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  • FIRST POST
    • toxi
    • By toxi 7th Sep 17, 1:28 PM
    • 28Posts
    • 17Thanks
    toxi
    Offer strategy
    • #1
    • 7th Sep 17, 1:28 PM
    Offer strategy 7th Sep 17 at 1:28 PM
    Hello


    I'm hoping that your collective wisdom and experience might help me decide how to approach my current situation!


    I viewed a property yesterday that I would like to offer on. It is on at OIRO £475k, which is my maximum limit. I am about to exchange on a sale (in a matter of days) and I'm currently in a rented property. I have a DIP for a mortgage and I would like to be in a new property by Christmas. Optimistic I know, but it shows that I'll get moving once an offer is accepted.

    The property I viewed is currently empty and there is no further chain. The property was originally on at OIRO £500k and was reduced to OIRO £475k over the weekend. The agent said that there are 3 more viewings booked up to Saturday.


    I would like to offer £465k as I'm a bit nervous about going straight to my limit and leaving little buffer for contingencies (although I have factored in legals, moving costs etc). I assume that the seller will want to wait until the booked viewings are done before considering an offer below asking.


    So my options are to offer £465k today, knowing it's unlikely to be accepted but on the very slim chance that they see a motivated, chain free (almost!) sale to be worth it. If they don't accept, I assume that the agent would then use having a offer on the table as a way of increasing urgency among the remaining viewers.


    Alternatively, I wait until Monday and put my offer in then, knowing that someone else may have already offered more. I would consider going up to £475k if push came to shove.


    What would you do? Is there a strategy to how & when you offer, or am I just over thinking it?!


    Thanks
    T
    Last edited by toxi; 07-09-2017 at 1:48 PM. Reason: Correcting typo
Page 1
    • Kidder81
    • By Kidder81 7th Sep 17, 1:38 PM
    • 45 Posts
    • 49 Thanks
    Kidder81
    • #2
    • 7th Sep 17, 1:38 PM
    • #2
    • 7th Sep 17, 1:38 PM
    I think you're overthinking it. Just offer what you want to pay today and go from there.
    • Doozergirl
    • By Doozergirl 7th Sep 17, 1:40 PM
    • 23,747 Posts
    • 66,092 Thanks
    Doozergirl
    • #3
    • 7th Sep 17, 1:40 PM
    • #3
    • 7th Sep 17, 1:40 PM
    You can't really strategise as you can't really account for how other people will react.

    Having sold in those brackets before, I'd find £415k pretty painful, but it's up to your bravery. The estate agent will work to find a price that suits both parties so if you're low, they'll work quite hard to lower expectations on the other side. May or may not be successful!

    I would aim to tie things up by the weekend or start after it. People love a bit of competition and houses are suddenly more attractive when they hear there's competition.

    The only strategy I've ever really stuck with is to offer slow when buying (so the vendor has time to think about what is being offered and the chances of losing a potential buyer) and reject fast when selling (to look resolute).

    Always be nice. People buy people. No one wants to sell to someone moody or with a poker face. They want to be flattered and they want people they like to buy from them.
    Everything that is supposed to be in heaven is already here on earth.
    • toxi
    • By toxi 7th Sep 17, 1:47 PM
    • 28 Posts
    • 17 Thanks
    toxi
    • #4
    • 7th Sep 17, 1:47 PM
    • #4
    • 7th Sep 17, 1:47 PM
    Oops! Just noticed the typo in my OP - I meant I'd offer £465k today, not £415!! I agree - that would be a bit cheeky!


    Thanks for the replies so far - it's so difficult to think objectively!!


    T
    • ReadingTim
    • By ReadingTim 7th Sep 17, 1:59 PM
    • 2,008 Posts
    • 2,924 Thanks
    ReadingTim
    • #5
    • 7th Sep 17, 1:59 PM
    • #5
    • 7th Sep 17, 1:59 PM
    1 - View it over the weekend, stress your proceedability and start at £460k either on the day or Monday morning.

    2 - See how that offer is received, and then move to £465k or thereabouts.

    3 - Aim for one last offer somewhere between £465k and £475k, depending on how much you really want the place. Make that offer a slightly random sum, giving the impression you've rummaged down the back of every sofa and raided every piggy bank you have in getting to that number...
    • Doozergirl
    • By Doozergirl 7th Sep 17, 2:05 PM
    • 23,747 Posts
    • 66,092 Thanks
    Doozergirl
    • #6
    • 7th Sep 17, 2:05 PM
    • #6
    • 7th Sep 17, 2:05 PM
    Oops! Just noticed the typo in my OP - I meant I'd offer £465k today, not £415!! I agree - that would be a bit cheeky!


    Thanks for the replies so far - it's so difficult to think objectively!!


    T
    Originally posted by toxi
    I'd give yourself a little bit more play room than that.
    Everything that is supposed to be in heaven is already here on earth.
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