Offers Over

[MinPinSins]

Hi,

After our property purchase looks to be falling through as the seller still hasn't found anything 6 weeks on, my partner and I are starting to look again. In the town we are interested in, there isn't a huge amount on the market. One we would be interested is in at offers over 420k, but our absolute max budget is 400k. It's only been on sale for a week and a half. Is there any point viewing it? If you sold or bought at offers over, was it pretty firm?

I'm assuming it would be pretty pointless to view?

Thanks!

Is this in Scotland? Until recently, o/o were going for between 10-20% generally, but the market has slowed down massively, so I would be tempted to view it, and then put an offer in. I mean, it's unlikely to be accepted, but you won't find out if you don't try (and haggle)! A lot of really lovely properties that would have sold within a week around 12 months ago are just not selling at the moment.

Why don’t you call the agent and ask? They can only say no.

Ive sold a property at offers over, it was marketed at £375K, I sold at £390k but I would have taken £375k if it wasn’t selling…so in my view it’s the seller advising you that it’s the lowest amount they’ll accept.

6 weeks doesn’t seem that long for your sellers to have been looking - are you maybe being a bit unrealistic there?

Yes, I thought that too. It took our buyers a few months to settle on their onward move.

You’re thinking of pulling out because they haven’t found a property in 6 weeks? That’s not much time! In my area, we can’t start looking and making offers until we have a buyer for our property and 6 weeks
to then find and have an offer accepted on another property seems crazy quick! Especially as the market has slowed down and there are less properties going on the market!

Hey, so the looking elsewhere was at the advice of the estate agent. The agent says the buyer is looking for a bungalow in a very limited area, and there's a lot of competition, so it's not looking promising. I really don't want to pull out, it's tricky to know what to do - we weren't planning on, but when the estates agent phones to suggest you look elsewhere, that doesn't seem like a great sign.

Sorry, that was meant to be a reply to @lemoncurdcrumpets @Reallybadidea and @Noimaginationforaun

This is in England. Sounds like it might be best to wait a few weeks. We'll have a better idea with how things are looking for our seller.

We bought an offers over £400k house for £397k but it had been on a while.

You don’t need to pull out until you’ve had another offer accepted so keep your options open.

6 weeks isn’t a lot of time though. There’s no way even one property of the time I’m looking for (4 bed detached so not exactly niche) would come on the market in the space of 6 weeks here.