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Original poster

What would you offer?

57 replies

lemondrop72 · 10/05/2022 20:15

We're going to view a house on Saturday but we already have a good feeling we're going to love it.

It was taken off the market after a day as requested by the vendor because they were inundated with interest. The estate agent has said there are 19 viewings on Saturday 😳 we are selling with the same agent so she did say she can't obviously tell us any figures of other offers but can tell us how many after Saturday.

The Rightmove listing said "Guide price £325,000" and in the description it said said "Offers in the region of 325-350"

Should we stay within that range? Slightly higher? Our budget is slightly more than the top end but of course we don't want to pay way more than it's worth.

It needs modernising so there is room to add value but we'd ideally be there while dc are in school so no plans to do it up just to sell.

OP posts:
Bubbles1st · 10/05/2022 20:34

You might find they go straight to best and final offers with that much interest. Therefore offer what you can afford and what you'd be happy to actually buy it for. Then you won't be disappointed if someone offers more than you and you lose it as you'll know you already offered your max and could do no more.

But if you under offer and someone offers more you might regret it.

Original poster
lemondrop72 · 10/05/2022 20:44

Bubbles1st · 10/05/2022 20:34

You might find they go straight to best and final offers with that much interest. Therefore offer what you can afford and what you'd be happy to actually buy it for. Then you won't be disappointed if someone offers more than you and you lose it as you'll know you already offered your max and could do no more.

But if you under offer and someone offers more you might regret it.

Thank you. Yes I think they probably will go to best and final.
If someone comes in and offers 400k then we know we never stood a chance so may as well just offer what we're comfortable paying from the start.

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Crikeyalmighty · 10/05/2022 22:29

I kid you not we had a 'best and final offers' recently on a4 bed rental in Marlow, offered £150 a month over the rent and we still didn't get it! Gone are the days it seems with a rental where first come first served who offers the full price.

RidingMyBike · 10/05/2022 22:41

Do your research into what similar houses, ideally on same street or close by, have sold for recently. That means, if you decide to make an offer, you can put your offer forward and mention that you're offering at x price because you've seen what other similar houses in similar condition go for. Emphasise your buying position and if you're ready to proceed.

And know what your max price is. There's no point putting in a huge offer you can just afford if the bank ends up down valuing it. We've seen a few houses that were very over-subscribed with viewings, come back on the market. Presumably either bad survey or downvalued for the mortgage.

Original poster
lemondrop72 · 10/05/2022 22:43

Crikeyalmighty · 10/05/2022 22:29

I kid you not we had a 'best and final offers' recently on a4 bed rental in Marlow, offered £150 a month over the rent and we still didn't get it! Gone are the days it seems with a rental where first come first served who offers the full price.

Crikey!! It's just madness isn't it! I hope you find something soon

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SnottyWitch · 10/05/2022 22:54

I always find when property has a guide price between x and x. It’s usually the agents trying their luck, at least around here it has been. A friend had theirs up for between 350 and 375 didn’t get what they expected but it didn’t have the interest like the one you are looking at, it was a new build with one of the biggest designs and plots, lovely house but way overpriced. It’s a gamble, the market has been red hot but there is chatter of it cooling down.

Like @RidingMyBike suggested have you checked sold prices for the area?

BearBibble · 10/05/2022 22:59

We were recently looking at a property that was listed at 340 - slightly above our budget but we thought maybe we'd offer 330 as it needed some work doing. It went for 375!! The market is crazy at the moment, and beyond depressing.

Original poster
lemondrop72 · 11/05/2022 09:22

SnottyWitch · 10/05/2022 22:54

I always find when property has a guide price between x and x. It’s usually the agents trying their luck, at least around here it has been. A friend had theirs up for between 350 and 375 didn’t get what they expected but it didn’t have the interest like the one you are looking at, it was a new build with one of the biggest designs and plots, lovely house but way overpriced. It’s a gamble, the market has been red hot but there is chatter of it cooling down.

Like @RidingMyBike suggested have you checked sold prices for the area?

I hope that's the case! I can't see it being worth more than 350 but people are just going crazy with offers at the moment.

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Original poster
lemondrop72 · 11/05/2022 09:23

BearBibble · 10/05/2022 22:59

We were recently looking at a property that was listed at 340 - slightly above our budget but we thought maybe we'd offer 330 as it needed some work doing. It went for 375!! The market is crazy at the moment, and beyond depressing.

That's bonkers!! I suppose all you can do is offer what you can afford but it's knowing whether to go to your absolute max or chance your arm and go a bit less. So frustrating

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LadyEloise10 · 11/05/2022 15:46

The house is obviously not in Dublin.
If they say offers in the region of £325 - £350 thousand in Dublin they're expecting far far more. Possibly £425.000.
It's mad.
Best of luck @lemondrop72

Startuplife · 11/05/2022 16:53

Yep, we just had an offer accepted on a house which had 35 viewings on one day. It was up for £350k and we got it for £390k. A house round the corner we were outbid on the day before was up for £375k and the other bidder offered over £400k. The market here in the SE is absolutely crazy right now and there just aren’t any houses for sale.

PizzaPatel · 11/05/2022 17:00

I was looking at houses in the summer last year. They’ve all completed now so I can see what they sold for - the most in demand houses generally went for 8-9% over the asking price.

when we were finally successful in our purchase it was at 6% over asking. It was also a price range and we went 6% over the bottom end.

killerqueue · 11/05/2022 17:04

It's very dependent. We lost out on 3 houses as we decided our max was X. Some went for 70k over asking.

Whitney168 · 11/05/2022 17:07

Reading these threads, we need eBay for houses at the moment - people need to be able to state the maximum they're prepared to pay, but not actually have to pay to that maximum if the next offer is £5/10/20k below! (Tongue firmly in cheek, but honestly it is madness at the moment.)

Whammyyammy · 11/05/2022 17:15

Only offer what you feel happy with buying it for, otherwise you could resent the house if you over pay.
It's a bonkers market..house in my lane sold last summer, EA only allowed viewings on one weekend and only from people who were fully proceedable . Went for £50k over asking price too.

Original poster
lemondrop72 · 11/05/2022 19:13

Thanks everyone. It really is just madness.
We have a decent deposit thankfully from equity in our current home. Because of the crazy market it was valued a lot higher than we expected. So we obviously want to put that money into being able to get the new house.
I think if we get the feeling that it's the one for us then we have no choice but to put in everything we can and hope for the best. If someone outbids us then we didn't stand a chance anyway!

OP posts:
Startuplife · 11/05/2022 19:41

Whitney168 · 11/05/2022 17:07

Reading these threads, we need eBay for houses at the moment - people need to be able to state the maximum they're prepared to pay, but not actually have to pay to that maximum if the next offer is £5/10/20k below! (Tongue firmly in cheek, but honestly it is madness at the moment.)

I have to agree with this. Initially we offered £386k on a house on for £350k and then went to £390k at best and final but who knows whether there were actually any bids higher than £370k even and we’ve just paid well over the odds for no reason.

Saying that, I’d have been gutted to find out someone paid £390k and we missed out but it’s so difficult to make an educated offer at the moment.

killerqueue · 11/05/2022 21:25

I have to agree with this. Initially we offered £386k on a house on for £350k and then went to £390k at best and final but who knows whether there were actually any bids higher than £370k even and we’ve just paid well over the odds for no reason.

You may have, as people are bidding against themselves in some cases.

killerqueue · 11/05/2022 21:27

Because of the crazy market it was valued a lot higher than we expected. So we obviously want to put that money into being able to get the new house.

Some people get very excited when their house sells for 20% or whatever more.
It's not actually a good thing unless you're downsizing or relocating. What you want to buy has also gone up by 20% if not more & it's much more cash to find. Plus more SD etc.

Original poster
lemondrop72 · 11/05/2022 22:10

killerqueue · 11/05/2022 21:27

Because of the crazy market it was valued a lot higher than we expected. So we obviously want to put that money into being able to get the new house.

Some people get very excited when their house sells for 20% or whatever more.
It's not actually a good thing unless you're downsizing or relocating. What you want to buy has also gone up by 20% if not more & it's much more cash to find. Plus more SD etc.

Of course. This is why we think it best to put our best possible offer forward and use all the equity rather than try hang on to some of it and miss out on the house.

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Original poster
lemondrop72 · 11/05/2022 22:12

killerqueue · 11/05/2022 21:25

I have to agree with this. Initially we offered £386k on a house on for £350k and then went to £390k at best and final but who knows whether there were actually any bids higher than £370k even and we’ve just paid well over the odds for no reason.

You may have, as people are bidding against themselves in some cases.

This is what we want to avoid but it just seem impossible to know. I suppose if you go in with what you're willing to pay then that's all you can do.
Would be annoying to find out the offer below yours was 20k or so less though!

OP posts:
killerqueue · 11/05/2022 22:20

This is what we want to avoid but it just seem impossible to know. I suppose if you go in with what you're willing to pay then that's all you can do.

One house we lost out on the EA said the winners were already winning & then offered another 18k. My friend was selling & had already decided to accept an offer that was 20k over & the same sellers offered another 15k.

All you can do it's weigh up what it means to you.

Lastic7 · 11/05/2022 22:37

We have just had an offer accepted at 355 for a house on offers over 325.

Another house was on at 340, we offered 370 but didn’t get it.

Whitney168 · 11/05/2022 22:37

killerqueue · 11/05/2022 22:20

This is what we want to avoid but it just seem impossible to know. I suppose if you go in with what you're willing to pay then that's all you can do.

One house we lost out on the EA said the winners were already winning & then offered another 18k. My friend was selling & had already decided to accept an offer that was 20k over & the same sellers offered another 15k.

All you can do it's weigh up what it means to you.

This just seems utterly unethical. 😡

Salome61 · 11/05/2022 22:39

I read on MSE today that there won't be any mortgages under 2% now, do make sure you can live life still if you throw all of your money at it. My late husband and I bought in 1987 when the interest rate was 15% and rising, I had to sell my jewellery to pay the nursery.