Will 10k cut it do you think...

[Pilsy]

Preparing myself to be disappointed tomorrow. Offered on a 275 house, against two cash buyers who had already made offers of the asking price. Agent came back and said seller is looking now for best and final offers (should we want to make one)...but was also quite off putting, saying obviously a cash buyer was preferable to the seller. Asked her to ask the seller if she would consider a further offer despite the chain this end. Seller said yes.

Made an offer 10k higher, 285k. Agent called back last thing today to say now the seller wants more time to think (originally said they’d decide today before 5pm). So after waiting all day it’s another waiting game!

I know nobody can say for sure but I want to be prepared for disappointment I suppose. Is 10k likely to cut it? I’m assuming the cash buyers haven’t gone in that high otherwise it would have been an easy decision...?

House hunting is stressful!

Remember nothing goes passed you that’s meant for you!! I have lost out on quite a few houses over the years ( Scottish Bid system) and have always ended up with a nicer house a few weeks/months later.

Also I’m not 100per cent that the house prices won’t drop I. The new year!! A lot of job losses to come yet.

10k could well be enough but you also have to keep in mind that the mortgage company will do an independent valuation on the property before they release any money for the sale and if they deem that you have offered too much or the house isn’t worth what you have offered they could refuse the mortgage

That’s true. Trying not to get ahead of myself! Started planing where to put the Christmas tree and thought better stop that ASAP

Hopefully something else will come up too like you say!

char I hadn’t considered that actually. It’s in budget so assumed it would be ok! To be fair 285 is certainly a good offer..it’s the area that’s done it for me, house itself quite small

I'll be honest OP, if it were me selling i'd go for the cash buyer or buyer with no chain every time.

Things do tend to work out for the best though, so if your higher offer doesn't quite swing it this time, it may just be paving the way for something better

annie I almost wish I had gone 5k higher again but then it gets into the region of excess money for a house that isn’t worth it.

I hoped 10k would be significant enough to maybe swing it given it’s under 300k sale but then again, I can see a cash buyer is completely simple transaction!

With the banks considering it for mortgage, its not so much about the price being excessive as the mortgage being excessive for the value. So if your deposit is sufficient so that the mortgage is not bigger than the % of the property value they're willing to lend you should be OK. They don't care so much what you're paying as whether the money they lend is recoverable through selling if you default. It's all about protecting the money they lend you.

Yes makes sense. Ahhh it’s so stressful! I hope they don’t go with the cash buyer!