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Found a property we love how much should we offer?
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Given the stamp duty holiday, I have seen that that houses are selling relatively quickly. As you said, there are 5 other interested parties as well for the particular house you are interested in, so as some other people have pointed out, impossible to give an answer, as the property is in demand. I was in a similar position when we were looking to buy in 2016 - loved the house but didn't want to overpay. So we offered low on the properties we liked and ended up losing out. So in the end we built up a good relation with the agent and trusted his view on our offer. Did we overpay? Probably, but it was a property for us to stay in, and a slight overpayment is irrelevant since its not an investment. Most important thing is you love the house and see it as your home. Summarising:
- Build a good relationship with the agent: tell them you are serious, explain your situation and budget. They have good knowledge, so should be able to help.
- Have a max offer in mind, which is the the best you can offer. Use this in conjunction with agent view and own research to put in an offer.
- Lastly, dont stress about overpayment. Remember, this is your home to stay in, not an investment property. A £10k overpayment will mean nothing in 5 years if you love where you stay!
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If the house is exactly what you want ask your solicitor for advice but I think you have to bid high to get what you want. I agree with point made above, a few thousand pounds soon disperse over the years you are in your lovely house.theheavywallet said:Given the stamp duty holiday, I have seen that that houses are selling relatively quickly. As you said, there are 5 other interested parties as well for the particular house- Lastly, dont stress about overpayment. Remember, this is your home to stay in, not an investment property. A £10k overpayment will mean nothing in 5 years if you love where you stay!
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agreed with the points above. No one really wants to overpay, however if this is THE house for you and you can afford it without breaking the bank then why not. A few k here and there means nothing.
Would you be gutted if you lost it over 10k ? If the answer is yes then you know what to do.
Finding that one house is not an easy process. Took us roughly about 30 viewings before we knew we found it and once we did that was it.
If it's the same with you, don't miss it.1 -
So update, thank you so much for all the very helpful comments. We offered our highest, there were 11 other bidders. Unfortunately we did not get the property. however, our solicitor managed to get EA to advise what highest offer was in the region of and that we were the second highest bidders. The highest bidder offered something in excess of 190k!!0
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You played the game to the best of your ability and lost. No shame there. Where's Crashy?0
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Given the Glasgow numbers wonder if they are reflected in other parts of Scotlandcomeandgo said:You played the game to the best of your ability and lost. No shame there. Where's Crashy?0 -
Ouch! 19+% above HR value was more than I'd have guessed. Better luck next time...Buttons4491 said:The highest bidder offered something in excess of 190k!!2 -
Check the real sell through prices against asking as they drop through the SSTC numbers suggest market is on the selling side.1
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Ooft! If it makes you feel any better, when we were looking and about to place an offer, we were informed by our solicitor, if it was anything less than 35% over the HR valuation, we should forget it. Needless to say, that would have wiped out our deposit and left us unable to get a mortgage, so we walked away. Couldn't believe the amount someone was willing to pay for the place!Buttons4491 said:So update, thank you so much for all the very helpful comments. We offered our highest, there were 11 other bidders. Unfortunately we did not get the property. however, our solicitor managed to get EA to advise what highest offer was in the region of and that we were the second highest bidders. The highest bidder offered something in excess of 190k!!0
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