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Original poster

I just made my first ever offer on a house!

31 replies

erhsla14 · 16/04/2022 23:01

I have no idea how to do this and no idea if I'm "playing it right". First time buyer, so new to all of this, not sure of the etiquette etc.

There were probably ~40 viewings on the one day they did viewings. Is it just a waiting game?

The house was literally beautiful, I can't imagine any of the viewers before/after me could possibly dislike it.

OP posts:
Piddles1 · 17/04/2022 07:41

If there are several offers you might find it goes to best and final- before we got an offer accepted this happened on every single house we offered on. We made an initial offer then the estate agent came back and asked us for our best and final as there were multiple other offers! What’s the housing market like where you are? Here everything is going above asking, we had to offer over to secure our new house. Good luck!

Original poster
erhsla14 · 17/04/2022 08:27

Thanks for your reply @Piddles1. Do you mind if I ask how much you’d originally offered in relation to asking price and what your best and final offer was?

I’ve had to wait for a lot longer than intended to try get on the property ladder due to circumstances out of my control, but all things considered have been able to search seriously since last autumn yet have been very fussy with what I view. The market seems ridiculous at the moment, fast-paced and very expensive for buyers which has held me back a little (I have basically moved home after having to move around a lot with work) and know childhood friends who’ve bought in the area even in the last year or so have paid £100-150k less. So unless something perfect came up I’ve been reluctant.
Well now something perfect has come up.. and it feels like a complete gamble! ( as to who gets it) I have no idea how to proceed…

OP posts:
Notmyyearthisyear · 17/04/2022 08:35

I’ve had to pay circa 15% over asking to secure mine. Don’t look at last years prices it will kill your soul 🤦🏼‍♀️

grotsnags · 17/04/2022 08:35

We just lost out on a house but even though I loved it, it went way over what I would pay. Set yourself a limit, the buyers who were winning made a higher final offer against themselves which is crazy. It went for 70k over & it's starting price was already high.

Piddles1 · 17/04/2022 08:41

We offered 232, house was on for 225. The last few houses we offered on we were beaten in best and final and we offered 10k upwards previously. I’m going to be honest, I think the only reason we actually got this one was because we are a family and the house was right next to our daughters school which the vendors knew. I don’t think we were the higher offer at all but they wanted it to go to a family.

Good luck, I guess maybe just prepare yourself for the worst, the first house we offered on I assumed we would get, we’ve offered on loads since and not been successful. The market is brutal. If you do go to best and final try and be rational about what you’re willing to pay, it’s easy to offer a really high figure to secure it but remember that’s what you’ll be paying for it. (Sorry if that’s patronising but I had to keep telling myself this!!)

Piddles1 · 17/04/2022 08:43

Also if you’re a first time buyer make sure you make that clear when you submit any further offers; that’s a great position to be in, no chain! We lost out on one house as the vendor went with first time buyers

gemloving · 17/04/2022 09:19

We're in SE London, often offered 25k+ over and never got it, and that's 650-800k houses. The market was absolutely mad a couple of months ago. Probably still is.

We did get lucky in the end and got a house that wasn't officially on the market for asking price.

Solina · 17/04/2022 10:13

We lost out on one, think we offered about 6% over on that one and were told they went with an higher offer by some marging. And then we offered 10% over on the house we are buying and although it felt scary to do there hadn't been anything we liked really for the few months prior and from what I can see nothing else since then worth even viewing.
On ours we took an 7% over asking offer so that seems to be a common range for securing houses in our area.
I do think the one we are buying is worth it as it really is a perfect house for us and I don't see us moving for many many years as there isn't a single thing we are compromising on it.

Original poster
erhsla14 · 17/04/2022 11:20

Thanks everyone. To those saying they chose you due to circumstances - family/ school nearby etc, how did you portray this to the sellers?

When we viewed it was via estate agents, we focussed on viewing the property to be honest (DH is very quiet anyway) and didnt really disclose much/anything about us. The reality is, we have looked into schools etc and there’s one nearby, we are at the stage of family planning and hence the move out of the city and into a family friendly residential area with a garden etc.

OP posts:
Piddles1 · 17/04/2022 13:28

I’m sure you’ll get a lot of comments saying otherwise and I guess it depends totally on the seller, but I actually wrote a statement along with my offer saying how we had been looking in the area for a while, how close it was to the school and how it would be a family home for us for many years to come. I had a message from the vendor after they accepted saying this was what made them choose us, they deffo had several cash offers on the table as we knew as we viewed when it was an open Josie so weren’t the only ones viewing at the time. I don’t think it would neccesarily sway everyone but our vendors have been in the house since the 60s and have raised kids there so they told me they wanted to see it go to a family 🤷‍♀️ We did also offer as well though.

Piddles1 · 17/04/2022 13:28

House not Josie!

Piddles1 · 17/04/2022 13:30

We also offered over that should read! 🤦‍♀️

Original poster
erhsla14 · 17/04/2022 13:35

thanks @Piddles1. I wish I knew this before I sent my offer :(
I am used to keeping emotions and business separate and wrote my offer in a matter-of-fact, professional way. It did make me wonder how they'll choose if everyone just offers the same (i.e asking price). I didn't realise there was an emotional element that I was supposed to go in with. (I assumed everyone has their own reasons to move house, for us its to start a family and set up for our future we can't do in our tiny city centre apartment). I suppose I didn't realise sellers care about this sort of thing.

OP posts:
Piddles1 · 17/04/2022 13:41

Well I don’t think every vendor would neccesarily; in fact some people might hate it if someone said that and are purely looking for the highest offer. My husband didn’t think I should have done it as he said it wouldn’t make him choose us if he was the vendor. If this house you have offered on has a lot of interest it will likely go to best and final I would have thought so if you wanted to say something you could when you submit your best and final offer. However, I don’t think everyone is emotionally invested in their house and to a lot of people it is just a business transaction. Good luck, let us know how you get on

Original poster
erhsla14 · 17/04/2022 14:26

Yes, DH thought its best I keep it short and snappy. I'm keeping all my fingers and toes crossed, it feels like the longest bank holiday weekend ever. I know nothing will happen until probably Wednesday at the earliest.

Thank you will keep you posted. I'm trying to stay calm and rational despite knowing this is the best (for us.. and probably anyone else who viewed it at the open house day) and I doubt anything like this will come up again. I've trawled through the STC and sold properties in the area too - nothing to my liking. I feel like all my eggs are in this basket and I have no control whatsoever!

OP posts:
lakeswimmer · 17/04/2022 19:48

OP try not to worry. If the house goes to best and final you can include a statement about your personal circumstances then alongside your offer, whether you need to sell and evidence of your finance (Mortgage in Principle) It might sway some vendors but not others. It has worked for us in the past.

The market is very tough at the moment. We're looking and offered on a property at 12% over asking price last week and we included a statement saying it would be a family home and we had strong connections to the area but we still didn't get it so it doesn't always work!

Original poster
erhsla14 · 19/04/2022 22:17

So it has gone to best & final... and I have no idea how to navigate it! We really really like and want this house, have already offered asking price and are willing to offer a bit more (but no idea how much more to offer). To those (even on other threads) suggesting to offer the max you can afford, I don't find this helpful.. I.e if I'm intending to buy a small studio flat but can afford a 4 bedroom house it doesnt mean I'd pay that for the studio iyswim. I need to know what the reasonable best offer is but I don't know how to do that. If we miss out as someones offering above and beyond our offer then happy to accept, I'd just feel so dissapointed if we lose out on 5-10k. How do I prevent his happening?

OP posts:
fourofwands · 19/04/2022 22:37

Where we are, anything decent has been going for 5 - 10% over asking.

One bit of advice would be to imagine hearing it's gone to somebody else, what price would you be kicking yourself for not offering the same?

Then you can go into tactics of not offering a round number, going slightly higher in case other offers were the same.

Also find out why they are selling and appeal to that alongside your offer...eg they want a quick sale, emphasise that you are chain free, have your solicitor lined up etc. Or if they still have to find their onward purchase, emphasise that you are chain free and can work to their timescales. How long have they lived there? If it's been a much loved family home for many years, say how much you love it and can envisage your family there etc.

I think the estate agent has a lot of sway with who they recommend, so make yourself look like an organised buyer by attaching your mortgage in principle, deposit details, solicitor details and ID to your offer.

DeedlessIndeed · 19/04/2022 22:46

Find a local page (reddit is pretty good if you have a city subreddit) and find out what prices are going for in your area.

I think usually 15-20% over IME. We were outbid on one house when we put in offers 17% over. Our friends bought for 22% over end of last year. We sold our previous place for 20% over, but then bought a project for 5% over. It all depends on area, property and how much people want it. Local knowledge is key, but at the end of the day there is no way to guarantee it.

CellophaneFlower · 20/04/2022 06:11

You offer what it's worth to you. The most you'd pay without wishing you'd bid a bit more if you lose out.

Have a look at recent local sold prices if it helps.

Piddles1 · 20/04/2022 06:25

@erhsla14 how much did you decide to offer in the end? And when do you find out? Agree with above poster and it’s only worth what you’re willing to pay, sorry not much help but make sure you offer a sum you’re not going to regret if you get it. Good luck!

rrrrrreatt · 20/04/2022 16:53

Not helpful now you've gone past the deadline but the % over seems to depend on the area and the state of the house.

We're in South Manchester and it's extremely competitive so it really is a seller's market! We've been to best and final four times and one of the friendly estate agents told us it's around 10% over for a house that needs work and about 20% over for a house that's in good condition. This tallies with the final prices we've lost out to. Equally, my friend bought in a less desirable part of Manchester and offered just under asking to buy her place which needed a little bit of work.

The fourth house we didn't get at best and final has ended up being the one we're buying, the cash buyers who outbid us vanished and ghosted the agents and we were the owner's 2nd choice. Our offer was a little more than 10% over asking and the house needs significant cosmetic work. We offered on a house down the road which was in great condition and it went for £40k more than this one so there's clearly value to be added by fixing up a house round there.

For us offering that much over is worth it (hopefully the valuation tallies) - we're looking for somewhere to start a family and that specific road is my dream location for bringing children up because of the local amenities.

Bedsheets4knickers · 20/04/2022 20:47

If we all stopped this ridiculous bidding war it would help us all out .

Original poster
erhsla14 · 20/04/2022 23:06

We offered approximately 10% over and have been accepted out of 7. Would the estate agents ever lie about number of offers to play you against each other…?

Of course glad to have our offer accepted but can’t help but wonder what the others had offered and what we could have got away with but obviously we weren’t too know and offered well, our best and final. Also can’t help but wonder what the property is truly worth and if we’ll make any kind of profit whenever we decide to sell. ~10% in terms of actual cash does feel like rather a lot. Fully intending on going through with the sale and very excited to move into this home! Just find the whole process a bit absurd. And also feel for those who didn’t get their offer accepted. I wonder if a more transparent process is better where you all know other offers and just logically decide whether or not to bid higher.

OP posts:
LoveSpringDaffs · 20/04/2022 23:20

Congratulations!!!!

don't spoil it by worrying if you could have got it for less. Focus now on fixing your mortgage & paying off what you can. Make it a wonderful home & really settle into it. It's HOME (or will be!) not just a house/investment.

even IF you've paid a bit over (which you probably haven't anyway) you've secured a house you love!

ENJOY IT!!