How to play it cool when offering on a house?

Loopy28

We have pretty much already decided we want to offer on a house but are having a second viewing on Friday just to be sure.

The property was on for 185k but after 4 weeks they reduced it to offers over 178k and we know they need to move to upsize. It has now been on the market for two months.

To be honest, before it was reduced, we were going to offer 178k anyway so the reduction doesn't really change anything for us.

In order to achieve the best price, would you recommend

-we offer on Friday a couple hours after the viewing or wait until the next day?

-If they come back and reject our offer, should we
immediately up the offer
or
give it a day or two before going back with a higher offer
or
say we have some more houses to look at (this is true) before upping our offer but leave the offer on the table in the meantime

Or play it a completely different way?

cloo

It kind of depends on your position. If it's really strong, you can kind of do what you like! If you like the house, I'd make the 178k offer and they'll probably bite your hand off. You could try coming in a little lower, say 170 to 175 and seeing if they bite and then come up if necessary.

We offered a couple of hours after viewing on ours; asking price. The agent alleged there had been some offers and one near asking price, which may have been rubbish, but asking price wasn't a stretch and we felt we were in a good position (chain free buyers eager to move fast, we'd be putting down over 70% of the value) so we might as well make a good offer and we were accepted pretty much straightaway and no one came back with a higher offer.

Loopy28

Thanks Cloo for your reply.

We aren't cash buyers or FTBs but our property is sale agreed to first time buyers and they have already instructed solicitors and have their mortgage agreement in principle so we are in as good a position as anyone can be who is selling a property at the same time. We did have an offer accepted on another property but that vendor can't find anywhere so we need to move on.

This was the only other house we liked so we probably need to buy it as much as they need to sell!

We will offer 178k as this is the offers over price but as our max budget is 180k I want to make sure we play it carefully so we can hopefully get it under that price!

Hoploz

Does anyone who prices their house at 'Offers Over' ever actually get an offer over?

I would guess they are hoping for about 180 but tbh I might go in a bit below the 178 and see what reaction you get. Don't increase your offer on the same phone call if it gets declined, leave some thinking time in between. The numbers are not wildly apart so there is probably. A deal to be done but there's no harm putting in a slightly lower offer initially, as you say you're in a reasonably good position, seem to have a committed buyer if they've already been hanging on for the other one you wanted to buy

Hoploz

Having said that I always seem to forget my own advice and pay the asking price LOL. Twice paid asking price, twice got 2k off, once paid over it!

cloo

I got lots of offers over back in May (in N London), but I'm not sure that's happening so much in London now.

19lottie82

Hoploz wrote: »

Does anyone who prices their house at 'Offers Over' ever actually get an offer over?

Depends. In Scotland O/O is common place.

Hoploz

OK Scotland and London are special cases! Where are you, OP?

Loopy28

South east Cornwall !

Houses are not really hot cakes here, that said most sell in 3-6 months.

But, more the issue is the lack of supply. Not many houses about for sale (apart from the 250k plus ones that sit on the market for ages)

So it is a case that there are not loads of buyers here but when someone does need to buy, they are so limited in choice that they have to possibly pay more than they would like.

darrenj1

Offer 10% less, wait for response. In response you may get an idea of how near you are.

Generally offer £2k more if it fails, each time, until you are accepted.

Why are you willing to go straight in at full asking price? Seems odd, when the market is set up as an offer/acceptance system.

Loopy28

Hi Darren, thanks for your reply.

It is because the property is advertised as 'offers over' 175k so presumably they are saying they don't want offers less and as it has just been reduced, I am imaging that offering any less is a waste of everyones time as that is their bottom limit?