How do I not miss out on a house I'm interested in buying?

[Gdgd]

Hi everyone,

I'm currently looking for a new house, have seen a few and missed out on them as my offer hasn't been high enough.

I've viewed another now and really like it. Asking is offers over 170k, home report is 175k.

How much would you recommend offering?
What's to stop the owner telling subsequent viewers about my offer to see if they'll better it?

I'm a little clueless here as you may be able to tell.

Anyone have any advice?

Thanks,
Grant

[TwistingMyMelon]

Work out what you can afford and what you want to pay

If you really want it offer them a bit more, thats what I did, yeah I could have got it for a few K less maybe but in the end I got the house we wanted.

[glenrobbo]

Gdgd said:

Hi everyone,

I'm currently looking for a new house, have seen a few and missed out on them as my offer hasn't been high enough.

I've viewed another now and really like it. Asking is offers over 170k, home report is 175k.

How much would you recommend offering?
What's to stop the owner telling subsequent viewers about my offer to see if they'll better it?

I'm a little clueless here as you may be able to tell.

Anyone have any advice?

Thanks,
Grant

Not sure if serious.

Offer whatever you think it is worth, up to.the maximum amount you can afford to repay.

Are you looking to buy in Scotland? The house buying rules are different there.
Have you already obtained a mortgage In principle?

[Gdgd]

Hi guys

Thanks for the quick contributions. Yes. I am serious maybe just a little dim on the house buying scene!

Yes, I should have mentioned I'm in Scotland. Mortgage in principal has been arranged.

Cheers,
Grant

[malks222]

Gdgd said:

Hi guys

Thanks for the quick contributions. Yes. I am serious maybe just a little dim on the house buying scene!

Yes, I should have mentioned I'm in Scotland. Mortgage in principal has been arranged.

Cheers,
Grant

where abouts are you looking to buy? how popular are the properties that you are bidding on? are they going to a closing date?

For example if in Edinburgh/ West End of Glasgow- they are still potentially selling for 10% higher than the mortgage valuation.

We got very lucky that we were the highest bid when we bought our flat. But we put in our maximum bid (we couldnt afford any more!) so were happy to concede if someone outbid, as we just couldnt have afforded any more. I say set your max price, submit the bid and if you dont win, dont stress.

[hornmeister]

It also helps if you're chain free, ready to move at the drop of a hat. Sometimes that's worth more to the seller than a few grand.

[Rangeroverover]

You need to make yourself an attractive buyer

1) Have a file with you to show the agent you have a mortgage in principle
2) Figure out which Solicitor you will be using and have his details with you
3) Show proof you have the deposit funds

Stuff like the above makes you a dream buyer, the agent will go in to bat for you as he will think you are properly prepared and will make it an easy transaction.


My only other thought is I gather that north of hadrians safety barrier when a property is on at £170,000 it really means £180ish........is that so

[bp1]

If its a popular area they are still going for 10-15% over the home report value. Just remember mortgage companies only use the home report value for how much they will lend so if you offer 220k on a 200k property that 20k is cash you need over and above the usual deposit ratios.