Upping offers

Sunflower43

We viewed a house yesterday, really liked it and decided to go for it. The house is priced at £275,000. We were told during the viewing that the vendor had only received one offer and that was under £270,000 which the vendor had rejected. We decided to offer £277,000 as we really like the house. At the time we put in our offer we were told another offer had gone in but ours was the highest.

A few hours went by and then we had a call saying that they have since had another offer over ours and so we have upped to £285,000. 

Was this enough of an increase? We had to decide over the phone quite quickly. 

davilown

That’s entirely up to you - you pay what you think the house is worth. If you’re getting a mortgage though, the bank may well disagree...

Sunflower43

davilown said:

That’s entirely up to you - you pay what you think the house is worth. If you’re getting a mortgage though, the bank may well disagree...

We were approved for a £220,000 mortgage on another house that fell through. We had a £100k deposit for that so I’m hopeful that if this house was undervalued we could make up for it with the large deposit.

lookstraightahead

Your choice really. I would never offer over asking, and I wouldn't up my over asking offer again.

But you have a large deposit so it's up to you. 

Mickygg

Wow you have done 2 offers, both over asking price within a day of seeing the property. 

I definitely wouldn’t offer more. 

Redwino222

There ie no magic answer, and no ones personal philosophy will fit your specific circumstances or the market you are in.

where I am houses will usually be bid up over asking price.  When my house was valued the estate agents valued it as x with the expectation of multiple offers over that.  It’s not a tactic I like, but it’s how the market works here.  

Set yourself a limit, and don’t go over it.  

Sunflower43

Redwino222 said:

There ie no magic answer, and no ones personal philosophy will fit your specific circumstances or the market you are in.

where I am houses will usually be bid up over asking price.  When my house was valued the estate agents valued it as x with the expectation of multiple offers over that.  It’s not a tactic I like, but it’s how the market works here.  

Set yourself a limit, and don’t go over it.  

You’re right. The market here in the South West is crazy at the moment. It’s difficult because we just want our own home and aren’t trying to make money. Our second offer was definitely our limit for this house though. Luckily the vendor has gone for us so I’m keeping my fingers crossed that everything goes much better this time around. Feeling brighter today. 

Sunflower43

Mickygg said:

Wow you have done 2 offers, both over asking price within a day of seeing the property. 

I definitely wouldn’t offer more. 

That’s the market here right now. If you don’t make an offer fairly promptly, you miss out. 

sohsidge

Same here, from the market that we've seen around here, unless you're at the higher end of the property ladder you dont have the option of offering under asking price, all properties i've liked from 6 months of watching the market have been snapped up within weeks