was this a fair offer?

trumpton

Only you can know how much, on average, prices have fallen in your area. Even then it can only be a guide as so many things affect prices - like where on the estate it is, it may have a bigger garden, better kitchen etc. The only thing that matters really is how much you like the house and whether you can afford it.

I wouldn't lose a house I really liked for £5k, but if you feel there are better prospects keep looking. If the house hasn't been on long, they may want to wait and see if more people start looking in the Spring. They will be in touch if they change their mind.

MissMotivation

You put in your best and final offer which wasn't enough for the Vendor.....move on.

Best and final offers hardly ever work.....the Vendor will always assume and expect you to increase your offer.

lellow_lorry

Thanks for replies.
Got a call today that 2 other offers have been made, the other half has fallen in love with it and the agent has said it will go to sealed bids now by Monday My sensible side says walk away but with the missus saying its a home to live in for 10 years+ I feel it will leave pressure on an asking price offer to clinch it... am I missing something here or a ploy by the agent?

Milliewilly

lellow_lorry wrote: »

Thanks for replies.
Got a call today that 2 other offers have been made, the other half has fallen in love with it and the agent has said it will go to sealed bids now by Monday My sensible side says walk away but with the missus saying its a home to live in for 10 years+ I feel it will leave pressure on an asking price offer to clinch it... am I missing something here or a ploy by the agent?

No as I said earlier in certain parts of the UK the housing market is not in the toilet and many are going to sealed bids - if you are in a secure job with a decent income mortgages have never been cheaper and banks will lend to you. It depends on how much you want the house as to whether you bid again or not.

Every house I have lost out in sealed bids on over the years (about 10 properties)there has only been one that I still drive past and think - I wish I had got that one.

Fire_Fox

Often the sale falls through after sealed bids anyway, worth keeping in regular contact with the agent.

StiflersMom

Sounds like the market is very busy where you are. Sealed bids show that there is a lot of interest in it.

For a sealed bid, I would probably go in a couple of hundred pounds above the asking price to clinch it.

lellow_lorry

Its the south coast.....very very little on the market apart from the stale ones that sit for a year or two. As for above the asking price....I begrudge going to the asking price....but missus says its all she ever wanted, and if it was her decision alone she would put in asking price and would have offered only 5k below if it had been left to her and paid full price if it clinched it....now she tells me! I got till midday monday either to succumb to her wishes or walk away and have that pecking at the back of my head for months to come until find another home. Problem is we have looked for nearly a year and this one is in the exact location we have been waiting for. As for jobs....we are both very recession proof and 3xincome ratio is way above the mortgage we need, although our deposit for this is only 17.5%. Although we believe that will be in excess of 20% by May(switching then as long as prices don't plummit)

StiflersMom

Although it might unnerve you a bit to pay just above the asking, in the long term the incremental cost is only going to be a few pounds per month. Best of luck !

Milliewilly

StiflersMom wrote: »

Sounds like the market is very busy where you are. Sealed bids show that there is a lot of interest in it.

For a sealed bid, I would probably go in a couple of hundred pounds above the asking price to clinch it.

In my experience you have to go several thousand (even 10's) to secure the house. For example in 2004 I was the 'winner' of a sealed bid asking was £125K I paid £155K with no chain and was told by the agent I was not the highest bidder but because I was not in a chain won the bid.

Last September - on at £425K - had gone to £479K within the week before it went to sealed bids.

Another one in December - on at £250K. Had had 8 offers of £250K before it wento to sealed bids.

The above are all Sheffield S10, S11, S17.


Was rejected as a cash bidder last November on a repo house advertised at £210K - I bid £201K and completion in 2 weeks. That was DN17. There were 3 other bidders.

My advice is to go as high as you want within reason so that if you lose the house you can rest easy that it wasn't for you instead of thinking 'oh if I had only bid another £1K' etc

lellow_lorry

Thanks Milly Willy, We will have a good think. At a push(which missus is doing very hard)I feel ok in putting asking price offer in but over that I would regard it as it was not to be. My deposit is not the biggest so going over might make a lender get twitchy. if we offer(missus says will)I got to hope the factwe are ready to go, may influence it. I also am aware the other bidders are in chains.