Offer Price tactics!
Discussion
All,
After some advice. Viewed a house Friday that is our "dream home"
House has been on the market 3 days, 14 viewings arranged for Fri/Sat (yesterday). Estate agent requesting "full and final offers" by Wednesday next week.
I am a little confused about the best way to secure the property! I have offered £10k over asking as it stands.
I can increase my offer but obviously don't want to offer more than I need to to secure - its has a big double garage and I need to put some cash aside for something to go in it!!
Anyone been in a similar position previously - what tactics did you use to ensure you got the house!
Thanks
After some advice. Viewed a house Friday that is our "dream home"
House has been on the market 3 days, 14 viewings arranged for Fri/Sat (yesterday). Estate agent requesting "full and final offers" by Wednesday next week.
I am a little confused about the best way to secure the property! I have offered £10k over asking as it stands.
I can increase my offer but obviously don't want to offer more than I need to to secure - its has a big double garage and I need to put some cash aside for something to go in it!!
Anyone been in a similar position previously - what tactics did you use to ensure you got the house!
Thanks
thecopster said:
All,
After some advice. Viewed a house Friday that is our "dream home"
House has been on the market 3 days, 14 viewings arranged for Fri/Sat (yesterday). Estate agent requesting "full and final offers" by Wednesday next week.
I am a little confused about the best way to secure the property! I have offered £10k over asking as it stands.
I can increase my offer but obviously don't want to offer more than I need to to secure - its has a big double garage and I need to put some cash aside for something to go in it!!
Anyone been in a similar position previously - what tactics did you use to ensure you got the house!
Thanks
If youve bid as much as you can bid all you can do is either make quite sure the seller knows you are in a strong positiion (if you are) or hide the fact you are in a weak one and hope no one trumps you. Unfortunately in some areas the price is not so much "this is what it will cost to buy it" but rather "bidding starts at...."After some advice. Viewed a house Friday that is our "dream home"
House has been on the market 3 days, 14 viewings arranged for Fri/Sat (yesterday). Estate agent requesting "full and final offers" by Wednesday next week.
I am a little confused about the best way to secure the property! I have offered £10k over asking as it stands.
I can increase my offer but obviously don't want to offer more than I need to to secure - its has a big double garage and I need to put some cash aside for something to go in it!!
Anyone been in a similar position previously - what tactics did you use to ensure you got the house!
Thanks
SystemParanoia said:
The mind boggles!
Ok as you were chaps, i'm clearly out of touch!
Lol as were we , we went in with a below asking offer to be told they had already had an offer £1k below and to secure it we needed to offer full asking , turned out to be a bargain . Bought the place for £115 k spent £5k on it (3years ago) and it's now worth nigh on £200k .Ok as you were chaps, i'm clearly out of touch!
It's mental at the moment.
The right house in th right location will sell within days and for more than asking.
Cousin bought a 2 bed terrace in Bristol about 6 years ago for 150k. Sold it last week for over 300! They did an open house sealed bids job and got th shock of their lives.
Then again, mundane houses in poor locations, priced as if they are neither just don't shift at all.
That's my experience of looking at Rightmove every ten minutes for the last few months anyway.
The right house in th right location will sell within days and for more than asking.
Cousin bought a 2 bed terrace in Bristol about 6 years ago for 150k. Sold it last week for over 300! They did an open house sealed bids job and got th shock of their lives.
Then again, mundane houses in poor locations, priced as if they are neither just don't shift at all.
That's my experience of looking at Rightmove every ten minutes for the last few months anyway.
dave_s13 said:
It's mental at the moment.
The right house in th right location will sell within days and for more than asking.
Cousin bought a 2 bed terrace in Bristol about 6 years ago for 150k. Sold it last week for over 300! They did an open house sealed bids job and got th shock of their lives.
Then again, mundane houses in poor locations, priced as if they are neither just don't shift at all.
That's my experience of looking at Rightmove every ten minutes for the last few months anyway.
its still very much the right house though. we're looking locally on behalf of a friend who wants to move here and what we're seeing is most houses are sold in under a week, mostly for way over what i would pay if it were me. but there are two houses that have been for sale for a while. one is extended, its newly decorated to quite a good standard, but parking and manoeuvring on / off the drive is a bit of a nightmare. The other has a tiny back garden, and i mean really small, like the size of a downstairs toilet type small. Both these are priced lower than most of the other houses, but are going nowhere fast.The right house in th right location will sell within days and for more than asking.
Cousin bought a 2 bed terrace in Bristol about 6 years ago for 150k. Sold it last week for over 300! They did an open house sealed bids job and got th shock of their lives.
Then again, mundane houses in poor locations, priced as if they are neither just don't shift at all.
That's my experience of looking at Rightmove every ten minutes for the last few months anyway.
I'm following this thread with interest as we viewed one yesterday that came onto the market last week, they held an open viewing day yesterday and there were a lot of people visited it, it needs a lot of work, its mostly bare plaster, it desperately needs new kitchen and bathroom, it needs a lot of cosmetic work doing. it has a huge garage that takes up 2/3rds of the rear garden - there are so many simple things the vendor could do to market it better, but its what i'd class as the right location, so i suspect there will be a few offers.
We're not sure of the best strategy on placing an offer either. luckily our friend is a cash buyer, so that may work in their favour.
thecopster said:
unfortunately you aren't going to be successfully buying this type of property in my area without doing that. Especially ones with at least 6/7 offers on them in 24 hours...!
When Smolenski put TVR into administration it was put up for sale to the highest bidder. Apparently his offer was 'The highest offer you have received plus £xxxxx's'
blade7 said:
Cheap borrowing has made buyers lose their heads. Negative equity will come back and bite them at some point.
It's insane isn't it, I've never seen anything like it before, even 2006/7 wasn't this mental. Buyers have no concerns at all about how overpriced a property is, all they think about is how they can afford the monthly repayments... lets hope for their sake that "emergency" interest rates stay in place for the next 20-30 years.
OP how much are similar houses going for?
To me a dream house is worth more than what other houses are going for... So I'd be willing to pay a little more to secure it.
Of course that being said, I've always found when we've lost "dream houses" in the past, even during the purchase process, something better has come along..
To me a dream house is worth more than what other houses are going for... So I'd be willing to pay a little more to secure it.
Of course that being said, I've always found when we've lost "dream houses" in the past, even during the purchase process, something better has come along..
blade7 said:
I hope not.
I was actually being ironic! I also hope all the financially irresponsible, feckless, debt junkies get what they deserve because it certainly feels like they're winning at the moment, living the high life on cheap and easy credit, whilst prudent sensible people who try to live within their means see their savings eroded and asset prices inflated due to the debt binge.
Jasandjules said:
OP how much are similar houses going for?
To me a dream house is worth more than what other houses are going for... So I'd be willing to pay a little more to secure it.
Of course that being said, I've always found when we've lost "dream houses" in the past, even during the purchase process, something better has come along..
very limited houses to compare to but I would say it's priced to create this problem! To me a dream house is worth more than what other houses are going for... So I'd be willing to pay a little more to secure it.
Of course that being said, I've always found when we've lost "dream houses" in the past, even during the purchase process, something better has come along..
It's 430k - I don't want to pay more than £450k.
Now you need to show why they should accept your offer. Put your offer in writing to the agents and make their life easier by telling them who your solicitor is, who your mortgage offer is with, which surveyor you want to use, the state of the chain etc. The more you can do to show you are serious, and make them confident the chain will complete if they accept your offer over someone else's the more chance you have to be the one.
It's also worth popping into the agent if you haven't already so as to let them build a hopefully good impression of you. This will differentiate you from the Rightmove brigade who only conduct business via email and are all faceless to the agent. Although the agent is paid a percentage they only get paid when the sale completes so they may steer the seller to the person most likely to do that.
It's also worth popping into the agent if you haven't already so as to let them build a hopefully good impression of you. This will differentiate you from the Rightmove brigade who only conduct business via email and are all faceless to the agent. Although the agent is paid a percentage they only get paid when the sale completes so they may steer the seller to the person most likely to do that.
Edited by bompey on Sunday 1st May 14:47
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