How much justification should I give when making an offer?

eidand

Take this as a lesson or you'll be disappointed next time you make offers. A lot of buyers value the area and actual property way more than a few k in their bank.
If you feel someone else is overpaying that literally means nothing. If you find the right place then you need to get it. In 10 years from now you'll be looking at that property thinking how lucky the people who bought it are. 
What do you prefer ... 5-10k in your bank or to be in the right property, in the right area? Think about that. Not everything is about saving money.

Also, next time, do not provide any justifications because literally no one cares. All a seller wants to hear is a number. That's it.

Scotbot

eidand said:

Also, next time, do not provide any justifications because literally no one cares. All a seller wants to hear is a number. That's it.

Not entirely true, they want to know thd buyers position as well

eidand

Scotbot said:

eidand said:

Also, next time, do not provide any justifications because literally no one cares. All a seller wants to hear is a number. That's it.

Not entirely true, they want to know thd buyers position as well

fair enough. I meant no justifications for lowball offers

GDB2222

eidand said:

Take this as a lesson or you'll be disappointed next time you make offers. A lot of buyers value the area and actual property way more than a few k in their bank.
If you feel someone else is overpaying that literally means nothing. If you find the right place then you need to get it. In 10 years from now you'll be looking at that property thinking how lucky the people who bought it are. 
What do you prefer ... 5-10k in your bank or to be in the right property, in the right area? Think about that. Not everything is about saving money.

Also, next time, do not provide any justifications because literally no one cares. All a seller wants to hear is a number. That's it.

To some extent, I agree, as I wouldn't want to lose a house I liked for a small amount. However, the difference wasn't £5-10k. It was £35k, and that's quite a lot for most people. It may also make a difference to the mortgage interest rate long term, on the whole mortgage, so that £35k could multiply up. 

Mind you, I look for the yellow stickers in the supermarket, and I gather you probably don't bother.

SeanG79

eidand said:

Take this as a lesson or you'll be disappointed next time you make offers. A lot of buyers value the area and actual property way more than a few k in their bank.
If you feel someone else is overpaying that literally means nothing. If you find the right place then you need to get it. In 10 years from now you'll be looking at that property thinking how lucky the people who bought it are. 
What do you prefer ... 5-10k in your bank or to be in the right property, in the right area? Think about that. Not everything is about saving money.

If I significantly overpaid on a property, in 20 years time I would still be kicking myself. 

Prior to the property we have recently had an offer accepted on, we offered on 6 other properties, at asking, below asking and above asking, on each occasion we offered what we thought the property was worth to us and were outbid. On the 7th property we offered slightly under asking and it was accepted. I can assure you in 10 years time I wont be looking back on any of the properties we missed out on with any remorse, we have already moved on...

eidand

well, let us know if it sells quickly for the price it's on at the moment. That would be interesting to find out

Bookgal88

Scotbot said:

Bookgal88 said:

sst1234 said:

OP, no amount of justification can sweeten the 10% below asking price offer. If you used to be a mortgage valuer, you will know that house prices have risen enormously recently. And there were double digit viewings on this house - yet you think you will get it for that asking price with conditions attached. Honestly, it’s very unlikely yours will be the winning offer.

Thanks for your response. I totally agree with you that it's very unlikely that my offer will be accepted. But I'm not worried about it not being accepted - I was really asking about the best way to present my offer to the EA. If someone offers more and the vendor accepts, then I'm happy for both of them. But I'll think they've overpaid.

I suspect your old job means  you are being rational about price in an irrational market.

Perhaps. But I don't want to end up trying to achieve an irrational price in a rational market in the future because of what I paid today!
Here's the link if anyone would like a nosey: https://www.rightmove.co.uk/properties/80412144#/
I was told by the agent that the vendor had offers at asking, but I guess I'll only know the actual figure it achieved in a few months when it becomes a matter of public record. 

Crashy_Time

There is plenty of supply in the area, most of it well overpriced of course, but I think the agent is just blowing hot air TBH.

Jumblebumble

Bookgal88 said:

Quick update if anyone is interested - the vendor has rejected my offer as they've had offers from other proceedable buyers at the asking price. So I politely told the EA that I wouldn't be willing to go that high, thanked him for his time and carried on with my day. IMHO, those offering asking price are overpaying and could well find there's more work to be done than they realise, but they obviously feel otherwise, so good luck to them. 
Thank you all for your helpful advice. In the end, I made a couple of positive comments about the property, clearly stated my offer and my benefits as a purchaser and stopped at that. And that's how I'll make any future offers

Of course the successful purchaser  will have a house and you may not have one ...