Making an offer on a house - strategy

[TINY]

I’m no expert, but I imagine it’s very much a buyer’s market right now. I’d offer the asking price, but ask to be kept informed of any higher offers.

I agree, and my FA says the same (buyers market)

 

[Ric]

Genuine curiosity; you’re selling your house for £300k, someone offers £300k but has a chain and need to sell their property. I offer £292k but can secure the funds in a week abs move in, in 10 days.

What do you do?

I’d probably take the £300k, unless I really needed to move urgently.

 

[andyhinch]

Makes sense. Cheers

You know what you can afford go as far as your ok with but make it plain that’s as far as you can go, always be prepared to walk away mate

 

[bluedan]

I’d happily go in at the asking price but I’ve never bought a house that is “offers over” before, so it’s made me think (I suppose that’s the idea) should I offer over the asking price and if so, how much? Very high interest

Where you buying?.

We sold ours 8 weeks ago and looking around. We even offered 25k more than the offers over price and didn't get it.

We are resorting to renting now. The market is crazy owing to no sdlt. Desirability for 4 bedrooms or room for office. There's been a overhang of no sales for a quarter of the year so demands for the last half of the year is sky high. People are moving from the cities too, to suburbs due to not needing to commute to the city

We have decided to hold off until things settle. I'd rather pay a few grand in sdlt and not massively over pay on something that I am not 100 % sure on

Good luck!

 

[TINY]

Thanks everyone.

Think the sensible option seems to be, offer the asking price, with a caveat that we’re made aware of anything higher and then decide from there. I’m willing to go a few £K over the asking price simply due to the fact it ticks every box and nothing needs doing, but I also don’t want to pay over the odds of course. It’s worth what it’s on for but to me, it’s probably worth a bit more

 

[TINY]

Where you buying?.

We sold ours 8 weeks ago and looking around. We even offered 25k more than the offers over price and didn't get it.

We are resorting to renting now. The market is crazy owing to no sdlt. Desirability for 4 bedrooms or room for office. There's been a overhang of no sales for a quarter of the year so demands for the last half of the year is sky high. People are moving from the cities too, to suburbs due to not needing to commute to the city

We have decided to hold off until things settle. I'd rather pay a few grand in sdlt and not massively over pay on something that I am not 100 % sure on

Good luck!

North manchester mate, were in Middleton now so in this area.

Makes absolute sense what you’re saying, and in hindsight maybe we should have for the ball rolling during Lockdown when things were slower but hey ho.

Properties we find are exactly how you describe, they go on the market today, and sold by Tuesday

 

[andyhinch]

I’d probably take the £300k, unless I really needed to move urgently.

Re the buyers market, I’m not so sure, know a few people in the game and look at the local market, things are going quickly round here an at asking price

 

[@BluePhil8]

Cheers pal.

Found a property that ticks every box but it’s offers over, and they’ve taken it off the websites etc due to high demand, they’ve received 3 offers already.

Trying to establish what I should do and where I should go with it. It’s to a point where I could move in over a weekend, some personal touches but have to do nothing to it.

Agree with Ric, offer what it’s worth to you. If that’s over the asking price, do it. If it’s a dream home got ticks nearly every box, go for it.

 

[idahoblues]

Gazzump em!

 

[TINY]

You know what you can afford go as far as your ok with but make it plain that’s as far as you can go, always be prepared to walk away mate

I think that’s the clarity I need to take. I can afford £X and the house is actually quite under that value but to me it’s worth a little more than it’s on the market for which makes things a little more tricker in my head.

Think the plan after these messages is to offer the asking and caveat with being made aware if a higher offer. If so, I’ll go to a max of 5% over the asking and let fate decide