What offer would you make?

Twiglets1 · 17/07/2023 09:04

Caitlin991 · 17/07/2023 08:50

We’ve found a perfect forever home for us, however it’s marketed slightly out of our budget. We’re short of about £20k (or about 4% of asking price).
We’re going to make an offer, although we know it probably won’t be successful, due to the popularity of the area, but I feel like we have to try!
My question is, should we go straight in with our max offer, or offer slightly less so we have some wiggle room?

The house & garden do need some work so I’m hoping that might work in our favour.

I would go in at between 5-10% under asking but also a round number. Do you mind saying what the asking price is?

Original poster

Caitlin991 · 17/07/2023 09:09

Cool, so go a little lower. The asking price is £535k, so I guess maybe go in at £510?

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Twiglets1 · 17/07/2023 09:29

I would go in at 500k and see what reaction you get from the EA.

You could allow yourself to be persuaded to go up a bit if your offer gets rejected but it’s a good place to start negotiations. If you are in a good position then you need to emphasise that. For example, if you already have a Buyer for your current property or don’t have anywhere to sell.

Original poster

Caitlin991 · 17/07/2023 10:05

Unfortunately we’re not in the best position as our buyers still haven’t sold (we were pushed into accepting their offer before they went on the market by the EA & are worried we won’t get another offer if we now reject theirs 🙄).
our only saving grace is that the open day on the house we want isn’t until Saturday, and they’re not accepting viewing before then, so praying that our buyers sell before then 🤞🏼.
As I said though, I know we’ll probably not have our offers accepted, but I feel like I’ll regret not even trying.

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Twiglets1 · 17/07/2023 10:08

Caitlin991 · 17/07/2023 10:05

Unfortunately we’re not in the best position as our buyers still haven’t sold (we were pushed into accepting their offer before they went on the market by the EA & are worried we won’t get another offer if we now reject theirs 🙄).
our only saving grace is that the open day on the house we want isn’t until Saturday, and they’re not accepting viewing before then, so praying that our buyers sell before then 🤞🏼.
As I said though, I know we’ll probably not have our offers accepted, but I feel like I’ll regret not even trying.

Your position does make it far less likely they will accept an offer from you, sorry! Your EA should never have pushed you to accept an offer from someone who had a place to sell. Cross fingers for you that they get a Sale very soon

Original poster

Caitlin991 · 17/07/2023 10:38

Well we’ve just had a call from the EA of the house we like to say they’ve been inundated with people wanting to view that house, so they’re now only letting proceed-able people view it, which I’m not surprised about!
I guess even if we were able to proceed right now we’d be priced out - never mind, must not have been the one!

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Twiglets1 · 17/07/2023 11:03

Caitlin991 · 17/07/2023 10:38

Well we’ve just had a call from the EA of the house we like to say they’ve been inundated with people wanting to view that house, so they’re now only letting proceed-able people view it, which I’m not surprised about!
I guess even if we were able to proceed right now we’d be priced out - never mind, must not have been the one!

Aw, sorry to hear that.

I would think about telling your EA you want them to start showing your home to other people. It’s a tough market and you don’t want to be tied to someone who hasn’t Sold their own place.

Original poster

Caitlin991 · 17/07/2023 11:23

our buyer’s grace period ends next Monday, so I think I’ve decided if they don’t sell by then that we’ll come off the market & save for a while longer - this property really opened up our eyes to what we could get if we just saved a while longer!
Not sure what the plan is if they do sell 😂

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