Bidding War

lianne1978

we have finally seen our dream home albeit at the top of our budget! It has been on the market less than a week and there is loads of interest, we went to look tonight and they had another couple after us and two more tomorrow. If we ring up in the morning and offer the full asking price do they have to accept it or can they decline and hope that people get into a bidding war? Thanks in advance.

propertydealer

the way the property market is at the moment its very competitive, i should know being an .... ahem... estate agent, every property we get on the books has at least 10-15 people through the door on the first day, i'm selling properties in less than half an hour of being on the market, what happens is you get a call along with say another 10 people, you all go round to see it that day or the next, it doesn't matter if you were the first one to see it and make an offer as the other viewings had already been booked before you had offered they still have to take place, unless the vendor has said otherwise, if you put in a good enough offer you might be able to say to your estate agent, this is on the condition you cancel all the other viewings on the property, again if the vendor permits to it. happened to me the other day, tied up and got a offer accepted but as the other people had offered too low and didn't want to come up, they changed their minds and decided to go up, which i wasn't impressed with, resulted in my mate getting the sale and not me :-(

lianne1978

propertydealer wrote:

if you put in a good enough offer you might be able to say to your estate agent, this is on the condition you cancel all the other viewings on the property, again if the vendor permits to it.(

If we offer the asking price do they have to accept it or can they hope they get higher offers - sorry if it that's a silly question but this is all new to me!

propertydealer

offering asking price isn't uncommon at the moment to get the property, has happened to me 3 times already this week, offering asking price shows comittment on your part, shows you are not wanting to mess about with silly offers then coming up 1-2k each time, they should accept it, only a greddy person would want to wait and see if they can get more, best advise i can give is tell your agent you are comitting yourself to buying this property and don't want to loose out, say you are willing to get a survey within 2 weeks, say you want to exchange in 8 weeks, tell them that you won't want to put any pressure on the owners so you can wait till they find, you need to put your offer in the best light compared to everyone else, trust me all these little things make a big difference when you are deciding on considering an offer

lianne1978

propertydealer wrote:

tell them that you won't want to put any pressure on the owners so you can wait till they find

She is actually moving in with her partner as FTBs are buying our house so it would be a quick chain and we could definetly complete within 8 weeks.

tonydee

If it really is the house of your dreams then go for it and offer full asking price subject to the vendor removing from sale and no more viewings.

Doozergirl

Properties do get a lot of interest in their first couple of weeks on the market as the estate agent has a database of people they can call who are looking for similar type properties.

Just because other people are viewing, it doesn't mean they will be offering, or even if they want to offer, that they are in a position to proceed. The average is something like 12 viewings to a sale.

So where you're worried about being gazumped even if you offer asking price, there's as much chance (more actually) that you're the only one offering.

However, first week on the market does mean you have to make a strong offer. I'd try at least one of offer of £5,000 under and then come up, try to ask what they will accept or then try to meet them halfway. They won't just sell it to someone else under your nose without telling you. Everyone wants best price!

You owe it to yourself to try; many, many people are happy to take an offer just under asking price - especially my husband, but I can play the waiting game better and that's why I don't let him negotiate!

lianne1978

Well following all your comments the house was on at 159500k and we've offered 155k, explaining we have SSTC to FTBs and can proceed asap. So fingers crossed, EA said it would be next week now before they can let me know. Oh and I asked if there'd been any offers and there hadn't!

[Deleted User]

Best of luck Lianne, keep us posted!

Doozergirl

Good luck! It's a very respectable offer!

TTMCMschine

propertydealer wrote:

offering asking price isn't uncommon at the moment to get the property, has happened to me 3 times already this week, offering asking price shows comittment on your part, shows you are not wanting to mess about with silly offers then coming up 1-2k each time, they should accept it, only a greddy person would want to wait and see if they can get more, best advise i can give is tell your agent you are comitting yourself to buying this property and don't want to loose out, say you are willing to get a survey within 2 weeks, say you want to exchange in 8 weeks, tell them that you won't want to put any pressure on the owners so you can wait till they find, you need to put your offer in the best light compared to everyone else, trust me all these little things make a big difference when you are deciding on considering an offer

Why not just give them a blank signed cheque & tell them that moneys no object.

Round here properties are not shifting at all - I've never heard so much drivel, no wonder it's an estate agent whos posting it.