What would you offer

[LightCameraBitchSmile]

I'm desperate for some help as I need to make an offer today on a house and the last few weeks has been a pattern of be being outbid!

Context, I'm in an area where its a sellers market and things move fast - from listing to SSTC in in 10 days normally. in the last few weeks I have offered on:

• 3 bed advertised at £875, I was the only offer at £870 and they withdrew it from the market
• 3 bed advertised at £750, it went for £795
• 4 bed advertised at £900, it went for £960

I now have my sights on a 4/5 bed on for £900. Very similar to the last one above but not as newly refurbished with the 'wow' extension (but still very nice). Open house was at the weekend, do I:
a) play my cards close to by chest and just accept it'll be a best final/bidding war situation
b) go in high to try to secure it and risk overpaying? I can afford to do this but I really didn't want to spend more than £900 when I started looking!

I am in a great position with a v high deposit and a first time buyer on my property with the sale underway, but most houses in my area are being sold by developers who don't care about that so it hasn't helped. This one is someone who has seen their dream house so has put theirs on the market and might be incentivised by a fast/simple sale.

So mumsnet, what do you think?

Premature bump as this is all going to play out today!

Offer the asking price
The Agents normally advise if you have to submit best and final offers

Have you exchanged on your own house? You're in a weak position otherwise as your purchase is dependent on that. I'd start at the asking price given they go higher in your area.

If you can't go over 900 I would start with an initial offer of 875.

£925

Start at asking, they will tell you if they are going to best and final.

So I’ve just found out there are two offers on already at 900-915. I’m not exchanged on my house ( I can’t as the chain isn’t complete till I find my purchase!) but the memorandum of sale is out and the valuation and survey done.

Best and final offers are usually submitted by a certain date and time, specified by the Agents, to prevent a bidding war

Also where are you (London?) as everywhere is dead in the water !

Yes London, it’s mad here! I guess now there are offer in I’m headed for best and final regardless. Question is whether I make my entry offer big enough to try and scare the others off

925 and say you're ready to exchange on your sale and that will be a complete and (hopefully) short chain - if your agent can confirm that to them.

If you are happy to go over the asking price and want to secure the sale offer 917 and stating your position to proceed. You may have some competition with the offer at 915 but you don't know their circumstances. Have an absolute maximum and in your mind and do not go over it. I really believe that this house is meant for you it will be!

If anyone’s wondering, I ended up offering 933, going up to 950 in best and final and didn’t get it as someone £15k lower was a cash buyer. I hate this market.

Hey @LightCameraBitchSmile , so reading your thread, you've gone from offering on a 3 bed at 875, via a 4 bed at 900, to offering on a 4-5 bed that went at 950, right?
How long have you been looking? Why are you pushing the budget and size up each time? You're a ftb; is it just you?

It sort of feels like you're getting desperate (I get it, I've been there), but chasing yourself into overspending.

What area are you looking and what do you really need? 3, 4, 5 bed? Garden? Parking?

There must be something out there at a lower price that you could offer top whack on in order to secure it without pushing yourself into a massive overspend. That's how I'm reading it anyway.

If it's any comfort (maybe not! 😂) it's taking us nearly 2 years from deciding to move and putting our house on the market to actually completing (not there yet and now living in a rental 😑). It's been a total pain in the arse from beginning to end but we're nearly there I think having lost another three houses en route that we had offers accepted on and then shit happened. So you have my sympathy. Oh and our budget crept up too...
And we're not even in London!

Wow... I just saw this thread and was thinking in my mind that in your situation I would offer 925k to try to secure it.

That is very unlucky for you that your local market is obviously very strong, must be a very desirable and popular location (good catchment area I'm guessing).

Would you consider letting your sale proceed and moving into a rental property? May be the best way to secure the next great house that comes up.

Thanks for the update. Sorry you didn't get it.

You might have had a lucky escape to be fair

https://www.thisismoney.co.uk/money/mortgageshome/article-14919143/Property-asking-prices-fall-Rightmove-records-worst-seasonal-dip-20-years.html?ico=mol_desktop_home-newtab&molReferrerUrl=https%3A%2F%2Fwww.dailymail.co.uk%2Fhome%2Findex.html&_gl=15m7830_gcl_auMjc0Nzc3OTk5LjE3NDgzMzI3NjUuMTMyNTkyNDk4NC4xNzUyNzM5NzIzLjE3NTI3Mzk3MjI._gaNzMxODcyMjQuMTczMjU0OTI0Mw.._ga_C9F47K6NW6*czE3NTMwODQ1MjMkbzE1NiRnMSR0MTc1MzA4NTMyNSRqNDAkbDAkaDE4MjA3Mjc5MzQ.