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    • Arienn88
    • By Arienn88 2nd Oct 17, 7:22 PM
    • 2Posts
    • 1Thanks
    Arienn88
    How much to offer? Please help!
    • #1
    • 2nd Oct 17, 7:22 PM
    How much to offer? Please help! 2nd Oct 17 at 7:22 PM
    Hello,

    I placed an offer on a property earlier today. The price listed on the website was £119,995, I offered £120,000. Just got a call from the seller's estate agency saying they've had 4 offers including mine and that they need my best & final offer by midday tomorrow.
    I don't know what do now. How much should I offer? Please help!

    This is the property:
    Flat 2, Roseberry Park, Redfield, Bristol BS5 9EU
    Parks Estate Agents (I can't post a link here unfotunately)
    1 bed, 34 m², double glazing, gas central heating
    989 years left on the lease
    £750 annual fee including ground rent, management fees and building insurance
    First time buyer, AIP for 140k plus 35k deposit.

    I'd be really grateful for any help or advice.
Page 1
    • kinger101
    • By kinger101 2nd Oct 17, 7:24 PM
    • 3,956 Posts
    • 5,416 Thanks
    kinger101
    • #2
    • 2nd Oct 17, 7:24 PM
    • #2
    • 2nd Oct 17, 7:24 PM
    I'd offer as much as you're willing to pay for it. I have no idea how much that is.
    • mrginge
    • By mrginge 2nd Oct 17, 7:59 PM
    • 4,312 Posts
    • 7,730 Thanks
    mrginge
    • #3
    • 2nd Oct 17, 7:59 PM
    • #3
    • 2nd Oct 17, 7:59 PM
    You should offer £182,500
    • dawyldthing
    • By dawyldthing 2nd Oct 17, 8:02 PM
    • 2,655 Posts
    • 2,208 Thanks
    dawyldthing
    • #4
    • 2nd Oct 17, 8:02 PM
    • #4
    • 2nd Oct 17, 8:02 PM
    There taking the pee and trying to extract more money from you. I'd hold fire and play them at there game. How long has it been on the market?
    My targets to end 2018:
    1) To get down to 11 stone then treat to a safari. At start 17 stone 7 lbs *48lbs lost* *43lbs to go*
    Started SW16st13lbs 11/7/17 - 23 weeks in -40lbs
    -> target 12/12 to 12/6 *** +2lbs in 1 weeks ***
    2) to find new challenges
    • Forgoodensake
    • By Forgoodensake 2nd Oct 17, 8:02 PM
    • 12 Posts
    • 7 Thanks
    Forgoodensake
    • #5
    • 2nd Oct 17, 8:02 PM
    • #5
    • 2nd Oct 17, 8:02 PM
    You should only offer what you feel comfortable with and what you can afford.

    Good luck
    • kinger101
    • By kinger101 2nd Oct 17, 8:06 PM
    • 3,956 Posts
    • 5,416 Thanks
    kinger101
    • #6
    • 2nd Oct 17, 8:06 PM
    • #6
    • 2nd Oct 17, 8:06 PM
    There taking the pee and trying to extract more money from you. I'd hold fire and play them at there game. How long has it been on the market?
    Originally posted by dawyldthing
    In my experience, estate agents are not bu11sh1tting when they say they've had multiple offers.
    • dawyldthing
    • By dawyldthing 2nd Oct 17, 8:07 PM
    • 2,655 Posts
    • 2,208 Thanks
    dawyldthing
    • #7
    • 2nd Oct 17, 8:07 PM
    • #7
    • 2nd Oct 17, 8:07 PM
    https://www.zoopla.co.uk/property/flat-2/roseberry-mews/roseberry-park/redfield/bristol/bs5-9eu/27381024

    It's only been on a week and it was up for rent mid last year. It's £5k more than they paid in 2007 too. I'd really hold fire unless your desperate as you'll end up in a bidding war
    My targets to end 2018:
    1) To get down to 11 stone then treat to a safari. At start 17 stone 7 lbs *48lbs lost* *43lbs to go*
    Started SW16st13lbs 11/7/17 - 23 weeks in -40lbs
    -> target 12/12 to 12/6 *** +2lbs in 1 weeks ***
    2) to find new challenges
    • dawyldthing
    • By dawyldthing 2nd Oct 17, 8:08 PM
    • 2,655 Posts
    • 2,208 Thanks
    dawyldthing
    • #8
    • 2nd Oct 17, 8:08 PM
    • #8
    • 2nd Oct 17, 8:08 PM
    In my experience, estate agents are not bu11sh1tting when they say they've had multiple offers.
    Originally posted by kinger101
    I think it depends where you are but estate agents aren't really renown for telling the truth
    My targets to end 2018:
    1) To get down to 11 stone then treat to a safari. At start 17 stone 7 lbs *48lbs lost* *43lbs to go*
    Started SW16st13lbs 11/7/17 - 23 weeks in -40lbs
    -> target 12/12 to 12/6 *** +2lbs in 1 weeks ***
    2) to find new challenges
    • kinger101
    • By kinger101 2nd Oct 17, 8:38 PM
    • 3,956 Posts
    • 5,416 Thanks
    kinger101
    • #9
    • 2nd Oct 17, 8:38 PM
    • #9
    • 2nd Oct 17, 8:38 PM
    https://www.zoopla.co.uk/property/flat-2/roseberry-mews/roseberry-park/redfield/bristol/bs5-9eu/27381024

    It's only been on a week and it was up for rent mid last year. It's £5k more than they paid in 2007 too. I'd really hold fire unless your desperate as you'll end up in a bidding war
    Originally posted by dawyldthing
    How can they end up in a bidding war, if according to you, the EA is making the offers up?
    • warby68
    • By warby68 2nd Oct 17, 9:01 PM
    • 876 Posts
    • 9,008 Thanks
    warby68
    Noone can realistically tell you what to bid as noone knows how much you want it compared to others you have seen, how scarce other suitable properties are,or how much you can actually afford?

    You need to make your own mind up but the best guide to a reasonable price is what nearby similar properties have sold for (note sold prices not for sale prices) with due allowance for condition. Obviously if a property has multiple offers and has only been on the market for a week, it is desirable so you probably do need to increase your offer to succeed.

    If its best and final fair enough - decide your number and try not to be too invested - but be wary of bidding wars. If they come back again then sit tight at that point would be my advice.

    People are sceptical that agents play games but I have been in real life best and final situations. It was actually the agent's recommendation for us as vendors as they believed that incremental bidding wars and playing off multiple parties just generates ill feeling and mistrust and is difficult to draw to an end. I tend to agree. It is probably the fairest, most efficient sytem really.
    • dawyldthing
    • By dawyldthing 3rd Oct 17, 12:18 PM
    • 2,655 Posts
    • 2,208 Thanks
    dawyldthing
    How can they end up in a bidding war, if according to you, the EA is making the offers up?
    Originally posted by kinger101
    As they tell you 'oh someone has bid more' so you tell them you'll leave it then all of a sudden the other 'buyer' has pulled out. I wouldn't trust estate agents - they are after extracting as much commission as possible.

    When I looked there was one nearby for £110k and another for £130k so it's pitched in the middle. Sit back and see what happens.
    Last edited by dawyldthing; 03-10-2017 at 12:18 PM. Reason: Wrong amount
    My targets to end 2018:
    1) To get down to 11 stone then treat to a safari. At start 17 stone 7 lbs *48lbs lost* *43lbs to go*
    Started SW16st13lbs 11/7/17 - 23 weeks in -40lbs
    -> target 12/12 to 12/6 *** +2lbs in 1 weeks ***
    2) to find new challenges
    • Surrey_EA
    • By Surrey_EA 3rd Oct 17, 12:32 PM
    • 1,318 Posts
    • 1,591 Thanks
    Surrey_EA
    As they tell you 'oh someone has bid more' so you tell them you'll leave it then all of a sudden the other 'buyer' has pulled out. I wouldn't trust estate agents - they are after extracting as much commission as possible.
    Originally posted by dawyldthing
    It makes very little difference to the overall commission the EA receives.

    For example:

    Sale price: £120,000
    Fee: 1.5% (which is on the high side these days)
    Comm: £1800
    Individual EA might get 10% or £180

    Sale price: £125,000
    Fee: 1.5%
    Comm: £1875
    10% to Individual EA: £187.50

    As you can see an extra £5000 paid by the buyer, a not insignificant sum, makes very little financial difference to the EA. Certainly not enough to warrant making up a load of extra offers.
    • scd3scd4
    • By scd3scd4 3rd Oct 17, 12:35 PM
    • 545 Posts
    • 441 Thanks
    scd3scd4
    If you really love the house and its special then maybe another 1k or a little more for luck. Tell the agents that's it and mean it.


    When I bought my current house..............the agents did the very same thing as did the owner who I saw when I went to visit. He use to ring me. I offered the asking price and said................if its more than that then no need to contact me, just sell it to the other party.


    Yep...............I am still living there 24 years later.
    • Rambosmum
    • By Rambosmum 3rd Oct 17, 12:53 PM
    • 1,553 Posts
    • 2,014 Thanks
    Rambosmum
    I've just rung the agents and tried to book a viewing. They refused as they are negotiating best and final offers.


    Ignore the agent haters above. Chances are a popular flat at the right price will attract offers quickly and best and finals is a fair way to do it and usually prevents a bidding war (it's what we did with out house).


    Looks like an ok flat (bit small, but it is what it is), close to the city centre and train stations, so I'm not surprised it's popular. I suspect it'll go for around £127k - £131. Whether you think it is worth that is another issue.


    Don't be pushed in to offering more than you are happy with.
    • LEJC
    • By LEJC 3rd Oct 17, 12:58 PM
    • 9,041 Posts
    • 59,569 Thanks
    LEJC
    I can see why you may feel pressured into offering more....looking on rightmove I found the flat and searched within a 3 mile radius for up to your max budget of £140k.....there's not that much about if you want a managed block type property rather than a converted house.

    You could up your offer a little but you need to be mindful that with a leasehold managed property also comes the potential of management packs that need to be purchased as part of the associated costs of buying a property....this can bump your solicitor bill up and needs to be factored in.
    A bidding war is never pleasant and I think it's much easier to bide your time and wait for something less complicated to come onto the market.

    IMO it's not really worth more than it's being offered at but like I said I think the agent is pitching this as the best of an eclectic bunch thats on the market at the moment.

    In light of the fact that it's clearly gone to best and final offers...OP did you offer?.....or walk away....
    Last edited by LEJC; 03-10-2017 at 1:18 PM.
    frugal October...£41.82 of £40 food shopping spend for the 2 of us!

    2017 toiletries challenge 170 out 144 in ...£18.64 spend
    • Arienn88
    • By Arienn88 5th Oct 17, 1:28 PM
    • 2 Posts
    • 1 Thanks
    Arienn88
    Thanks everyone for your replies!

    Apparently someone offered a lot over the asking price so the property is now being sold.

    Hopefully the next one then!
    • Jayjay72
    • By Jayjay72 5th Oct 17, 3:26 PM
    • 4 Posts
    • 3 Thanks
    Jayjay72
    That happened to me too a few years ago.

    Funnily enough, the estate agent emailed me a few months after it happened to say the sale had fallen through to see if we wanted to put our offer in again.

    We were literally unpacking the last box from the house we'd bought when that one fell through!

    ~Jay~
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