Approach to offering in a fast market?

bluebird33

Hi all! Hoping for a little assistance.
We're in a fast market and have missed out on quite a few properties because they went under offer on the first day of viewings etc.

We now find ourselves in the position of having the first viewing on a property that has not yet hit the portals and has no other viewings booked yet. However, it is advertised as "offers over", is fairly near the top of our budget but is in our preferred location and from the limited information available looks like it could be right for us.

If we like it, what's the best approach to offering? If we get in early is there a chance we end up overpaying trying to secure it before anyone else gets a chance? I think I'm anxious because of recent experience but don't want to jump too soon and regret it 😞 

We've been in a less than ideal rental for about 12months longer than we planned (between a purchase last year which fell though and lockdown etc) which has me anxious to find a house and move on to a family home we can make our own.

jimbog

I've found in my experience that when buying in a fast market in a desirable area that you won't be ever getting a 'bargain'. If it is 'the one' my suggestion would be to offer the asking price on the day of viewing with the proviso that there are no further viewings and it is immediately taken off the market and then re-evaluate if you are declined.
Do the local agents know you? Do you have a mortgage in principal ready and a solicitor lined up? Stating those when you make your offer helps

AdrianC

Put the boot on the other foot.

You are selling a property. You know similar places are going fast. There's a pre-marketing viewing booked...

What are you going to accept from that buyer, in order to stop you thinking "Hmm, I wonder what else I could get?"...?

bluebird33

@jimbog We have our mortgage in principle with the mortgage advisor at the EA marketing the property, so they know us well, and sols ready to go.  In rented, having sold and moved area ~2years ago. The EA has all this info but no reason not to reiterate it if offering...  

@AdrianC That's exactly what I was thinking 😞 Either we miss out seeing houses and they're gone or we get in first and end up as the backstop used to bid up someone else?

Would you offer at all or just state serious interest and immediately book a second viewing asap?

AdrianC

I wouldn't offer then second-view with the intent of withdrawing my offer. That's just not on. Again, boot on other foot...

If I was absolutely happy that REALLY was it, THEN I'd offer. But it's better to mutter about having missed out, than mutter about having bought a place that isn't right for you. There is ALWAYS another house.

bluebird33

@AdrianC Sorry - crossed wires I think. I'd never offer intending to pull it afterwards. I'm not trying to mess anyone about, just don't want to kick myself for approaching it wrong. I meant would you
a) offer after the initial viewing and risk offering high to secure it
 or
b) book a second viewing asap and hope that someone doesn't get in first as the vendor will know we're serious and hopefully give us a chance to offer before they accept from someone else

Argh! It's a minefield!

AdrianC

I very much doubt I'd be sure enough after a single viewing.

Jeepers_Creepers

I guess it comes down to the competence and honesty of each EA, but one way to make a 'securing' offer is to ask the EA "What will the seller accept to take it off the market?" Of course if the figure they give you strikes you as being chancing-their-arm high, then you go back to t'drawing board.

If you can possibly bear to last out in your rented accommodation for another 6 months or so, I suspect you might be in a much stronger position. I'm pretty sure that if I were in your position, I'd hold out - but that, of course, has to be your call.

Put it this way - keep chasing, but if you offer and lose out don't be gutted but see it as a potentially better opportunity. 

NameUnavailable

If after viewing the property you decide it is one you would like to buy, offer the asking price on condition that it's taken off the market and there are no further viewings. Reiterate that you are ready to go.

If they reject your offer then just see what happens. If they get back to you after a week or two as it's not sold you're then in a position to drop your offer a bit if you want to.

Chilli6

I was the first to view also and knew it was the house I wanted (had been looking some time) so offered asking price the same day. Explained it was on the understanding it was taken off the market. Maybe I could have got £5,000 off if I'd held out for a few weeks, maybe someone else would have come in and took it instead, or started a bidding war. I felt it was priced well and worth asking price so why risk losing it. Hoping to complete in a few weeks