Best and final offers - advice needed please

Unicorn_cottage

dani17 said:

@Crashy_Time if you have 20% deposit the bank will not really care if you are buying a house 10% above the market. Agree with you that we should have less people ready to go above, but when you are buying "one" house in "one" time it will be always a risk to have "one" crazy buyer in front of you and even if there wasn't, the EA will try to convince you there is.
Honestly, i really hate this type of sale . if i want to play a bidding game, i will go for a real auction at least i will see how much other people are offering . that's why when i see offers above, unless the guide price is really below the market i will just ignore the property.

@dani17 Why would you sell your house at auction? It is really expensive.

dani17

@Unicorn_cottage. I meant as a buyer not a seller. 

Splatfoot

Crashy_Time said:

Unicorn_cottage said:

Mutton_Geoff said:

Unicorn_cottage said:

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.

The two figures are like comparing apples and bananas. You forgot to factor in maintenance, repair and servicing costs and an SVR mortgage interest rate.

Not really. If we had rented a similar property we would have paid out at least £54,000 in rent and fees. The value of the house has gone up £47k without talking into account how much we have paid off including overpayments. Prior to this house.my partner was paying £650 a month to live in someone's lean-to in Twickenham and that was cheap. When the microwave broke so asked the landlord if he could provide her with another one and he pulled out a filthy old one from his shed. The landlord shortly after sold his property for over £1 million. Glad to be out of that mug's game. We wanted our own home that we could maintain, repair and service ourselves. We no longer wanted to pay for someone else's mortgage. We will not be going on SVR so that argument is out the window. In fact we are just about to remortgage to a rate that is a whole percentage below what we are paying now. We have done a lot of renovations ourselves including building a porch, renovating the back garden, redecorating and rebuilding garden walls. Would not go back to renting unless forced to and am sure the majority of renters would switch to owning if they could.

Well you have done a good job of convincing yourself anyway.

How much have you paid in rent over the years?

eidand

Splatfoot said:

Crashy_Time said:

Unicorn_cottage said:

Mutton_Geoff said:

Unicorn_cottage said:

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.

The two figures are like comparing apples and bananas. You forgot to factor in maintenance, repair and servicing costs and an SVR mortgage interest rate.

Not really. If we had rented a similar property we would have paid out at least £54,000 in rent and fees. The value of the house has gone up £47k without talking into account how much we have paid off including overpayments. Prior to this house.my partner was paying £650 a month to live in someone's lean-to in Twickenham and that was cheap. When the microwave broke so asked the landlord if he could provide her with another one and he pulled out a filthy old one from his shed. The landlord shortly after sold his property for over £1 million. Glad to be out of that mug's game. We wanted our own home that we could maintain, repair and service ourselves. We no longer wanted to pay for someone else's mortgage. We will not be going on SVR so that argument is out the window. In fact we are just about to remortgage to a rate that is a whole percentage below what we are paying now. We have done a lot of renovations ourselves including building a porch, renovating the back garden, redecorating and rebuilding garden walls. Would not go back to renting unless forced to and am sure the majority of renters would switch to owning if they could.

Well you have done a good job of convincing yourself anyway.

How much have you paid in rent over the years?

I'll take this one .... assume 1k / month, 12k / year, 120k per 10 years.
this is the person who gives advice on buying and selling to others .... 

Cash-Cows

If you win the auction you will constantly think you've overpaid. 

Bravo_Zulu

My property went to best and final offers, we didn't expect the level of interest in it. First person who viewed it put in the asking price and I had another 6 offers to consider at the end of the week. There weren't any ridiculous outliers in there but it was nice to be able to pick a buyer and get it done and dusted a week after being advertised.

Wkmg

Crashy_Time said:

dani17 said:

@Crashy_Time if you have 20% deposit the bank will not really care if you are buying a house 10% above the market. Agree with you that we should have less people ready to go above, but when you are buying "one" house in "one" time it will be always a risk to have "one" crazy buyer in front of you and even if there wasn't, the EA will try to convince you there is.
Honestly, i really hate this type of sale . if i want to play a bidding game, i will go for a real auction at least i will see how much other people are offering . that's why when i see offers above, unless the guide price is really below the market i will just ignore the property.

The bank`s valuer probably won`t be valuing anything "10% above the market" nowadays.

That only matters if you have a small deposit. If you have a 50% deposit they don’t care if you overpay by 10%. Their loan is still secure. If you’re going for a really high LTV ratio though you can get have more difficulty. Not sure of OP’s situation.

bhaisab

OP
what did you offer?