Help - what to offer when there's competition

scurr

Please help if you can!

We think we've sold - this time next week things should be a bit more solid but house has been surveyed and we've accepted offer - just waiting to hear back from buyers' solicitor.

This week we've been trying to choose between 2 houses:

House A is offers over 185K - we were going to offer 175 to stay under stamp duty but vendors want asking price. If we bought this house we would need to redecorate upstairs, replace fitted wardrobe doors at least in main bedroom and replace all blinds (none of this has to be done straight away but would be at some time). The house is in a nice area

House B was 199K but dropped to fixed price 175K on Tuesday. It is in move-in condition with a higher spec than anything we'd have done. There's nothing we would want to change in foreseeable future. It has a council estate behind but not a bad area.

We'd be happy in either house but offered 175 for House B yesterday subject to survey. Solicitor phoned me back at 4pm to say the vendors had received another offer of the fixed price so the sale is going to a closing date of Tue pm.

So. We've decided to try for House B and will survey on Monday but can't decide what to offer - the other people who are interested will have the same problem we do so just hope they're not reading this!

What do you think? I think House A might accept 182 or 183. These really are the only 2 possibilities for us so if we didn't get B we'd go for A.

180 seems a really obvious amount to offer - I was just about to type lots of if this happens or if that happens possibilities but it's all a bit pointless so please tell me what your thinking would be if you were in the situation and I'll let you know what happens on Tuesday!

Nikki

O.k, we have been in a similar position but with no alternative if we lucked out. If the house is worth going over SD for I'd go with what ever you can afford over the 175k. We put in an an offer on this house 9,500 under asking and it went to best and final, we could only afford another 2,500 so put that forward and got it. In this market I'd have to wonder if there was another offer.

Annpan

I agree with Nikki in her questioning if there is another offer. What location are you Scurr?

scurr

In Ayrshire, Scotland. Think there might well be interest as house is so good and dropped from 199 to 175 on Tuesday - and there's not a lot to choose from on the market either!

fi_trix29

I don't really know what price you should go for, but when you decide on a price I'd suggest adding another couple of hundred and making it not a round number. Reason being say you decide to offer £180k, the other buyer might think the same so theres still nothing to distinguish between you and them, but if you think you should offer about £180k and put in an offer for £180,300 when the other party put in a round offer of £180k then you have the higher price even if only by £300, and I'm assuming a couple of hundred more wouldn't make much difference to you if it means getting your ideal home.

lil'H

what position are you in? If you don't want to up your offer, then do a written statement of your position, eg you already have a buyer for your house who is ready to go, you have mortgage agreed, prepared to take as long as they need or move ASAP etc. Only you know if you are happy to pay more, the other party involved might not be and it could come down to people's positions. I recently gota house because of being in a strong postition despite the fact another party offered more.

RetroBob

I personally would go for house B because it's less money and the work is already done and to a high standard.

Strapped

I'd go for whichever house is in the better area. You can always change the inside of a house over time, but you can't change where it is.