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Best and final offers - advice needed please

24

Comments

  • Unicorn_cottage
    Unicorn_cottage Posts: 879 Forumite
    Fifth Anniversary 500 Posts Name Dropper Photogenic
    @Competsoph Congrats! Was it the house on reflection you didn't want or another one?
    "Everything comes to him who hustles while he waits" Thomas Edison
    Following the Martin mantra "Earn more, have less debt, improve credit worthiness" :money:
  • Competsoph
    Competsoph Posts: 282 Forumite
    100 Posts Name Dropper Photogenic
    Unicorn_cottage said:
    @Competsoph Congrats! Was it the house on reflection you didn't want or another one?
    Hello! Turned out to be another one. We reflected and decided not to peruse the other. Definitely not worth the money! This one is perfect, I’m so pleased! Lovely to connect with you again! Hope you’re well!
    Officially a homeowner 🥳🥳
    September Grocery Challenge: £146.60/£200
    October Grocery Challenge: £175 (rough estimate)/£175
    November Grocery Challenge: £77.96/£150
  • Unicorn_cottage
    Unicorn_cottage Posts: 879 Forumite
    Fifth Anniversary 500 Posts Name Dropper Photogenic
    @Competsoph Just goes to prove that going through that experience helped you cement what you wanted. Hope it goes well for you & you enjoy your home. It really is a wonderful feeling :smile:
    "Everything comes to him who hustles while he waits" Thomas Edison
    Following the Martin mantra "Earn more, have less debt, improve credit worthiness" :money:
  • dani17
    dani17 Posts: 87 Forumite
    Second Anniversary 10 Posts Name Dropper
    you will never know if there are really other bidders or no. don't fall in the trap of the blind auction . offer what you think is the right value. and Remember, there always a risk of having crazy people offring above the market.
  • Unicorn_cottage
    Unicorn_cottage Posts: 879 Forumite
    Fifth Anniversary 500 Posts Name Dropper Photogenic
    dani17 said:
    you will never know if there are really other bidders or no. don't fall in the trap of the blind auction . offer what you think is the right value. and Remember, there always a risk of having crazy people offring above the market.
    @dani17 I was like you until I understood the market. It really was like that on the house I mentioned above. Am I glad I offered over the advertised price? Yes I love the house with all my heart. It is now worth about £265k so all good.
    "Everything comes to him who hustles while he waits" Thomas Edison
    Following the Martin mantra "Earn more, have less debt, improve credit worthiness" :money:
  • NQManchester
    NQManchester Posts: 159 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    When we sold our house last year it was valued at 255k and marketed at 250k.
    We only actually got two offers but one was 257k and the other was £272k, so quite a difference.
    When we were buying we went to best and final but we stuck at asking price and got it( later fell through on valuation). I also went to best and final on another property and the winner went 20k over (300k asking price).
    I think it’s a bit of luck and just offering what you think it’s worth. At least if you could have gotten away with a lower offer you probably will never know though.
    My experience of my local market at the moment is still that plenty of houses are getting multiple offers if they’re decent.
  • dani17
    dani17 Posts: 87 Forumite
    Second Anniversary 10 Posts Name Dropper
    @Unicorn_cottage . this clearly a blind auction . you don't know how much the others will offer.so what is the strategy? offer 1% more? 2 ? 5 ? 25 ? double the price? at a moment you will end up offering what you think the house worths. when you know the area you will know what is the max price you can offer for the house.

  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    ooSTEVEoo said:
    Best and final offers during a pandemic 😩😩😩😕 Don’t know if to laugh or cry. Offer the asking price and if you miss out console yourself that you didn’t buy at the top of the market. 
    Yep, no words really. Offering the asking price is probably a mistake as well IMO.
  • Unicorn_cottage
    Unicorn_cottage Posts: 879 Forumite
    Fifth Anniversary 500 Posts Name Dropper Photogenic
    dani17 said:
    @Unicorn_cottage . this clearly a blind auction . you don't know how much the others will offer.so what is the strategy? offer 1% more? 2 ? 5 ? 25 ? double the price? at a moment you will end up offering what you think the house worths. when you know the area you will know what is the max price you can offer for the house.

    @dani17 Yes as I said sealed bids. My original offer of £205k was rejected so I knew I had to offer more then that and worked out a strategy that worked for me. At the end of the day to rent the house I bought would of cost me at least £800 a month. My mortgage was cheaper. If I had waited any longer I would have been priced out the market.
    "Everything comes to him who hustles while he waits" Thomas Edison
    Following the Martin mantra "Earn more, have less debt, improve credit worthiness" :money:
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    10,000 Posts Seventh Anniversary Name Dropper
    Unicorn_cottage said:
    dani17 said:
    @Unicorn_cottage . this clearly a blind auction . you don't know how much the others will offer.so what is the strategy? offer 1% more? 2 ? 5 ? 25 ? double the price? at a moment you will end up offering what you think the house worths. when you know the area you will know what is the max price you can offer for the house.

    @dani17 Yes as I said sealed bids. My original offer of £205k was rejected so I knew I had to offer more then that and worked out a strategy that worked for me. At the end of the day to rent the house I bought would of cost me at least £800 a month. My mortgage was cheaper. If I had waited any longer I would have been priced out the market.
    Unlikely that the OP will be priced out of this market though?
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