When to offer? Strategy for open days

DpchMd

Hi All,

We're viewing a property at an open day tomorrow that we already know we want.

The property will be very popular and they have already extended the open day to all day tomorrow and now Monday.

It's on for 500k and we can stretch to the asking price but no more. Our finances are rock-solid with an actual mortgage offer in place due to an attempted purchase in December where the vendor changed their mind after our mortgage was offered.

We are the first to view the property tomorrow morning.

Should we:

a) Make our best and final offer (asking price) immediately to show that we are serious and keen? Do we risk the agent telling other viewers about our offer and then driving the price up?

b) Wait until the final viewing on Monday has been completed and then make our final offer?

c) Something in-between?

What would you do?

ognum

DpchMd wrote: »

Hi All,

We're viewing a property at an open day tomorrow that we already know we want.

The property will be very popular and they have already extended the open day to all day tomorrow and now Monday.

It's on for 500k and we can stretch to the asking price but no more. Our finances are rock-solid with an actual mortgage offer in place due to an attempted purchase in December where the vendor changed their mind after our mortgage was offered.

We are the first to view the property tomorrow morning.

Should we:

a) Make our best and final offer (asking price) immediately to show that we are serious and keen? Do we risk the agent telling other viewers about our offer and then driving the price up?

b) Wait until the final viewing on Monday has been completed and then make our final offer?

c) Something in-between?

What would you do?

IMO you should not show your hand early, if will only encourage the EA to use it as leverage for higher offers, wait till after the last viewing , they will not make a decision now until everyone has had a look.

chris198232

Again if it's popular (you're making assumptions based on what ifs) then don't show your hand. You could always offer £10k below the asking price a few days later, advising this is a stretch for you but you're all ready to go.

If it does have full asking price offers then match it, tell them your stretching to breaking point but you love the house and will exchange when ever they need!

No perfect formula but if you offer everything you have no where to go, or might even over pay!

Hoploz

Some good advice already given. Don't offer your top price immediately when you are there. I would think they will give it till monday for offers to come in.

Is it likely to be popular, or is there a particular reason it's right for you but might not suit others?

Definitely be friendly to the owners if they are there, and give the agent as much background as possible so they know you are genuine and will not pull out later on.

Good news on your mortgage offer. The fact you were in the middle of proceeding on another house shows your genuine intent to move! However there is still the valuation to get through so it's not quite done and dusted.

We were in a similar position, with several offers on the table, and then it went to best and finals. We bid more than we could afford on this occasion, just so we would know we had given it our best shot. We didn't want to be regretting losing out for a few thousand. We were glad to be given this second chance, and won the bids, with apparently a similar offer from someone else, but they chose us as we were keenest and the agent knew we had been looking for ages with nothing much to suit us coming up. I've no idea how we paid for it but we are in now and blissfully happy! (except the blocked drains and the boiler constantly going wrong lol)

Hoploz

P.s. I think if it is a long term forever home, it really doesn't matter if you pay next year's price, as long as you can make the payments.