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SimonBck
Posts: 138 Forumite
Me and my wife are going to view a property this evening that came onto the market midday yesterday. This house from pictures looks exactly what we are after and the exact location that we require. I would imagine this property will have a lot of interest due to price and location. The house is up for 375K. If we go to see it tonight and we are convinced it is the house for us and we believe 375K is a fair price, would it be too soon to put the offer in with the Estate agent at the end of the viewing? I would ask that it be removed from the market as we are paying the guide price. EA is showing us round as I believe the house is empty. 375k is the top end of our budget so we would not go higher than that. There would be no chain.
The various thoughts I have going through my head are "if we offer today then the owner might think well it has only been on the market 1 day and already we have had a offer so more might come in so will accept but not take off the market" or "if we go to low with a offer or delay making a offer until after a second viewing we might miss out on the property".
Any thoughts or advice would be greatly appreciated.
The various thoughts I have going through my head are "if we offer today then the owner might think well it has only been on the market 1 day and already we have had a offer so more might come in so will accept but not take off the market" or "if we go to low with a offer or delay making a offer until after a second viewing we might miss out on the property".
Any thoughts or advice would be greatly appreciated.
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I would certainly not make an offer on that day and certainly not in person with the EA whilst you are still in the property. I think that would give off a very obvious signal that you are very interested in the property which would most likely make the EA advise the vendor to hold out because they may think a higher price is achievable.
Have you looked at recently sold similar property data in the same road/area?
If I were you, I would view the property and try not to get too emotionally attached to it. Have a proper think about it and make a formal offer (either telephone call followed up my an email or simply an email) with what YOU think is a fair offer."If you aren’t willing to own a stock for ten years, don’t even think about owning it for ten minutes” Warren Buffett
Save £12k in 2021 - #027 £15,268 (76%)0 -
george4064 wrote: »I would certainly not make an offer on that day and certainly not in person with the EA whilst you are still in the property. I think that would give off a very obvious signal that you are very interested in the property which would most likely make the EA advise the vendor to hold out because they may think a higher price is achievable.
Have you looked at recently sold similar property data in the same road/area?
If I were you, I would view the property and try not to get too emotionally attached to it. Have a proper think about it and make a formal offer (either telephone call followed up my an email or simply an email) with what YOU think is a fair offer.
Thank you for the advice. I need to step back and take a breather from the excitement of it all. Very little has come on to market where we are so when this house popped up it really grabbed our attention.
If we ask the EA if they have anymore viewings booked in I am assuming it will be a stock answer of Yes loads!0 -
For me, with my vast experience of one house :rotfl: if you think there's going to be a lot of interest then you want to try and build a relationship with the seller/EA so they see you as a person wanting to buy the house rather than a number. You need to stand out.
I'd sound out the EA to find out if the seller is in a rush to move - when yo do offer, emphasise the positives of your offer - as a FTB you're desirable, happy to aim to complete to the sellers preferred timetable etc.
I've just made an offer on a place based on one viewing - but I made sure I had a good hour and treated it as a second viewing IYKWIM?
The first viewing is often to get a 'feel' for the place, and the second to look at snags and details - so I took a bunch of pictures of each room/all the key elements and was mentally as critical as possible. I more or less worked through this list: https://www.moneysupermarket.com/money-made-easy/how-to-make-maximum-use-of-your-second-viewing/
The night after the viewing I sent a message to the seller with my first impressions and some questions - showing I was interested - and saying 'subject to checking some details I'd intend to make an offer but would require XYZ'; this would be your chance to say 'taken off the market/period of exclusivity' etc
The seller responded to say that wasn't a dealbreaker for them - I then spent a day/36 hours thinking about how to make it work; I submitted the offer roughly 72 hours after viewing.
The seller spent a day or so thinking, then accepted.That sounds like a classic case of premature extrapolation.
House Bought July 2020 - 19 years 0 months remaining on term
Next Step: Bathroom renovation booked for January 2021
Goal: Keep the bigger picture in mind...1 -
If you want it, you want it, any amount of waiting might lose it for you.
You can never tell what a seller's thinking. Usually the first price is an optimistic "we might get this so let's try it" price from the agent.... how able/willing they are to drop after that is variable, I've seen houses drop £10k a week after.
Some houses do fly off the shelf. Some languish.
Nobody can tell.... maybe you are the only viewers and if you waited a month they'd shave £25k off it. Maybe if you waited a day to put your offer in you'd be told somebody else had got it...
Just do what you feel is right for you.
You will always feel you overpaid, you rushed, you made a mistake, that's normal.0 -
Really appreciate the insights. Had a chat with my wife and we decided that we will see how our viewing goes tonight, if the house is for us a we will email over a offer tomorrow morning 6 -7k below asking price, that should give us something to work with. Hopefully it gets accepted or we get a counter offer that is suitable.0
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If it's perfect for you and likely to be popular then I would go in and offer straight away . I'm not one for messing about with silly low offers and tend to worry that I will lose the good place and regret it if someone else gets it.
This is assuming you have researched your local market well and know what you want, if there's not much available then grab it . If there's loads of choice and more likely to come on as spring arrives then you have time to ponder .
Many sellers hate having to have their place perfect and having lots of people come round to look so will welcome a quick and simple sale . I know I did .Decluttering, 20 mins / day Jan 2024 2/21 -
Well personally I wouldn't hang about if it is the right house for you
We offered there and then on our house first viewing 5k under asking of 230k. Next day EA said vendors would meet in the middle on price. Agreed and it was then Sold STC - less than a week after it went up.
If you're prepared to meet the asking or near to it then go for it. Hanging about leaves the door open for others to swoop in and you'll kick yourselves if you leave it. Not all vendors are wanting to hang about for higher offers, they may want to just get it sold and get on with it.0 -
I am making a assumption here but this might be a probate sale. A couple of indicators suggests this. Would this need to be approached in a different manor?0
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I would never go in at asking price, especially when it's literally just come on the market. The seller will be deluded thinking they've underpriced it and should have put it on for more. And the buyer (you) will always think you should have offered less.
Even £5k less than asking is better than nowt. Can't see them wanting to knock much more than that off anyway as it's so new to the market. If you're going to pay asking price, at least pretend to do it reluctantly.
Are there literally no others you can view on the same day as comparisons?
Re probate - what makes you think that? Have you asked why they're selling to see if anyone has died? Have they actually got probate, or selling in advance? That could take months (or longer) to sort.2023 wins: *must start comping again!*0 -
We're in the process of buying a probate sale house. Only real difference is that it might take longer to get back to you if they have to get in touch with multiple parties who need to agree on your offer.
Sometimes probate sales are great for getting deals, because the beneficiaries are getting "free money" so keen to just have that in their pocket asap... but then again not always. Before this one we made an offer on another probate sale that'd been sitting on the market for 2 years... the offer was not even 10% below asking but got a firm No. So you never can tell!0
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