Making an offer and ‘offers in excess of X’

Sammypooler

I think I’ll make an offer on a house I view tomorrow. Obviously I will view the house first and make sure I like the house.

What do I need to consider?

I think the house is pushing the upper limits of what it’s worth in terms of neighbouring houses, and because they will have made £55k in two years/55% of what they purchased the house for. The house is on offer for >£160k and I’m not really prepared to give more, perhaps a couple of K.

As far as I can tell it’s a couple without children and professionals, perhaps gay (not that that makes a difference) but they perhaps would be looking at different areas (due to lack of children) and they do seem very stylish. So I think they want to make money and move on.

I’m a FTB with a AIP and I’ve started an application on another house (fell through due to the sellers chain). As I said in my other post the house is back on the market after a couple of weeks - so I will ask the estate agents why. The house next doors bay window looks like it’s crooked, but this house looks ok. I will of course ask them if they’ve done any other work.

LilElvis

Sammypooler wrote: »

I think I’ll make an offer on a house I view tomorrow. Obviously I will view the house first and make sure I like the house.

What do I need to consider?

I think the house is pushing the upper limits of what it’s worth in terms of neighbouring houses, and because they will have made £55k in two years/55% of what they purchased the house for. The house is on offer for >£160k and I’m not really prepared to give more, perhaps a couple of K.

As far as I can tell it’s a couple without children and professionals, perhaps gay (not that that makes a difference) but they perhaps would be looking at different areas (due to lack of children) and they do seem very stylish. So I think they want to make money and move on.

I’m a FTB with a AIP and I’ve started an application on another house (fell through due to the sellers chain). As I said in my other post the house is back on the market after a couple of weeks - so I will ask the estate agents why. The house next doors bay window looks like it’s crooked, but this house looks ok. I will of course ask them if they’ve done any other work.

Perhaps they are planning on starting a family and so want a larger home/ one within the catchment area of a good school - same sex couples do have children you know.

Perhaps they purchased as friends and now wish to buy separate properties.

All speculation unless you ask them their reasons for selling.

AdrianC

Everything you've said is utterly irrelevant - apart from how the price compares to what's being asked (and, more importantly, offered and accepted) for other similar properties in the area.

Sammypooler

It’s all relevant.

Anyone have any advice on what I’ve asked?

AdrianC

Sammypooler wrote: »

It’s all relevant.

No, it really isn't.

Previous sale price? Irrelevant.
How their family is formed, and their sexuality? Irrelevant.
Motive for sale? Irrelevant.

Anyone have any advice on what I’ve asked?

Yes. How does the asking price compare to other, similar, places on the market in the area?

cattie

Without anybody on this forum actually being able to see the house in question, there is no way anybody can advise you on the points you've raised.

Sammypooler

LilElvis there is only one bed and there is no baby stuff such as cribs etc. I saw someone leave the house and lock the door, can assume s/he is one of the owners.

Who said that SS couples can’t have babies? I’m simply stating what I think their situation is. Same as someone who viewed a house and making assumption that it’s an orderly couple/person who needs to move to assisted living.

I’m trying to put together any possible mitigating reasons why they would pull out etc.

Sammypooler

Adrian:

- previous selling price - they may not be in a position to sell if they aren’t getting more than their mortgage.

-probability that they will move or what sort of offer they want/need is relevant. Are they in a chain, would they be likely to move into a short term accommodation, why they are selling.... all things I’m trying to second guess. Moving into temp housing before the school year is relevant.


They purchased the house for £100k two years ago and now want £160k. Similar houses I’m not sure as this is has more of a back garden and new bathroom.

Sammypooler

Hi Cattie I don’t want to publically advertise the house as they could see it. The bottom line is I need advice on what to do in general.

AdrianC

Sammypooler wrote: »

- previous selling price - they may not be in a position to sell if they aren’t getting more than their mortgage.

You don't even know if they have a mortgage, let alone what size it may or may not be.

-probability that they will move or what sort of offer they want/need is relevant.

No, it really isn't.

They purchased the house for £100k two years ago and now want £160k.

And you know for sure that was a market-value transaction? What work's been done since?

Similar houses I’m not sure as this is has more of a back garden and new bathroom.

So lots of speculation about irrelevant guff, and you haven't bothered to look into the one thing that does actually define the value.

eddddy

When you view, try to get a feel from the sellers (or the EA) on things like...

• How quickly do the sellers want to move?
• Have they got a place lined-up to move to?
• How long has their property been on the market?

For example,

• If the property has been on the market for a long time, they have a place lined-up to move to, they want to move quickly etc...

... they might accept a lower offer for a quick sale.

• But if the property hasn't been on the market long, they haven't found a place to move to, they are not in a big hurry etc...

... the might be less likely to accept a lower offer