Discussion
Fully appreciate in this situation emotions can come into play but looking for a little guidance-
Property came on y'day at £375k.
We were the first to view it this morning and offered the full asking .
Agent refused to let the 2nd viewers know so we find ourselves potentially going to Best & Final as the 2nd viewers also offered the asking .
We like the property and would pay more ( i thought I was good value when I saw it) so the question is , what would you generally pay overs with an asking of £375k?
As I said , emotion can come into play and the other people might throw the kitchen sink at it to ensure they don't lose it.
My thoughts are to throw in a random number just over £381 and see how we get on thinking the other buyer might go to £380.
Thoughts ?
Property came on y'day at £375k.
We were the first to view it this morning and offered the full asking .
Agent refused to let the 2nd viewers know so we find ourselves potentially going to Best & Final as the 2nd viewers also offered the asking .
We like the property and would pay more ( i thought I was good value when I saw it) so the question is , what would you generally pay overs with an asking of £375k?
As I said , emotion can come into play and the other people might throw the kitchen sink at it to ensure they don't lose it.
My thoughts are to throw in a random number just over £381 and see how we get on thinking the other buyer might go to £380.
Thoughts ?
If you are in a good situation to progress (eg no other property to sell) then I would highlight this in your offer
Most sellers want to take a buyer who can progress at a time that suits them - so make all the good points you can, eg in rented and given notice so can move in weeks of happy to wait to fall in step with vendors
good luck
Most sellers want to take a buyer who can progress at a time that suits them - so make all the good points you can, eg in rented and given notice so can move in weeks of happy to wait to fall in step with vendors
good luck
As you've already sort of implied in your question only you can answer that. You thought it was good value so another £5-6k doesn't sound like a lot to add on. Work out what you think it's worth and offer that on the assumption that the other party will do the same. If you get it then all's well and good (even if you do think you could have got away with a lower offer in hindsight) If you don't get it then console yourself that the other party paid over the odds for it
Thanks for the above replies.
Looks like we are both in the same situation, cash buyers, no chain .
We should hear from the agent tomorrow so I'm hoping the seller takes the first to offer ( us) although I suspect the agent will tell the seller to ask for best and finals.
I feel 10k over doesn't make the property the wrong price still but obviously don't want to think we've been had over .
Looks like we are both in the same situation, cash buyers, no chain .
We should hear from the agent tomorrow so I'm hoping the seller takes the first to offer ( us) although I suspect the agent will tell the seller to ask for best and finals.
I feel 10k over doesn't make the property the wrong price still but obviously don't want to think we've been had over .
The asking price is not important.
If several people are keen to offer more than the 'asking' price, hat just says the asking price was low.
You should be prepared to pay what you're prepared to pay, whether the asking price is similar or wildly higher or lower.
As a vendor, I would definitely also take into account the 'buyer's position, are they able to proceed immediately or is there a chain.
There is also the fact that people may make high offers then try to chip the price later in the game.
You have to know the market well enough to have your own view of a house relative to the other places on offer and what things have actually changed hands for.
There is also the possibility that a house may be worth more or less to you than to A. N. Other, for instance if it's got 'extras' which you particularly like or hate.
If several people are keen to offer more than the 'asking' price, hat just says the asking price was low.
You should be prepared to pay what you're prepared to pay, whether the asking price is similar or wildly higher or lower.
As a vendor, I would definitely also take into account the 'buyer's position, are they able to proceed immediately or is there a chain.
There is also the fact that people may make high offers then try to chip the price later in the game.
You have to know the market well enough to have your own view of a house relative to the other places on offer and what things have actually changed hands for.
There is also the possibility that a house may be worth more or less to you than to A. N. Other, for instance if it's got 'extras' which you particularly like or hate.
If it’s absolutely your dream place and you see yourselves in it for a long time then don’t overthink it,just go in at your maximum that you’re comfortable paying for it. Losing it for a grand or two might hurt a lot more than overpaying by 10.
If the first two viewers have offered the asking then it’s possibly worth a bit more anyway.
Depends how much you want to win the game.
If the first two viewers have offered the asking then it’s possibly worth a bit more anyway.
Depends how much you want to win the game.
If you think it's noticeably good value then that's got to be a decent percentage. £5k is <1.5%...Interesting posts tks.
I'll see what the agent come back with tomorrow.
Obviously hoping the seller goes with us as we viewed it first and made the first offer .
I think we'll go 386 if it goes to best and final.
Random number I know but it's finger in the air at that stage.
Will keep thread updated .
Cheers all
I'll see what the agent come back with tomorrow.
Obviously hoping the seller goes with us as we viewed it first and made the first offer .
I think we'll go 386 if it goes to best and final.
Random number I know but it's finger in the air at that stage.
Will keep thread updated .
Cheers all
Esquire said:
Interesting posts tks.
I'll see what the agent come back with tomorrow.
Obviously hoping the seller goes with us as we viewed it first and made the first offer .
I think we'll go 386 if it goes to best and final.
Random number I know but it's finger in the air at that stage.
Why a random number? The best offer isn't necessarily the highest and it would be a foolish (and poorly advised) vendor who would choose based solely on the money.I'll see what the agent come back with tomorrow.
Obviously hoping the seller goes with us as we viewed it first and made the first offer .
I think we'll go 386 if it goes to best and final.
Random number I know but it's finger in the air at that stage.
Whenever I've been asked to go "best and final" my first response is always "please confirm that the vendor is rejecting our original offer" and making it clear that we may or may not make a new one. You don't want to be in a position where your original offer has effectively set a price "floor" and you're then bidding higher when another party might not even offer (or may turn out to be non proceedable)...
Also be aware that lots of EA's don't understand "cash buyer". Lots misinterpret it as "nothing to sell". If you are genuinely a cash buyer, make it clear that (were it not for the pesky conveyancing process) you could literally write a cheque today.
Strengthen you position by telling them which solicitors will act for you. It shows you have thought it through and might not be BS'ing about being ready to go!
richhead said:
this is why i hate estate agents, you offered the asking price, assuming you have the money, thats a sale job done.
But they always want more, ffs want more ask more.
why do you have to guess what others have offered. just tell me the price.
I totally agree. But they always want more, ffs want more ask more.
why do you have to guess what others have offered. just tell me the price.
My thinking is, if i advertise my car for 20k and some guy rocks up and agrees 20k then the deal is done.
If the phone rings after that then its sold. Also, its on a first come basis and we were first.
What do they gain in real terms for an extra 5k or whenever as for all they know the 2nd viewer might pull out anyhow if they get hacked off it went to best and final.
Anyhow, assuming we end up doing the best and final thing, and lets say we win, can we ask for proof that we were involved in a best and final situation so that it doesn't make us question if the agent was stitching us up?
I really hate dealing with these people. Grrrrrrrrrrr!
Steve H said:
First and second viewers offered the asking price, does anyone think the agents aren’t onto the eighth viewing by now?
With that interest my guess is this will shift towards £50k over asking, for sure the number will start with 4 not 3.
Good point. With that interest my guess is this will shift towards £50k over asking, for sure the number will start with 4 not 3.
After we said fully asking and take it off they said " we'll cancel other viewings". Yeah righto course you will!
No call back today so lets assume more viewings tomorrow.
If we get a call to say we are now in a bidding war we'll walk,
And they wonder why they get a bad name.
Esquire said:
Anyhow, assuming we end up doing the best and final thing, and lets say we win, can we ask for proof that we were involved in a best and final situation so that it doesn't make us question if the agent was stitching us up?
You can ask, but you almost certainly won’t get. By asking you’re effectively saying you don’t trust them…It’s different when it’s purely business and no emotion involved, but offering what you think it is worth and being prepared to walk cam out you in a strong position when it comes to agents playing games.
i had similar a few years ago, viewed a house, offered the asking price, cash in the bank, could have tranfered it same day, they were chasing a higher offer, and they had a higher offer. so i left it, and infact bought a nicer place a day later.
a week later the agent rang saying the higher offer didnt work out as the buyers couldnt get the money, would i like to buy at the asking price, no i wouldnt, ive bought somewhere else, i did feel abit smug.
a week later the agent rang saying the higher offer didnt work out as the buyers couldnt get the money, would i like to buy at the asking price, no i wouldnt, ive bought somewhere else, i did feel abit smug.
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