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Can we talk BAFO strategies please (urgent!!)

11 replies

startingoveragainagain · 26/02/2024 11:36

Hello,

I saw a doer upper at the w/e, which is in an area I love and something similar is unlikely to come up.

It has been on the market since June (was on at 475 then), reduce to something which I don't know, and then reduced again in Jan to 425.

I offered 415. Two other people have also offered this morning and so it has gone to BAFO.

I'm happy to pay asking price as it's exactly what I want and I wouldn't want to lose it over a few thousand.

Do you think £426,300 would be a good amount as I'm figuring someone might offer asking price or just above...

Thoughts? Thank you.

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fromtheshires · 26/02/2024 11:40

Throw in a truly random amount on the end like 673 (as an example) Most people will go for round figures. If the house is perfect and you will live there for a long time offer what you are willing in your budget. Ignore all the crashy comments. Its a home, not an investment - well it is as you need it to retain value to get decent mortgage rates when you renew but thats another story

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sweetpickle2 · 26/02/2024 11:57

I don't think there is a 'strategy' really- just offer what you're willing to pay. Maybe stick a random figure on the end to stand out if you want.

The property I am buying went to best and final, we won out from several other bids- we weren't the highest bid. Something about our situation and what we wrote in our offer email obviously resonated, or we didn't ask many questions at viewing and they thought we'd be easy buyers, or something else- the point is it's not always about the money.

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startingoveragainagain · 26/02/2024 12:06

sweetpickle2 · 26/02/2024 11:57

I don't think there is a 'strategy' really- just offer what you're willing to pay. Maybe stick a random figure on the end to stand out if you want.

The property I am buying went to best and final, we won out from several other bids- we weren't the highest bid. Something about our situation and what we wrote in our offer email obviously resonated, or we didn't ask many questions at viewing and they thought we'd be easy buyers, or something else- the point is it's not always about the money.

That's interesting. It feels like this is going to be about money. It's solicitor's working on behalf of executors and before I viewed I was told they'd had other offers before and they hadn't accepted them, so it feels it's all about the cash to them - that is obviously only a gut feeling.

I will say to the agent though that I'm really looking for a home for me, rather than a developer to just flip.

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Iamnotawinp · 26/02/2024 12:07

We had to do this once on a house that had been empty for a while and was a renovation project. I actually sorted a mortgage offer and had a survey done (in two days!). We showed we had the deposit in cash and that we could move very fast (rolling two month rental notice). We even offered to buy the furniture still in the house.

This was a while ago so before online and mobile phones.

I took the day off work and went to the estate agents on the day, with all the paperwork proof and offer.

When the 12 noon deadline came, mine and the other persons offer were exactly the same. (we’d offered £*, 500).

The estate agent called the sellers who asked which were the buyers more likely to complete without hassle.

We got the house because everything I’d done showed us as very very motivated. But you should also put in an odd number as suggested.

If you really really want it, then offer what you can afford and what you think you can make it worth.

I personally would offer something about £5k over asking price. The estate agents won’t tell you what the others have offered, but sometimes you can get a hint by talking to them. It’s not a deliberate hint on their part, they’ll just be trying to do the best for their client.

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Dadsnetting · 26/02/2024 13:55

startingoveragainagain · 26/02/2024 11:36

Hello,

I saw a doer upper at the w/e, which is in an area I love and something similar is unlikely to come up.

It has been on the market since June (was on at 475 then), reduce to something which I don't know, and then reduced again in Jan to 425.

I offered 415. Two other people have also offered this morning and so it has gone to BAFO.

I'm happy to pay asking price as it's exactly what I want and I wouldn't want to lose it over a few thousand.

Do you think £426,300 would be a good amount as I'm figuring someone might offer asking price or just above...

Thoughts? Thank you.

Doesn't the timing seem suspect?

It's been on the market for ages, reduced twice, and suddenly there's coincidentally 3 offers on the same day?

You need to decide how much you want it - but personally I'd call the bluff and offer a pound more than you already have.

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startingoveragainagain · 26/02/2024 13:58

Dadsnetting · 26/02/2024 13:55

Doesn't the timing seem suspect?

It's been on the market for ages, reduced twice, and suddenly there's coincidentally 3 offers on the same day?

You need to decide how much you want it - but personally I'd call the bluff and offer a pound more than you already have.

There was another couple viewing after me, as they arrived when I was leaving.

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Dadsnetting · 26/02/2024 14:33

startingoveragainagain · 26/02/2024 13:58

There was another couple viewing after me, as they arrived when I was leaving.

I'm not sure that would make me less suspicious.

The best you can do is offer what you feel comfortable with and ignore me - if my suspicion is right, you'll win anyway. So it's not very helpful.

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startingoveragainagain · 26/02/2024 14:55

I've offered £427... it's in the hands of the gods now.

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Dandelion24 · 26/02/2024 17:52

Let us know how you get on.
I hate it when it goes to best and final.

Wish it could just be an open transparent bid but I guess estate agents use this strategy to get you to offer your max

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startingoveragainagain · 27/02/2024 16:25

@Dandelion24 My offer wasn't accepted, they've gone with someone who is chain free... back to the drawing board.

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Dandelion24 · 27/02/2024 16:35

Aw I’m so sorry
Fingers crossed something new and in budget comes on the market soon

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