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strawberries1
Posts: 873 Forumite
Hello good people of MSE land!
I saw a property on Wednesday which I liked and will like to put in an offer.
Viewings are being held tomorrow Saturday. Should I put in my offer now or wait till Monday?
The property first came on the market almost a year ago for X amount £25k more than currently advertised. Buyer then changed her mind.
It came back on the market 7months ago at £10k more than currently advertised. The buyer pulled out cos her mortgage doesn't accept indemnity insurance which was required.
In essence it's been reduced by £15k and then £10k. (4.8 and 3.3%)
However, I'm looking to offer £20k under the asking price though it says offers over.
I'm a FTB so I can move at their pace. It's a couple who've split; one will move in with parents and the other has found a place to buy.
Thank you.
I saw a property on Wednesday which I liked and will like to put in an offer.
Viewings are being held tomorrow Saturday. Should I put in my offer now or wait till Monday?
The property first came on the market almost a year ago for X amount £25k more than currently advertised. Buyer then changed her mind.
It came back on the market 7months ago at £10k more than currently advertised. The buyer pulled out cos her mortgage doesn't accept indemnity insurance which was required.
In essence it's been reduced by £15k and then £10k. (4.8 and 3.3%)
However, I'm looking to offer £20k under the asking price though it says offers over.
I'm a FTB so I can move at their pace. It's a couple who've split; one will move in with parents and the other has found a place to buy.
Thank you.
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Comments
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I would wait till Monday,they wont cancel tomorrows viewing now. Having said that I think at 20K under an offers over price, you will need luck on your side,to say the least,!0
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If you put an offer in now when you know there are viewings over the weekend you have played your hand. If it was a 'good' offer than maybe but at £20k under an offers over price you have virtually no chance of it being accepted before the owners have had feedback from the weekend viewers.YNWA
Target: Mortgage free by 58.0 -
Alarm bells -
2 buyers have pulled out
Indemnity insurance required (why?)
House reduced in price
Estate agents doing group viewings
- Proceed with caution. Ask EA about structural issues. Carry out some due diligence before agreeing to purchase and instructing solicitors. I'm speaking from experience.0 -
I would wait until Monday. If you do it now, there is no doubt that the EA will tell the viewers that an offer has been made in the hope of whipping people up into a bidding frenzy.
As Kilby says though, make sure you do your due diligence. I'd be wanting to know EXACTLY what the indemnity insurance was for and why that would be a problem to a lender.0 -
Alarm bells -
2 buyers have pulled out
Not completely unheard of.
Could be any number of things, certainly ask the EA what an indemnity policy needs to cover.Indemnity insurance required (why?)
The present owners have separated and are probably desperate to get on with their lives. Making the asking price competitive is a good tactic to find a buyer quickly. Not necessarily an indicator that there's a problem.House reduced in price
Can't see where the OP has mentioned this is the case.Estate agents doing group viewings
I appreciate you have had an unfortunate experience recently, but it does not necessarily mean all properties that fall through have structural issues. No harm in asking the question though.- Proceed with caution. Ask EA about structural issues. Carry out some due diligence before agreeing to purchase and instructing solicitors. I'm speaking from experience.0 -
Thanks for your prompt replies.
I'll wait till Monday.
I know the reason for the II and I know the mortgagee who doesn't accept them so I'll simply avoid that lender if possible.
The reason for the II is cos of the plan not showing right of access but it is in the lease. I could get a DoV done later to prevent this happening in future.
The Nationwide calculator puts it a few thousands over my offer. http://www.nationwide.co.uk/about/house-price-index/house-price-calculator0 -
I appreciate you have had an unfortunate experience recently, but it does not necessarily mean all properties that fall through have structural issues. No harm in asking the question though.
No, absolutely. I have been quite unlucky that I seem to be a magnet for properties with structural defects lol, but until the op gave further details of the right of access etc it did sound fishy. Obviously the op has asked some questions already and I hope the EA is more honest in this case than mine were with me!0 -
MMM not wanting to be difficult but????? If the house is THE ONE you want I would go for an offer now and insist that they cancel viewings. EA can and will do this. I would not want to lose the house. After all if the seller has tried before they may just be thankful to sell and take it. I would rather try now that run the risk of getting into a bidding war.
I moved last year to a house that was originally marketed at over £70,000 more than we paid. ( nothing wrong with the house it was the seller who was a nightmare ).Happiness, Health and Wealth in that order please!:A0 -
I would put an offer in now. A couple years ago my daughter saw a house at a group viewing on Saturday or Sunday , phoned on Monday with an AP offer, was told it had gone to an under AP offer on the day and the seller wouldn't budge as they had given their word. Fair enough but they didn't have the wit to wait fora few days to allow offers to come in,they just took the first one it seems !
So, whilst a offer at £20k under seems very ambitious to me, you could always be out bid by someone on the day with an equally low offer amd have no chance to rebut that. Also, seems to me if you have made an offer and someone offers more,typically you'd get a chance to bid again, which you may not get if you come in after they have accepted.
There's obviously almost zero chance they will accept a low ball bid now with viewings arranged,(if it was AP or close to it that's another story) but at least it makes you a known quantity and they may come back to you after the weekend.0 -
Thanks for the additional views and suggestions. I've asked for a second viewing for Sunday. Whether or not the seller obliges I'll put it an offer on Monday and will try for another viewing before exchange if we reach an agreement on price.0
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