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Original poster

Fallen in love with a house, going to best and final on Tues

27 replies

Februarymama · 17/04/2022 21:15

Hello everyone,

As the title says really. We have sold our beautiful Victorian terrace home after only 18 months as our family (and business) have grown and we desperately need more space. The perfect house has come up on the street next to us. Exactly the same layout and period as our current home, but with a side and rear extension and a garage conversion. We were the first to view it and put in an offer at asking price, but the agent (who also happens to be the agent who is selling our current home) has said that the vendor wanted to continue with all planned open days before discussing offers.

The house is due to go to best and final on Tuesday. There are 5-7 interested parties who have already offered asking price Sad. Asking price is 450.

We have no idea how to proceed. Our current game plan is to wait until Tuesday late afternoon (bids need to be in by 5:30pm) and give the agent a call, and hope that he will give us atleast some idea of where current bids are at. I know he shouldn’t, but he did do for a friend of mine who has just bought a house through the same agent and I’m hoping the fact he has a vested interest in us finding an onward purchase as our agent will help our case. Ideally we’d pay no more than 465. Anymore than that and we risk not getting approved for the full mortgage amount and having to borrow from family etc, which we’d really like to avoid.

We’ve considered attaching a letter to our bid, but worried about doing so as we didn’t find out much information about the current owner. We’ve seen her out and about and she appears to be retired, and doesn’t live with a husband or any children. We’re a young family, but I don’t know whether that will help or hinder our case if she doesn’t have children herself. I wanted to mention what a lovely feeling the house has, and how we knew it was the right home for us before we even stepped inside, but I don’t know if that’s too much Sad

How would you proceed? Is putting my offer in so late in the day a problem or not?

We so desperately want the house. The converted garage is just perfect for our business, and I can see our family being so happy there. There’s a beautiful magnolia tree in the front garden that I pass every time I drive out of our road, and I’ve always been so mesmerised by it. I feel like it was a sign this house was ours 💗

OP posts:
MabelMoo23 · 17/04/2022 23:27

Unfortunately at the moment, money really does talk. If there are 5-7 parties interested, I think all you can do is offer the £465k.

Thing is, all the other parties will feel the same about the house, and all have their story.
Everything is literally going for over asking price at the moment as it’s bloody brutal out there.

My advice would be, don’t mess about and play games. If the house means that much to you and you can comfortably and happily pay £465k, then offer it as best and final. Yes you might be well in excess of others, but you’ll have the got the house. Or you might beat an offer by £1k. Unfortunately you’ll never know.

Or it may still not be enough in which case, it’s not your house.

Remember, a house is only worth what someone is willing to pay for it. And it’s not about your story or your narrative sadly, it’s about how proceedable you are and your price. It’s important to remember that

WestminsterCrabby · 18/04/2022 14:54

If £465K is what you can afford I would increase your offer to that as soon as you can. Everything seems to be going way over asking, in my area anyway. If I could I would go for a more random number like £467,500 as a few people might go for £465K. And then pray!! It really is a crazy market at the moment, wishing you all the best.

pilates · 18/04/2022 16:52

It’s not always about the highest price. Short chain and cash offer can be more desirable.

Roselilly36 · 19/04/2022 10:29

Good luck 🤞 I agree with a PP, often more about position than the offer it’s self. Stress what a good buyer you are. I hope it works out for you.

whosaidtha · 19/04/2022 10:40

Unfortunately I think with 5-7 interested parties you are very unlikely to win at 465. I would expect it to probably go for at least 5% over asking if not more.
You can't buy a single house in our area for asking price. My friend went 10% over asking- 20k and was still a way off the accepted offer.

SpidersAreShitheads · 19/04/2022 10:51

I hate to be the voice of doom but I agree with PP - with that much interest, I think the final price will be higher than your max. Sorry OP.

But don't be embarrassed about your passion. I made a GIANT dickhead of myself to the estate agent by describing what a life-changing difference the house would make to us (and it will - for long and boring reasons, but we're making a radical change to our lifestyle that very few houses can accommodate).

We were the top bid but by a teeny, tiny amount - but the feedback we got was that the seller had similar circumstances and wanted us to have the house because he knew how scarce it was (basically a house with disabled annexe) and he loved the fact we were going to use it for the same reason he bought it.

So personally I think you have nothing to lose by letting them know that you absolutely love it. It's not as if you're negotiating and need to play it cagey. They'll have confidence that you won't pull out - and you can also point out that higher prices might eventually fall through/have to be renegotiated if people need a mortgage.....yours won't be.

The very best of luck OP - will be rooting for you!

AmericanStickInsect · 19/04/2022 11:10

I'm selling my house at the mo, and what I really don't want is anything that could possibly fall through. We accepted the highest bid from a buyer who seemed to be in a solid and proceedable position, however all was not what it seemed. If we had known then what we know now we would have gone with a lower offer and a more reliable buyer.
The estate agent doesn't want a sale to fall through either or have to re-market a property, when it can lose some momentum.
Also market is such that for sellers to find their next homes is quite difficult as not much out there and they need to be in good position also, so for something to fall through would usually affect a whole chain.
So you need good offer + reassurance sale will go through.
Last property I sold it went to best and final with covering letters and I appreciated reading them. We went with second highest offer again, because seemed more reliable buyers and I appreciated what he'd said in his letter (about his old Labrador enjoying the park nearby! Sob!)
Concerns on both sales have been about mortgage valuation coming out less than offer, so you have a reasonable point there.
So ideally I think you need good offer + dependability as buyers + personal show of appreciation for house. But I don't know if latter would be weird if no one else writing covering letters.
SAYING THAT with the level of interest I doubt 465 would be enough. If it's really an irreplaceable house for you (which remember, the vast majority aren't) then I would be carefully researching what your options are regarding finding ways to offer a higher price.
Good luck.

sleepymum50 · 19/04/2022 11:13

We had to do this on our house, but it was a long long time ago. We were bidding against one other couple.

We put in our bid, with a supporting letter, which stated we were in rented accommodation which only required one months notice (military married quarters). A letter showing a mortgage offer on this property, a copy showing deposit funds in the bank, and finally an offer for any furniture they wanted to leave in the house. It was unoccupied and had not much furniture in it. We thought that if they didn’t want the hassle of removing the furniture, that would be in our favour.

Finally, I physically went to the estate agents and waited in the office while the bids were opened in another room. They came out to tell me that the bids were identical and they were calling the vendors to see how they wanted to proceed.

They told me after that the vendors had asked who they thought would be most likely to proceed with the sale.

The estate agents recommended us, because we had shown we had no house to sell, had mortgage offer and funds and probably most of all, I was sitting in the office and you can’t get much keener than that.

So good luck, I think it’s worth trying what you can.

Maydaysoonenough · 19/04/2022 11:18

Good luck for today op.

Lem0nDrizzle · 19/04/2022 14:17

Good luck!!

dreammattemousse · 19/04/2022 15:33

We had to go 70k over on a house in a similar price range to you
7/8 interested parties
We really really really wanted the house
We live In a very popular area

We put in our offer first thing in the morning (mainly because we were so nervous)
But I don't think it makes any difference because they will all be sent to the vendor at some point
Our estate agent wouldn't give us any indication on the other bids but we weren't using them to sell so you may get lucky..

We were in a large chain so I didn't think we would get the house
But I wrote a letter explaining abit about us and why we wanted ( needed) the house
And the estate agent told us the vendors really liked our reasons
It's the sort of road that only families live on and people only move when they pass away or move to care homes
So on this road the letters work
But maybe not in every circumstance

Good luck

Pegasussnail · 19/04/2022 16:33

I really really hope you get it op. It sounds perfect. Our forever home (a once off rural home) went to closed bids. We won it. But we offered a bit more than we could afford (used savings that were aside for renovations)

Anyway.. put a last best bid is my advice Flowers

parsnipp · 19/04/2022 17:02

Did you get it @Februarymama ? x

SoulofEuston · 19/04/2022 17:09

I think bids only need to be in by 1730...eeekkk thinking of you

Maternitynamechange · 19/04/2022 17:15

Ooh it’s a jungle out there. Thinking of you!

Original poster
Februarymama · 19/04/2022 17:16

Thank you so much for all the advice everyone. We’ve submitted an offer of 470 which realistically is the very most we can afford. Our agent has said it was one of the lowest of the EIGHT bids they’ve received Sad. Even that is a huge stretch (our initial budget was about 70k less!).

I went around this afternoon with a note. I tried to keep it short and sweet and just said what a beautiful house she has, and explained how we would use the space. We seem to have quite a bit of common ground with our interests (greenhouse full of seedlings, we’re allotmenters and a sewing room, I’m a seamstress) so I mentioned those too. Coincidentally the only writing paper I had featured a magnolia tree.

I feel at peace that I’ve done all I possibly can. I can’t produce money out of thin air. We’re in quite a good position (large deposit, our buyer is a cash buyer, not in a rush to move as she hasn’t found an onward purchase) so I’m not giving up hope just yet.

The bids close in 15 minutes and my agent said he’ll give me a call around 7pm with news. On the bright side, my eldest got into her first choice primary school today which is 0.1 mile from both our current home and potential new home.

We’re hoping for a miracle Sad

OP posts:
bilbodog · 19/04/2022 17:21

Good luck OP!

bellfrint · 19/04/2022 17:27

I find a lovely house that was perfect. Despite it being a project & already ambitiously priced it went for 60k over that price.
Im sanguine about it, we wouldn't have any thing left to do work on it & some things needed urgent attention plus we are in for some thought economic times so it makes sense to be cautious imo.

bellfrint · 19/04/2022 17:29

found not find & tough not thought!

RedMake88 · 19/04/2022 17:31

Good luck OP I was going to say £470 and you might be one of the lowest but maybe there is £5k in it?

HereticRose · 19/04/2022 17:53

Best of luck OP, it's a soul-destroying process.

Original poster
Februarymama · 19/04/2022 20:34

We didn’t get the house unfortunately Sad it went to a cash buyer, who was also the highest offer. I don’t know by how much.

We are gutted, but grateful to be on the market at all in the current market. 💗

OP posts:
bellfrint · 19/04/2022 20:37

sorry to hear that.

Lem0nDrizzle · 19/04/2022 20:55

Apologies op!

AmericanStickInsect · 19/04/2022 20:59

Ok. It's done. Breathe out and feel the relief of not stretching yourself financially. And congratulations on the primary school news, that's wonderful.