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How much to offer? Please help!

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Arienn88
Arienn88 Posts: 2 Newbie
in House buying, renting & selling
Hello,

I placed an offer on a property earlier today. The price listed on the website was £119,995, I offered £120,000. Just got a call from the seller's estate agency saying they've had 4 offers including mine and that they need my best & final offer by midday tomorrow.
I don't know what do now. How much should I offer? Please help!

This is the property:
Flat 2, Roseberry Park, Redfield, Bristol BS5 9EU
Parks Estate Agents (I can't post a link here unfotunately)
1 bed, 34 m², double glazing, gas central heating
989 years left on the lease
£750 annual fee including ground rent, management fees and building insurance
First time buyer, AIP for 140k plus 35k deposit.

I'd be really grateful for any help or advice.
«1

Comments

  • kinger101
    kinger101 Posts: 6,282 Forumite
    First Anniversary Name Dropper First Post
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    I'd offer as much as you're willing to pay for it. I have no idea how much that is.
    "Real knowledge is to know the extent of one's ignorance" - Confucius
  • mrginge
    mrginge Posts: 4,843 Forumite
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    You should offer £182,500
  • dawyldthing
    dawyldthing Posts: 3,438 Forumite
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    There taking the pee and trying to extract more money from you. I'd hold fire and play them at there game. How long has it been on the market?
    :T:T :beer: :beer::beer::beer: to the lil one :) :beer::beer::beer:
  • Forgoodensake
    Forgoodensake Posts: 19 Forumite
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    You should only offer what you feel comfortable with and what you can afford.

    Good luck
  • kinger101
    kinger101 Posts: 6,282 Forumite
    First Anniversary Name Dropper First Post
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    dawyldthing wrote: »
    There taking the pee and trying to extract more money from you. I'd hold fire and play them at there game. How long has it been on the market?

    In my experience, estate agents are not bu11sh1tting when they say they've had multiple offers.
    "Real knowledge is to know the extent of one's ignorance" - Confucius
  • dawyldthing
    dawyldthing Posts: 3,438 Forumite
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    https://www.zoopla.co.uk/property/flat-2/roseberry-mews/roseberry-park/redfield/bristol/bs5-9eu/27381024

    It's only been on a week and it was up for rent mid last year. It's £5k more than they paid in 2007 too. I'd really hold fire unless your desperate as you'll end up in a bidding war
    :T:T :beer: :beer::beer::beer: to the lil one :) :beer::beer::beer:
  • dawyldthing
    dawyldthing Posts: 3,438 Forumite
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    kinger101 wrote: »
    In my experience, estate agents are not bu11sh1tting when they say they've had multiple offers.

    I think it depends where you are but estate agents aren't really renown for telling the truth
    :T:T :beer: :beer::beer::beer: to the lil one :) :beer::beer::beer:
  • kinger101
    kinger101 Posts: 6,282 Forumite
    First Anniversary Name Dropper First Post
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    dawyldthing wrote: »
    https://www.zoopla.co.uk/property/flat-2/roseberry-mews/roseberry-park/redfield/bristol/bs5-9eu/27381024

    It's only been on a week and it was up for rent mid last year. It's £5k more than they paid in 2007 too. I'd really hold fire unless your desperate as you'll end up in a bidding war

    How can they end up in a bidding war, if according to you, the EA is making the offers up?
    "Real knowledge is to know the extent of one's ignorance" - Confucius
  • warby68
    warby68 Posts: 3,021 Forumite
    Name Dropper First Post First Anniversary
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    Noone can realistically tell you what to bid as noone knows how much you want it compared to others you have seen, how scarce other suitable properties are,or how much you can actually afford?

    You need to make your own mind up but the best guide to a reasonable price is what nearby similar properties have sold for (note sold prices not for sale prices) with due allowance for condition. Obviously if a property has multiple offers and has only been on the market for a week, it is desirable so you probably do need to increase your offer to succeed.

    If its best and final fair enough - decide your number and try not to be too invested - but be wary of bidding wars. If they come back again then sit tight at that point would be my advice.

    People are sceptical that agents play games but I have been in real life best and final situations. It was actually the agent's recommendation for us as vendors as they believed that incremental bidding wars and playing off multiple parties just generates ill feeling and mistrust and is difficult to draw to an end. I tend to agree. It is probably the fairest, most efficient sytem really.
  • dawyldthing
    dawyldthing Posts: 3,438 Forumite
    edited 3 October 2017 at 12:18PM
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    kinger101 wrote: »
    How can they end up in a bidding war, if according to you, the EA is making the offers up?

    As they tell you 'oh someone has bid more' so you tell them you'll leave it then all of a sudden the other 'buyer' has pulled out. I wouldn't trust estate agents - they are after extracting as much commission as possible.

    When I looked there was one nearby for £110k and another for £130k so it's pitched in the middle. Sit back and see what happens.
    :T:T :beer: :beer::beer::beer: to the lil one :) :beer::beer::beer:
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