houses like this didn't come up often. I knew it was for me straight away. We never thought we would get the house as we had a house to sell. so what we done is put ours up with the same estate agent for rent ,which meant we were chain free, House we were buying went to sealed bids we Offred 10.000 over and secured house with this. Are you imposition you could rent yours out. At first they told us we were not proceedable buyers so that's why we choose to rent it out, would never have got my dream house if I hadn't done this. Year on we are now selling our first home and been in our dream home a year.I would go with what you could afford comfortably. We had 80 per cent equity in first house,

SpidersAreShitheads · 11/04/2022 00:49

I know estate agents can’t tell you re sealed bids - but do you know what other offers they received before they went to best and final? So you offered £235k - was that matched or exceeded by others? It might give you an indication of how high you need to go.

We are in the process of buying a house that was listed for £250k. We went to best and final and won with an offer of £267500. We were the highest by a slim margin but we also had personal reasons for desperately wanting the house which the estate agent conveyed. And apparently that was why the seller picked us.

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