Offering £340k for £350k

[hollyblueivy]

Would this be reasonable?

the house has only been in less than a week.

I don’t think that is true at the moment - I know three people who have had offers accepted over the summer, one is on the market, one isn’t even on the market, the other has an offer.

It is a buyer’s market.

We were in this situation, saw a house we loved 12 months before we were planning on moving. We put in an offer which wasn’t accepted as we weren’t proceed-able but meant we were kept up to date with any other offers on the property. Our house was on the market within 3 weeks which included pretty much redecorating from top to bottom to freshen it up.2 months later we have accepted an offer on ours(lower than anticipated as the market is very flat) renegotiated our offer on our onward purchase due to ours going for less and the fact that in 3 months they had no other offers. Surveys get done next week.

So whatever you offer the house will stay on the market and they won’t be able to formally accept it but if you go in lower it will be on file and you could always up it if another offer comes in as you will be notified by the estate agent.

I think you express that you are very interest and get your house on the market yesterday. Then whether to formally offer asking price or under once you are proceedable would depend on a few things - what we could afford based on our sale price (you'd have to price it realistically to sell it quickly), the area etc. good luck!

It is a buyer’s market and it will depend on how much interest there is in the property, especially from people who might be proceedable. If there’s little interest, they might accept an offer, but leave it on the market as you aren’t in a good position.

Something is only worth what the buyer is prepared to pay! Offer what you think is fair and don’t be offended if they turn you down or counter you.

If £340 is your maximum I’d maybe even go in a bit lower to allow for some negotiation.

Go in lower! Ours was on for 265k we went in at 230k got accepted at £240k this was 2009 though but still!

They might accept in principal but leave their house on the market, hoping for another/better offer, until you have a buyer for your house, nothing is ever a done deal until at least exchange of contracts anyway so it is likely to be a worrying wait if you haven't got your house on the market yet. Or they may just say come back when you have a buyer and we will consider it then.

It absolutely isn’t a buyers market everywhere and only you’ll know what’s happening where you are. But, small rooms isn’t a reason to offer less.

Is the market slow where you are? If so, you may have a chance. If they’ve got viewings lined up for the weekend - you perhaps don’t.

They might 'accept' but they may also keep it on the market until you sell.

For your “dream house that ticks all the boxes” why do you “obviously want a deal”? I saw my dream house and offered ten K more than the asking price as I walked up the drive back to my car. For your “dream house” you move heaven and earth to make it work. Especially as you’re a “bad buyer” in the sense that your house isn’t even on the market, you’re not a cash buyer, you’d be bringing a chain situation to them.

I wish I could afford to offer £10k over asking to secure this house!

I wouldn’t accept any offer from a non-proceedable buyer!

Tell the EA you want to offer, put your house in the market ASAP with the same agent, who will then be very invested in selling it.

It’s academic.

I wouldn’t accept a high offer from you as you have no idea yet how much you would actually get for your own house, and I would expect that anyone who offered high to secure the house might then lower the amount later in the process.

I’ll probably leave in a couple of weeks if you can take or leave the Property to see what happens
Or if you want it, get ready to offer the asking price or more

I was thinking that this would probably be our very best option. They are coming to value ours on Friday.

Think this is going to have to be the way.

if the house sells in the meantime though we don’t want to be on the market, so what then?!

It’s a good offer. But you’re not a good buyer. You are nowhere near proceedable.
When selling a few years ago we went with the offer £20k lower from a cash buyer rather than the very keen people who said they would go on the market if we accepted their asking price offer.
They would be silly to take it off the market for you but you can tell estate agents you’re very keen and would like to be kept informed of offers on the one you want as you’re going on the market now. Helps if you use the same agent too. Keeps them invested in you as a buyer.

Equally, until you’ve accepted an offer on your house you don’t know that you can afford the amount you’re thinking of offering on this one. Obviously you can say you wouldn’t accept an offer that isn’t high enough for you to buy this one, but that offer may never come.

Which is all fine - not your fault. But it is why they’d be silly to take their house off the market yet.

You need to be very clear with the Estate Agent that you will not be accepting any liability for charges for advertising and marketing
And you will not be signing any contracts that lock you in to stay on the market for six months which many of them do?
Many of them will also charge you if they find you a buyer and you don’t accept that buyer if it’s proceedable, ie you mess them around

In this case you may as well offer them £450,000 as your offer is worthless until you have at least put your house on the market. Otherwise you are just a time waster.

No one likes being told why parts of their house are shit, come on. Give them the reasons you love their home, tell them you'll look after it, tell them why you'll be great buyers then offer either the top price youre happy to pay and tell them so, or go in 10 / 20k lower and know how high youre prepared to go.
Absolutely only say nice things about their home tho!

This just isn’t how the system works. If you only want this house then make a full price offer and tell them you’ll sell asap. They’d be mad to accept your offer but they may not take other lower offers knowing you may come good on a full price offer. You’re not proceedable…say absolutely nothing negative. You are assuming a sale price for your house. You need an offer on your house in order to be taken seriously. Your order is all wrong here.

I'm not sure - discuss this with the EA.

Is this really the only house in the area that would suit you? You may find that if you look at your reasons for moving there are others that will be better than your current house.

You can't be forced to sell your house, you can just tell the EA you've changed your mind.

I wouldn't be making any offers yet seeing as you are not proceedable. I would just tell the EA that you did like the house and would be interested in making an offer if yours was already sold.

Put your property on the market. Tell the agent you are interested, are demonstrating that interest by marketing your own property and intend to make an offer as soon as you can proceed. Ask if they think the seller would consider an offer from you at this stage. Personally I wouldnt make an offer yet as their estate agent will use that to push other people into offering/ increasing an offer.

You might want a 'deal' but the vendor isn't interested in your money issues.