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Original poster

How much to offer

31 replies

Grayscale · 10/08/2022 10:48

House on the market for £425,000. Desirable location in a great part of town that is rarely available. Predictably there is loads of interest with the slots for viewings fully booked. We managed to arrange to be the first viewers this morning, with no further viewings until the weekend. We are in a good position but still in a short chain. How the hell do we secure this house? Do we need to go over asking and if so by how much? Ideally we want them to scrap the other viewings.

OP posts:
PritiPatelsMaker · 10/08/2022 11:43

Have you had a look to see if any others have sold recently and what for?

Geneticsbunny · 10/08/2022 11:49

460,000 to take it off the market immediately and not allow other viewings. It has to be more than they think they might get in a bidding war. I would assume it will be bid up to at least 450,000.

Original poster
Grayscale · 10/08/2022 13:21

Thanks. There’s nothing to compare to with any degree of accuracy

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Original poster
Grayscale · 10/08/2022 13:45

If I completely max out I can go to 450. I guess I was hoping 435 or 440 might be enough. Maybe naïve?

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Sprig1 · 10/08/2022 13:49

I would say their is no benefit in offering now. Register your interest with the agent await until the other viewings have happened. If I was the vendors I wouldn't take it off the market until the first wave of viewings was over whatever you offered. You are in danger of starting a bidding war. Just sit tight for a bit and keep in touch with the agent. It sounds like it us likely to go to best and final offers.

bumpquestion · 10/08/2022 13:49

Definitely naive. We lost out on three similarly priced houses last year when looking- one went for 40k over, another 66k over and another 100k over. All sales went through.

WhatIsModeration · 10/08/2022 13:55

We sold our house recently and were offered £20k over valuation after the first viewing. As we had another 4/5 booked in for that wee we decided to decline and ended up getting £45K over in the end. I really don't think what you're offering will be enough to get them to take it off the market.

bumpquestion · 10/08/2022 13:57

To be honest, it wouldn't matter what the offer was- they're not going to take it off the market with that much interest/viewings. They'd be mad to.

Wait a while then out in an offer- it will almost certainly go to best and final. If you put in an offer way over asking now then that will just scare everyone at the weekend into doing the same.

And write a really, really nice letter to go with your offer.

Nejnej2 · 10/08/2022 14:25

We were in a similar position (but in 2020 before house prices and prices/overbidding went nuts).

It may be worth considering an early offer - our sellers had found their dream house and preferred to get a buyer locked in ASAP rather than pushing for more money. We offered at asking (although I know this isn't how things are working currently) and once accepted they took it straight off the market and cancelled viewings - we never could have got into a bidding war or offered much higher.

It's only a slim chance, but I don't think it would hurt to put an early offer in (although happy to be corrected if there is a reason). If the sellers are looking for the highest possible price they'll wait, but if they want a quick sale you'll have given yourself a chance.

Original poster
Grayscale · 10/08/2022 14:27

Ok good point. I have reason to believe speed is important to them so maybe worth a go. I will report back on what we decide.

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Original poster
Grayscale · 10/08/2022 15:41

Anyone else been in this position? We are still thinking!

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PritiPatelsMaker · 10/08/2022 16:36

If I completely max out I can go to 450. I guess I was hoping 435 or 440 might be enough. Maybe naïve.

I'm not currently selling but yes, I think you are being naive.

With that level of interest it would be unusual for them to take it off the market at that kind of offer.

knickersniff · 10/08/2022 17:39

I would not go a penny over asking , it'll get down valued anyway . The tide is changing .

knickersniff · 10/08/2022 17:41

Also how do you know they've got loads of viewings booked .. we viewed one 4 weeks ago . Estate agents told us he'd managed to get us in early before the rest . We didn't like the house and it's still sitting there not sold .

Beach1983 · 10/08/2022 17:48

We offered 15k over a few months back and it was accepted before it even went on the market (we were with same agent and they agreed to let us see before open day).

we had one person in chain below us and we needed a mortgage (We weren’t cash buyers). So it does sometimes work out!

PritiPatelsMaker · 10/08/2022 17:53

I would not go a penny over asking , it'll get down valued anyway . The tide is changing

Definitely changing here.

Original poster
Grayscale · 10/08/2022 18:13

The area we’re looking in is apparently still pretty hot. The agent said they had lots of viewings booked at the weekend. Not sure how likely it is they would tell a barefaced lie but possible I’m sure!

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Flopisfatteningbingforchristmas · 10/08/2022 18:27

In our area a house on for that price would go for at least £550k. You need to know your market.

Original poster
Grayscale · 10/08/2022 18:34

@Flopisfatteningbingforchristmas What?! That’s crazy. Where (approximately) are you? If that’s happening routinely I don’t understand why agents aren’t just marketing things for more in the first place. I’m pretty sure the place I’m after wouldn’t go for more than 475 but unfortunately I don’t have 475.

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lemonyfox · 10/08/2022 18:38

Whereabouts are you?

We offered in Jan and completed in May this year. Sellers had 8 viewings booked in immediately for the first 3 days, we were second viewers. House was on at £380k and we offered £390k to cancel other viewings and take it off the market. They agreed and we're now happily in said house!

We're in Lancashire.

Hotelhelp · 10/08/2022 18:41

@lemonyfox that’s a bargain in the climate you bought in! Houses here worth a fifth of yours are still making 10/20% above asking price here! You did well.

lemonyfox · 10/08/2022 18:41

Oh and we were in a chain too, we'd had an offer accepted on our house and our buyer was chain free, so only a short one

lemonyfox · 10/08/2022 18:43

Hotelhelp · 10/08/2022 18:41

@lemonyfox that’s a bargain in the climate you bought in! Houses here worth a fifth of yours are still making 10/20% above asking price here! You did well.

Yeah probably! I do think it's really dependent on sellers situations, our sellers wanted to move quite quickly so were motivated to accept something quickly and get started on the process

Michellexxx · 10/08/2022 18:49

I guess it depends where you are- I’m in a desirable area of Scotland and a house offers over for that, would go for about 525-540 I think.

most people wait until a closing date which is closed bids though

Skidaramink · 10/08/2022 19:02

We agreed to cancel viewings on the basis of an offer at the asking price. Bear in mind that sellers generally ask for more than they think they will get. I wouldn’t offer over.