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Original poster

Offer help

21 replies

Zanatdy · 26/11/2023 08:28

Hi all

So I live in the South East and have been here 22yrs. Just me and my DD (15) at home now permanently. Always rented due to high prices here but been able to save a deposit and a promotion means I’m able to purchase a flat.

I’ve been to see a flat in the same block i’m renting in and I really want it. Largely because it’s very spacious and has a small garden, which I need for my dog. Nothing else available locally for same price, same size etc. I know I like the block, location etc. I can buy up to 320k max but the less the better as it’s going to be a struggle when the rates are high, despite a good income. I might end up having to get a weekend job until interest rates drop.

It’s on at offers over 300k. It sold in the summer after a couple of days on market and I missed out due to hesitation and couldn’t believe it when it came back on (fell through due to mortgage issues). So how does it work? EA told me 2 other couples like it and I know someone else who viewed it that will probably like it too, and they aren’t in a chain either. It will sell tomorrow for sure.

If I offered say 295 for example, would they just go immediately to the person who bid higher, or would they come back to me and say well offer for 300k on the table can you better that? 305k I think would be my max. I don’t want to loose it, but also need to be careful I don’t end up overpaying as obviously there will be a ceiling price. Help appreciated, I’m a novice

OP posts:
ibelieveinmirrorballs · 26/11/2023 08:37

I’d offer 300k. IF (big IF - it’s in the EA’s interest to make you think others are likely to offer) someone else offers from this weekend’s viewings too, it’s highly likely if they’re in the same region that the EA will say the vendor will want to go to best and final offers.

I’ve just been through that with my house - three similar first offers came in after a weekend, we asked for best and final and gave a deadline 3 days later and then went from there. If this happens you can do what my buyer did which is to include a heartfelt letter with their offer to make me want to choose them!

FiveShelties · 26/11/2023 08:53

Do you know what they accepted in the summer?

If you really want it and not much on the market I would be tempted to offer 305k. If it was what I really wanted then I would not want to lose it for 5k.

Twiglets1 · 26/11/2023 08:59

The EA shouldn’t tell you the exact price other people offer ( I think some do but they aren’t supported to and most won’t).

You don’t want to overpay but also you don’t want to lose it again and you know there is a lot of interest in this flat. For this reason, I wouldn’t offer less than 300k. I would offer either 300 or 305k. That gives you the best chance you can get of your offer being accepted.

Original poster
Zanatdy · 27/11/2023 08:41

Thanks all. Think I’m going to offer 305k, I’ve emailed the EA with my deposit details and mortgage broker and asked them to call as I have some questions but would like to offer.

Unfortunately I don’t know what the offer was in the summer. It’s 100% going to sell today, must have been at least 10 viewings on Saturday so I’m not going to get my hopes up. Super nervous but really don’t have much hope of getting it. Fingers crossed

OP posts:
Original poster
Zanatdy · 27/11/2023 08:43

ibelieveinmirrorballs · 26/11/2023 08:37

I’d offer 300k. IF (big IF - it’s in the EA’s interest to make you think others are likely to offer) someone else offers from this weekend’s viewings too, it’s highly likely if they’re in the same region that the EA will say the vendor will want to go to best and final offers.

I’ve just been through that with my house - three similar first offers came in after a weekend, we asked for best and final and gave a deadline 3 days later and then went from there. If this happens you can do what my buyer did which is to include a heartfelt letter with their offer to make me want to choose them!

I’ll definitely include a heartfelt letter @ibelieveinmirrorballs if we go to final offers.

OP posts:
Panicmode1 · 27/11/2023 08:55

If you are renting you are in a good, proceedable position, so don't forget to stress you can move quickly.

Good luck.

Twiglets1 · 27/11/2023 09:08

Zanatdy · 27/11/2023 08:41

Thanks all. Think I’m going to offer 305k, I’ve emailed the EA with my deposit details and mortgage broker and asked them to call as I have some questions but would like to offer.

Unfortunately I don’t know what the offer was in the summer. It’s 100% going to sell today, must have been at least 10 viewings on Saturday so I’m not going to get my hopes up. Super nervous but really don’t have much hope of getting it. Fingers crossed

That’s very organised of you and will show the EA you are a committed buyer.

Good Luck! Please let us know what happens.

orangegato · 27/11/2023 09:11

Offer as much as you can afford as losing it over 5k would be bleak. Go for it!!!

YaWeeFurryBastard · 27/11/2023 09:13

Good luck OP, I agree with offering 305, no point potentially losing somewhere you love just so you can feel you got a deal.

I would strongly advise ensuring the estate agent makes the sellers aware you already live in the same block as if I was a seller this would be attractive to me as you are already invested in the area and therefore I would perceive you as less likely to potentially mess me about.

senua · 27/11/2023 09:14

It sold in the summer after a couple of days on market and I missed out due to hesitation and couldn’t believe it when it came back on (fell through due to mortgage issues).
They have had their fingers burnt once. Emphasise the fact that you are a serious and committed buyer. It's not always just about the price - any idiot can offer, what they want is a sale.

ClematisBlue49 · 27/11/2023 09:51

Yes, offer the £305K. If they are saying 'offers over £300K' then that suggests they won't look at anything below that level. It would be a different matter if there was little interest, but it's clearly attracting interest. I agree you should mention that you live in the block. If I were the seller I would think that proves you are serious and not likely to pull out.

Fingers crossed for you...

senua · 27/11/2023 10:03

I’ve been to see a flat in the same block I’m renting in and I really want it. Largely because it’s very spacious and has a small garden, which I need for my dog. Nothing else available locally for same price, same size etc. I know I like the block, location etc.
Have you tried the "putting a note through the letterbox" trick? Someone else in the block might respond and - added bonus - you won't have competition.
It would be great if you could approach your landlord, too, but it can be dangerous to upset the apple cart. It all depends on what your landlord is like, and their situation.

Original poster
Zanatdy · 27/11/2023 12:55

305k offer submitted, there’s another offer in. She said she will come back to me later (and I could have another chance to increase if need be). Not sure how much more I can or should go. So hard doing this on your own. Will update later

OP posts:
Tromso · 27/11/2023 13:31

Good luck, OP! It is difficult doing it on your own, but it just shows how strong you can be.

R4R1 · 27/11/2023 13:34

I'd just pay the asking. Cuts out the back and forth.

Twiglets1 · 27/11/2023 14:02

R4R1 · 27/11/2023 13:34

I'd just pay the asking. Cuts out the back and forth.

There is no asking?

ibelieveinmirrorballs · 27/11/2023 15:59

I would have interpreted the asking as £300k in an “offers over £300k” listing. It’s not Scotland where they’re thinking they’ll get anything in excess in this market - just before Christmas - I’d expect.

I would have offered £300k (what they were hoping to achieve) and then as you anticipated there being other offers I would have expected to be contacted to go back with best and final. By going in at £305k even if the other offer is £300k it’s highly likely they’ll ask you both to come back with best and final. As a vendor I never assume someone’s first offer is their ceiling unless they specify that when they submit it.

Original poster
Zanatdy · 29/11/2023 06:17

Hi all,

Well I didn’t get it. Offered 305k, they said they would come back if someone else offered more and give me a chance to increase if I wanted. Did say there was another offer on the table, as I expected. Made me wait until yesterday 5pm and rang and said they went with someone with a large deposit as the sale fell through last time. I know who the buyer is, it’s the ex husband of someone I know. His soon to be ex wife told me last week he was going to see it, and I know a family member of hers is giving him the money for a flat so she can remain in their house. I was never going to stand a chance against someone bidding with someone else’s money. Nothing against him, he’s a lovely guy and has been treated badly (she’s with someone else I think), just really gutted I worked so hard to get my deposit and wanted this flat so much. My DD was gutted too, and I’m sad she’s sad.

But onwards and upwards as they say. Hopefully more properties will be available in the new year as this time of year is a bit stale. Terraced houses are coming down in price so you never know. Going to speak to my DM on the weekend, she’s offered help before but I’ve always declined. Otherwise I think I’ll head back up north once DD gone to Uni.

Thanks for the advice all, appreciated.

OP posts:
Original poster
Zanatdy · 29/11/2023 06:20

ibelieveinmirrorballs · 27/11/2023 15:59

I would have interpreted the asking as £300k in an “offers over £300k” listing. It’s not Scotland where they’re thinking they’ll get anything in excess in this market - just before Christmas - I’d expect.

I would have offered £300k (what they were hoping to achieve) and then as you anticipated there being other offers I would have expected to be contacted to go back with best and final. By going in at £305k even if the other offer is £300k it’s highly likely they’ll ask you both to come back with best and final. As a vendor I never assume someone’s first offer is their ceiling unless they specify that when they submit it.

Yeah ordinarily I wouldn’t have bid over to start with but I knew it was going to go for way over 300, there’s nothing else on the market for 300k near 2 train lines, 2 bathrooms, 80sq meter which is big for a flat, and a nice small garden. They knew 305k wasn’t my highest, and I also knew I was very likely bidding against someone with a very large deposit. I went to see another flat yesterday for offers over 300k and it was no where near as big, only 1 bathroom and 1 train line (slower one). Both near excellent schools too. I’m not bidding on the one I saw yesterday but if I was interested I’d have gone in under 300k. I was just desperate to get the one in my block, but alas. Not to be

OP posts:
Twiglets1 · 29/11/2023 07:04

That’s very disappointing they didn’t even give you the chance to increase your offer to secure this flat.

In most cases this is what would have happened but it sounds like the sellers had reasons to particularly value someone with a big deposit. That was out of your control.

Sorry you didn’t get this flat anyway.

senua · 29/11/2023 08:28

Otherwise I think I’ll head back up north once DD gone to Uni.
You'll get a lovely freehold house - never mind 80sqm of leasehold flat - for your money. Start planning!

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