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Original poster

Fixed Price tag on Right Move - can we offer and if so what

21 replies

CrispyBits · 21/05/2023 07:42

I’m not going to link the property, sorry.

I’ve only recently noticed “Fixed price” as a tag on right move. Some have no tag, others have guide price or offers over. In reality does fixed price mean you can’t make an offer?

Property was listed at £625k in November 2022 and dropped to £600k at the start of May.

We had been looking to spend £610k max on a move to include stamp duty and moving costs, so had been looking at properties with a view to go to £585k (allowing £25k in costs). I do have £15k in Premium Bonds I wasn’t planning to use but could, but it would leave us without a safety net.

We love the property and have been looking for a long time. It makes a few compromises but it’s the closest we’ve seen to what we want in two years. The Agent said they are sitting on other offers.

Do you think £590k is an unreasonable offer, or does being fixed price mean that just will be rejected. Could we start at £585k given they have been trying to sell for 7 months now, albeit have just dropped a lot. We didn’t look before but I did comment to my husband back when it came on it was a shame it was just out of reach.

It’s a long term move for us and we’d stay there 10 years or so. It’s right at the top of my budget and my husband would be happier at the £500k mark as this stretches us and we are unlikely to get big pay increases, both being at the top end for our respective fields and my role not being particularly stable.

The mortgage company thinks we could stretch further and did offer an extra £75k to what we are looking to take as our max, but we disagree that we can afford their top end offer!

OP posts:

Trixiefirecracker · 21/05/2023 07:46

I’m sorry but no one except the sellers know whether your offer at 590 will be rejected or not. I would say what have you got to loose? Make an offer and see what happens. You can always go up in increments if they reject it. Totally depends how much you want it.

inappropriateraspberry · 21/05/2023 07:49

The worst they can say is no. At least you'd have started some negotiations and can move forward from there.

DustyLee123 · 21/05/2023 07:50

They can only say no. I’d make the offer and leave it on the table if they say no.

Original poster

CrispyBits · 21/05/2023 07:51

I just wasn’t sure if offering on a “fixed price” would start us in a bad stead and cause us to be rejected. I don’t feel it’s a silly offer, but equally if it’s a set price then offering might be frowned on.

OP posts:

Coffeaddict · 21/05/2023 07:52

I would make the offer you can afford. Worse case they say no

maximist · 21/05/2023 07:55

My house was on for offers over £190k, I got it for £185k, but I was in a strong position as my house had sold and my chain was complete. And none of us needed a mortgage. So sell your position if it's a good one.

Avocadot0ast · 21/05/2023 08:41

We had a fixed price on our property, we just instructed the estate agent that if anyone came in at a lower offer to explain to them that we won’t accept less and that was our lowest price as we had to sell at that price to purchase the house we wanted. I wouldn’t worry about the lower offer being looked at unfavourably, if that’s your ceiling then that’s your ceiling, the estate agent would just explain that to the sellers and then it’s their call. If you’re in a good position they might say yes, doesn’t hurt to try.

Twiglets1 · 21/05/2023 08:49

Doesn't hurt to try to get it for 590k but if the vendors insist on 600k I would stretch yourselves that litttle bit further. Given that you have been looking for 2 years.

rainingsnoring · 21/05/2023 08:56

No harm in offering £585k. You can definitely offer below with OIEO, etc (we got a house below that was OIEO).
I guess they haven't reduced it all that long ago so they may want to wait a bit but you can always leave your offer on the table.
I really don't think this is the time to stretch yourself financially especially as you says neither of you are expecting big pay rises.

Ccvyvyan · 21/05/2023 09:25

I agree with pp, I wouldn’t stretch yourself too far in this climate.

musixa · 21/05/2023 09:29

I would offer at £585 and be prepared to up to £590 - as everyone has said, they can't say worse than 'no'. Personally I wouldn't be prepared to sell the premium bonds etc. in the current climate to go higher, but that really depends on you - how much you love the house, if you'd always regret not offering more.

HereForTheFreeLunch · 21/05/2023 09:55

The one we bought was "offers over'. We were the only ones who offered and they were desperate by then so they accepted our low ball offer.

It is aspirational wording with no legal/real meaning. Offer and see what happens.

Original poster

CrispyBits · 21/05/2023 16:27

I think we’ll make an offer, we are stretching which worries us both.

OP posts:

YoBeaches · 21/05/2023 16:43

Speak with the agent, but often fixed price means they won't even put forward an offer any less as the vendors aren't interested.

Trixiefirecracker · 21/05/2023 17:25

7 months seems a bloody long time to be on the market. Are they sitting on offers because they don’t really have to move? I would try and find out what offers they have had and why it’s been on the market for so long.

rainingsnoring · 21/05/2023 17:51

CrispyBits · 21/05/2023 16:27

I think we’ll make an offer, we are stretching which worries us both.

I think you need to think really carefully and do the sums before you offer. It does appear that a lot of people aren't doing this or may be doing this but then think better of stretching themselves a month down the line. Lots of buyers pulling out at present.

Presumably, they have had no other offers or offers that they considered too low before which would suggest that their property has been/ is overpriced so a lower offer seems very reasonable. You can always keep it on the table and they may come back to you even if they decline immediately.

GettingStuffed · 21/05/2023 18:00

I wish all houses were fixed price. As far as I'm aware it's the only thing we haggle over.
The system we have is guess the price.

martinisforeveryone · 21/05/2023 18:38

Personally I think it's less important what the vendor may accept and what your opening offer might be, than that you and your DH are £90-100,000 adrift on what you feel comfortable spending.

I'd say sit and have a deep heart to heart about what kind of house you want, what you are really willing to pay and how much this particular house meets all your joint requirements.

It's very hard trying to find a near perfect home to suit two individuals but this may not be it if it's too far out of your financial reach. You need to be on the same page.

Original poster

CrispyBits · 21/05/2023 20:26

It’s tricky as it meets all our requirements although we would love a detached (it’s a semi) and a garage which it doesn’t have. The garden is smaller than ideal too but we live the village and we are tied to the painfully expensive south-east.

OP posts:

Twiglets1 · 21/05/2023 21:41

CrispyBits · 21/05/2023 20:26

Presumably the extra things you would ideally like would cost even more money

Original poster

CrispyBits · 21/05/2023 21:48

Yes. A property came up meeting our exact specifications in our preferred village. Four bedroom detached. £2.6 million! When you compare the interiors it makes this one seem like a bargain!

OP posts:

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