Is it better to go with two or three offers on a property?

smiddy_2

Just after a bit of advice when placing offers as a FTBer.

I am prepared to offer up to £205k on a property and was wondering wether to go £198 - £202 - £205k in three offers OR £198 - 205k in two offers. £205k is my absolute maximum.

Basically i do not want them to turn around after the first offer and say they will take a minimum of £210k for instance. It is priced at £220k.

googler

Sorry, can't see the logic here.

Offer what you want to pay, or less. If they come back and say they'll take £210k, THEN offer the £205k max you're willing to pay as a 'best and final' offer.

smiddy_2

Cannot understand the logic?


Ok i placed the first offer at £198k and as expected it was refused, they said they would be very happy with me as a buyer but want alot closer to asking price. Do i go in at £205k now and try that knowing this would be final?

Eric1

smiddy wrote: »

Ok i placed the first offer at £198k and as expected it was refused, they said they would be very happy with me as a buyer but want alot closer to asking price. Do i go in at £205k now and try that knowing this would be final?

IMHO, "a lot closer" is not good enough. ask them how much.
If they say 219k, you may be wasting your time

Ulfar

220k and you have offered 198k, 10%. I would leave it a while and not go back to them straight away, let them sweat and see what happens.

dianah

what i did - and i know it's not recommended, i know you're supposed to play the game and go back and forth so you get the best price.

the property i put an offer in was on the market at 205k, then they reduced the price to 189,950 (it's quite a niche market... cottage with a lot of character - but low ceilings and in the sticks). i put my first offer in at 176k and the ea said he expected them to refuse as it's low - i said that i am aware it's low but that's what you're supposed to do. i said i'd much prefer to see what they'd be happy to get and find middle ground.
the ea called to say they refused the offer without any consideration as they need at least 185k to agree to the sale.
this was actually what i wanted to pay - 5k off asking price and 20k off the original asking price - so i agreed to that.

i know i could have probably got another grand off but as this was the price i was hoping to pay anyway and i wanted to get things moving, i was happy with this.

DVardysShadow

smiddy wrote: »

Just after a bit of advice when placing offers as a FTBer.

I am prepared to offer up to £205k on a property and was wondering wether to go £198 - £202 - £205k in three offers OR £198 - 205k in two offers. £205k is my absolute maximum.

Basically i do not want them to turn around after the first offer and say they will take a minimum of £210k for instance. It is priced at £220k.

I think that is exactly what you do want them to say. You certainly want them to come back with a counter offer to your bids - you need to see that they are prepared to shift their price. There is no set pattern for this and you would be mistaken to try and find one. Put in your first bid and see what comes back. Then think about your next offer.

Eric1

dianah wrote: »

the ea called to say they refused the offer without any consideration as they need at least 185k to agree to the sale.

Much better than the OP's seller with an unclear hint.
Probably because they had to reduce the price and knew better than to miss a good buyer.

Fire_Fox

smiddy wrote: »

Just after a bit of advice when placing offers as a FTBer.

I am prepared to offer up to £205k on a property and was wondering wether to go £198 - £202 - £205k in three offers OR £198 - 205k in two offers. £205k is my absolute maximum.

Basically i do not want them to turn around after the first offer and say they will take a minimum of £210k for instance. It is priced at £220k.

Two is standard, but there is nothing wrong with three: the key thing is not to rush or be pushed into anything whatever the estate agent comes out with. Make your first offer and it will be refused, then GO AWAY and consider your second offer for a few days, put this in writing stating your strong position as buyers (FTB, MIP, solicitor instructed).

Even if this is refusedcalmly state that your offer remains on the table and simply leave it for a few more days. Chances are they will come back to you when they think there will not be a third offer. IMO the worst thing you can do is submit your second offer within minutes first being refused, the estate agent will know that is not your maximum.

googler

smiddy wrote: »

Ok i placed the first offer at £198k and as expected it was refused, they said they would be very happy with me as a buyer but want alot closer to asking price. Do i go in at £205k now and try that knowing this would be final?

OK. Your first post doesn't seem to say you'd already made an offer.

If you want a quick answer, make them a best and final offer at your maximum. If that's not accepted, you'll walk away - yes?

If you have the time and inclination to barter back and forth, your £198k hasn't been accepted, so make another offer. If that's refused, make another, and another, until you get accepted, or hit your maximum.

Your first post makes it sound as though you wanted to make three offers all at once.....

dianah

Eric1 wrote: »

Much better than the OP's seller with an unclear hint.
Probably because they had to reduce the price and knew better than to miss a good buyer.

yes, exactly. but i don't think they would have given the figure had i not said to the estate agent that i'd like to know what they'd like to sell the house for rather than putting offers in and have them rejected.