first time buyer, gone to best and final

propertyhunter

garydufley said:

I've just found out that the EPC is a D (with assumed solid floor and assumed partial insulation on cavity walls) trying to work out how to factor that all in.

I learnt the hard way that, generally, no one considers things like the cost to update the property and then deduct that from the asking price. In the first house I offered on in this latest search that started in May 2021, I offered well below asking price justifying it by saying XX needed updating. I had no shot. That was my naivety. Over time, I learnt from these mistakes, built good relationships with EAs and found out what the situation was regarding best and finals, and how to play them. The last house I lost out on sold for 3% over asking, so I used that to guide my next offer, which I won.

Put forward a price you are happy with and can afford, so nothing is left on the table. You don't want to regret not putting your best foot forward. If you lose the best and final, you want to be able to say to yourself there was nothing more that could be done. Another property always comes along. 

garydufley

Slinky said:

garydufley said:

I've just found out that the EPC is a D (with assumed solid floor and assumed partial insulation on cavity walls) trying to work out how to factor that all in.

It's likely you'll be the only one taking that into account when bidding.

thats a very good point. thank you

Slinky

propertyhunter said:

garydufley said:

I've just found out that the EPC is a D (with assumed solid floor and assumed partial insulation on cavity walls) trying to work out how to factor that all in.

I learnt the hard way that, generally, no one considers things like the cost to update the property and then deduct that from the asking price. In the first house I offered on in this latest search that started in May 2021, I offered well below asking price justifying it by saying XX needed updating. I had no shot. That was my naivety. Over time, I learnt from these mistakes, built good relationships with EAs and found out what the situation was regarding best and finals, and how to play them. The last house I lost out on sold for 3% over asking, so I used that to guide my next offer, which I won.

Put forward a price you are happy with and can afford, so nothing is left on the table. You don't want to regret not putting your best foot forward. If you lose the best and final, you want to be able to say to yourself there was nothing more that could be done. Another property always comes along. 

When vendors put a property up for sale that need updating, generally they already know this. Offers deducting £10K 'because it needs a new bathroom/kitchen etc' are expecting the vendor to pay for your new choices which will most likely have been factored in with the asking price in the first place!

Sistergold

3% to 10% could just do it. The figure will seem less significant and a less “painful memory the longer you live in the house once bought. You need to look at what it’s worth to you, the more it’s thee house the more you might decide to overpay to secure it. But again another house does come eventually. 

garydufley

thanks. I ended up having my final offer accepted. I may have overpaid compared to what the other offers were but in reality I had no way of knowing exactly what was needed to secure the property (despite what my brain thinks!).

fingers crossed that the mortgage lenders see it in a similar way

you make a good point about it getting less painful as time goes on, and given that I'm currently renting then the difference in price can be classed in terms of months.