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Best Offers - How high to go?
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lookstraightahead said:nicknameless said:lookstraightahead said:Greymug said:lookstraightahead said:Greymug said:jenni_fer said:lookstraightahead said:I would offer nothing over asking price. I wouldn't do it in a shop, or buying a car, or paying fir a holiday, and I won't do it on a house.it's all a game.
The area I live in and also the surrounding areas are desirable and ALL the people I know, both sellers and buyers, had to go through the last and final offers system.
Don't worry about overpaying, if it's your forever home it won't matter and if you sell it you'll get it back. Happened to me: I paid 7% over home report valuation when I bought, but when I sold I got 13% over the new home report valuation.
I bought a house, in an extremely desirable area, for 10% under asking, with three offers on the table. Ours was the lowest. But we were in a moving situation and the vendors had been bitten a few months previously by accepting a higher offer and then it falling through as, unsurprisingly, the bank 'undervalued' the house.
Bidding wars are a very recent phenomenon and everyone has a choice as to whether they really want to be part of something that will either stay, or more likely disappear.
You're so good that sellers want to sell you their home for peanuts! EA ask you "how low can you go?"
Sure, mate, we totally believe you.
If you paid 10% under asking, believe me, you didn't buy in a desirable area. Maybe desirable for you.
Also, bidding wars have been around for a long time, and surely have been around forever in desirable areas for desirable properties. Bought my first property 5-6 years ago via best and final offer and since them it's been exactly the same.
Again, I don't think your property/area is as desirable as you think it is.
10% under asking price? haha lol, get the hell out of here lolI live in an AONB and conservation area with direct main line train station and listed buildings. I think it's desirable, but you're right, everyone has their own definitions.
The last 4 houses we have viewed and had a serious interest in (within a defined geographical area - desirable - you decide) all went SSTC within a week and the one we offered on (above asking) we didn't get.
We want to move. We don't want to wait for a prophesied market correction or cooling. Will your advocated approach get us a property that we want do you think given the above?
We're all different of course, I just don't want to play and didn't need to.0 -
lookstraightahead said:
I just don't want to play and didn't need to.
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MysteryMe said:There is no point over paying, there will always be other houses.
When I moved last year, I was lucky that a great house came on the market at the right time. I knew I was lucky because I'd been watching the market for over 6 months and researched the history of sales further back via Rightmove. That told me that I could get a the sort of house I wanted but that they didn't come up every month.
After I moved, I left my searches/notification running and can see that I "missed out" on no more than two "better" places in over a year.
Of course, for some people/criteria, there really will always be other houses :-)
(My username is not related to my real name)1 -
zappahey said:t2havock said:. Don’t forget to write a letter to the vendors telling them why you love the house and how you could see it being your home too. Most likely, they’ve loved their home and want to know it’s going to someone who’ll love it just as much.
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lookstraightahead said:nicknameless said:lookstraightahead said:Greymug said:lookstraightahead said:Greymug said:jenni_fer said:lookstraightahead said:I would offer nothing over asking price. I wouldn't do it in a shop, or buying a car, or paying fir a holiday, and I won't do it on a house.it's all a game.
The area I live in and also the surrounding areas are desirable and ALL the people I know, both sellers and buyers, had to go through the last and final offers system.
Don't worry about overpaying, if it's your forever home it won't matter and if you sell it you'll get it back. Happened to me: I paid 7% over home report valuation when I bought, but when I sold I got 13% over the new home report valuation.
I bought a house, in an extremely desirable area, for 10% under asking, with three offers on the table. Ours was the lowest. But we were in a moving situation and the vendors had been bitten a few months previously by accepting a higher offer and then it falling through as, unsurprisingly, the bank 'undervalued' the house.
Bidding wars are a very recent phenomenon and everyone has a choice as to whether they really want to be part of something that will either stay, or more likely disappear.
You're so good that sellers want to sell you their home for peanuts! EA ask you "how low can you go?"
Sure, mate, we totally believe you.
If you paid 10% under asking, believe me, you didn't buy in a desirable area. Maybe desirable for you.
Also, bidding wars have been around for a long time, and surely have been around forever in desirable areas for desirable properties. Bought my first property 5-6 years ago via best and final offer and since them it's been exactly the same.
Again, I don't think your property/area is as desirable as you think it is.
10% under asking price? haha lol, get the hell out of here lolI live in an AONB and conservation area with direct main line train station and listed buildings. I think it's desirable, but you're right, everyone has their own definitions.
The last 4 houses we have viewed and had a serious interest in (within a defined geographical area - desirable - you decide) all went SSTC within a week and the one we offered on (above asking) we didn't get.
We want to move. We don't want to wait for a prophesied market correction or cooling. Will your advocated approach get us a property that we want do you think given the above?
We're all different of course, I just don't want to play and didn't need to.2 -
Lost out again. Cash buyer this time. Need @lookstraightahead to find us a property!
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nicknameless said:Lost out again. Cash buyer this time. Need @lookstraightahead to find us a property!
We're still waiting to hear anything at all. Supporting email written and we think we'll go in at £12k over when they ask.
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jenni_fer said:nicknameless said:Lost out again. Cash buyer this time. Need @lookstraightahead to find us a property!
We're still waiting to hear anything at all. Supporting email written and we think we'll go in at £12k over when they ask.
We'll just wait for the next bus I suppose but hard to feel positive about it atm.
Good luck to you.1 -
steve866 said:lookstraightahead said:nicknameless said:lookstraightahead said:Greymug said:lookstraightahead said:Greymug said:jenni_fer said:lookstraightahead said:I would offer nothing over asking price. I wouldn't do it in a shop, or buying a car, or paying fir a holiday, and I won't do it on a house.it's all a game.
The area I live in and also the surrounding areas are desirable and ALL the people I know, both sellers and buyers, had to go through the last and final offers system.
Don't worry about overpaying, if it's your forever home it won't matter and if you sell it you'll get it back. Happened to me: I paid 7% over home report valuation when I bought, but when I sold I got 13% over the new home report valuation.
I bought a house, in an extremely desirable area, for 10% under asking, with three offers on the table. Ours was the lowest. But we were in a moving situation and the vendors had been bitten a few months previously by accepting a higher offer and then it falling through as, unsurprisingly, the bank 'undervalued' the house.
Bidding wars are a very recent phenomenon and everyone has a choice as to whether they really want to be part of something that will either stay, or more likely disappear.
You're so good that sellers want to sell you their home for peanuts! EA ask you "how low can you go?"
Sure, mate, we totally believe you.
If you paid 10% under asking, believe me, you didn't buy in a desirable area. Maybe desirable for you.
Also, bidding wars have been around for a long time, and surely have been around forever in desirable areas for desirable properties. Bought my first property 5-6 years ago via best and final offer and since them it's been exactly the same.
Again, I don't think your property/area is as desirable as you think it is.
10% under asking price? haha lol, get the hell out of here lolI live in an AONB and conservation area with direct main line train station and listed buildings. I think it's desirable, but you're right, everyone has their own definitions.
The last 4 houses we have viewed and had a serious interest in (within a defined geographical area - desirable - you decide) all went SSTC within a week and the one we offered on (above asking) we didn't get.
We want to move. We don't want to wait for a prophesied market correction or cooling. Will your advocated approach get us a property that we want do you think given the above?
We're all different of course, I just don't want to play and didn't need to.1 -
Here is our experience.
We want to relocate to a desirable area where houses are in short supply. We had been searching since April and this would be our forever home. In July we finally viewed a bungalow that ticked quite a few boxes (not all and we have made compromises in our searches) and was in a great location (a probate sale). We knew it would go to best and final. I wrote a long letter to the EA offering £15k over the asking price of £350k and emphasising we were in a short chain and did not need a mortgage The property needed new kitchen and bathrooms (and it really did need them it wasn't just a case of not to our taste). We did not win and I imagine the successful buyer probably offered £25k over.
We were gutted and my husband admitted to me today he was still depressed about it. But you have to draw the line somewhere. Yes, we wanted the property but not at any price. However, at the end of the day money wins every time. There were several beneficiaries and they went for the maximum amount they could get.
Since then there has been nothing - the very few new properties since have been apartments or terraced houses.
I am resigned now to not moving. We don't want to move to another area. I will be calling the estate agent tomorrow to advise that although we are still looking in September we have a long holiday booked which we intend to take. If we lose our buyer so be it. If we do then I think we will take the house off the market and wait until the market is calmer whenever that will be .....1
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