How much to offer?

[Dreamingofthishouse]

Have named changed for this but been here awhile, over last few years we missed out on house after house after house, very few houses available in our area ( NI) and we have been stung badly with chains collapsing for various reasons ( none to do with us) which has cost us a lot of heartache and money.
We have now found a house we love in a great area, our house wasn’t on market but I contacted the last buyer we had before the chain above us collapsed and they were still in rental and delighted we may sell and offered us the same as agreed last time. This is probably £10-20k less than if we were on open market today. They are first time buyers and mortgage in principal . The house we like has understandably a lot of interest, it’s on the market for offers around £450k , it needs work and is an over budget ( could make work for near asking) . There are FOUR sets of cash buyers that are interested in this house including 2 builders who see an investment opportunity, we are the only non cash buyer and would like to offer- what would you offer ? Currently no offers on it yet. Appreciate the chance we get the house is slim but can’t help hoping !

I would offer the asking price and tell them that the property needs to come off the market.

Thanks as much as I would like if this happened I feel this would be laughed at to be honest! They have more viewings booked in, know it’s going to be popular etc etc. it’s only been on the market just over a week 😬🥹 but maybe worth a try !

Hi. In NI too and missed out on so many houses like you. How do you know who is interested? They haven't offered yet so you could get the ball rolling with your offer, even 10 below asking, you never know in this climate. Everything is very unpredictable.

@Sandals12 we viewed the house twice with two different agents and they separately gave me the info and advised me that I was the first to get the second viewing and 4 other return viewers are booked for this week. I then asked the position of all the parties and they told me!that’s not to count any new viewers that enquire this week. I believe the couple that are selling the home are getting a divorce so I’m sure want the most money possible!

If no one else has offered and you really want it get in with a starting offer quickly. I would suggest 10% under is a good place to begin. The cash buyers will not offer asking, usually people with cash are either investors (who will negotiate hard) or are savy high earners - who again will likley not offer asking because they know the strength of their position. Don't stretch yourself too far in a falling market would be my advice.

According to who? If these cash buyers wanted it, they’d have it by now.

Feels like you are being played.

@ThankmelaterOkay according to the agent/s but maybe that’s just sales talk -this whole , it’s won’t stay around long, will be very popular, 4 parties want to be kept informed etc and have booked second viewings could all be BS, the truth or a mix of both. Will find out tomorrow if any developments and make our offer!

Any news on the house?

@Sandals12 no nothing, offer was made this morning ( went in at asking) and no news rest of day! We can’t afford to have it sit without progress date as our buyer is keen to get going on our purchase and would hate to lose them. How long would someone continue with viewings even if an offer was sitting already?. Don’t want our offer just to be used as leverage to get more money!

Oh it's do hard to know. If the viewings are booked they might honour them. Some EA get back straight away within hours if there is a counter offer, some make you hold on until next day. You'll surely be told by tomorrow if another offer comes in. Would you take the risk and say your offer is on the table until the end of the week only? Put pressure on them to accept. It is asking price after all!

The others might have the cash but not the go-ahead for any planning they might be hoping for. You'd probably be more solid if you offer. I'd be inclined to offer around the asking price and hold tight. There's always the survey to do as well so factor that in on costs if there's any major issues.

@Sandals12 @Monty27 absolutely, will see what this week brings and whether any new offers are on it or more viewings booked in. Those second viewings took place yesterday as far as I am aware so I’d hope if those people were going to offer they’d do so today. It’s a waiting ( not so patiently!) game!

How are you getting on? I'd be interested in an update as I'm buying in NI and have missed out on 3 properties so far....

Wishing you the best of luck

Yeah I'm dying to know too. I missed out on so many last year with all the bidding wars. Wasn't willing to pay way over the odds. No bidding wars now but everything too expensive esp with interest rises.

They say it's one of the most stressful things you'll ever do. Keep your head and best of luck to you.

Sorry for delay, got the news we secured the house ! We did have to pay £10k over asking- didn’t go to bidding wars as such and they cancelled viewings. We were happy with that and hoping everything works out now. Our buyer is delighted as too! Thanks for everyone’s support, still a long way to go to get it over the line but hopeful it will work out !

Congrats!

Still all sounds fishy to me, but then I have extremely low opinions/trust levels.