Offer Price tactics!

[thecopster]

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

[thecopster]

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...!

[thecopster]

Thanks for the responses folks.

Strong position - sold with one below me in the chain.

I can increase my offer by a significant amount if I have to - I just don't want to over pay!

[thecopster]

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!

It's 430k - I don't want to pay more than £450k.

[thecopster]

hornetrider said:

Agreed. Presume he means one house below in the chain and not one person, ie he's sold to a ftb.

Sorry badly worded! Sold to FTB.

Slowly being convinced I need to go in with 450k. See what the estate agents say Tuesday following all viewings being completed I guess

[thecopster]

Thanks for all the advice. Some good stuff here.

I have a mortgage agreement in principle in place and sent to the estate agent covering me for way in excess of the asking price. I'll be going into the estate agents tomorrow to ensure they pass on how committed I am etc.

Then just cross fingers - don't think there is anything else I can do!

[thecopster]

Update time... We'll sort of!

So from discussion with the estate agent they confirmed that there are 5 offers total. We have been asked to provide full and final offers.

Gone in with out max based on what we are happy to pay and accompanied the offer with a letter to advise how committed we were to completing the purchase etc

Nowt else to do but wait....should know by Thursday apparently!

[thecopster]

Got rejected today. Offer of £21k over asking was outbid by one other offer. Obviously disappointed but I offered what i felt was a fair price and was on the limit of what I felt the property was worth.

Back to continuing with our extension plans in the existing place - build thread coming soon!

Thanks for all the advice