We completed early October and got it through about a month ago.
The nervous wait to exchange....
- Thread starter noj
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We completed early October and got it through about a month ago.
Can someone shed me some advice.
We have seen a house with a “offers over” on the price. Spoke to the home owner and accepted the figure that he gave at the time of viewing. Mentioned he had a few other viewings and he’d get back to us. We’ve also told the estate agent that this is our offer which the home owner has stated he’s willing to accept.
I’m guessing there is a chance of a bidding war? The house is spot on and probably the best we’ve seen out of the ones we’ve viewed the past couple of months.
How would you guys approach this? We’ve offered £10k more than the initial price.
We have seen a house with a “offers over” on the price. Spoke to the home owner and accepted the figure that he gave at the time of viewing. Mentioned he had a few other viewings and he’d get back to us. We’ve also told the estate agent that this is our offer which the home owner has stated he’s willing to accept.
I’m guessing there is a chance of a bidding war? The house is spot on and probably the best we’ve seen out of the ones we’ve viewed the past couple of months.
How would you guys approach this? We’ve offered £10k more than the initial price.
Me, I've moved house twice and I'd never offer 10k over asking personally that's just insane to me. I'd be looking at going the other way but I am based in the Midlands and I guess it's a different ball game elsewhere.
It depends if there are other people interested and if they then make an offer. If the estate agent is good then they would move to a sealed bid arrangement and normally the highest bid then wins, at that point it really depends if you have additional funds to cover the difference in what you are going to pay for the house and what your mortgage company thinks its worth.
Thanks for the reply. We’re purchasing cash so no need for a mortgage. The house is nice tbf so we don’t mind paying a little over the odds. We will have to wait and see, it would be a shame to miss out on it as it meets our criteria very well with little compromises. I’ll wait and see how it fairs out.
Then you are potentially in a stronger position that other people looking at the house. You could make your offer conditional that the property is taken off the market because you have the ability to move fast. If you are serious perhaps get a local conveyancing solicitor lined up and find a decent local surveyor. You could also maybe look at a Lock in agreement but as I said before you already have some power in being a cash buyer but you can also get insurance to cover any loses if you get gazumped. If I was the seller I would be happy with 10K over the asking from a cash buyer
Is that "cash pending the sale of your current property?"
Not quite the same as a full cash offer. Regardless, depending on the property they might take it. I got offered +25K on my "offers over price however that fell thru and eventually accepted +10k over to a cash buyer
After the first sale fell thru, I actually just relisted at a higher guide price and removed the "offers over".
No chain on either end. It may give us the advantage but I’m uncertain.
Should do, not quite the advantage of a cash buyer, though.
Cash buyer means the sale isn’t dependent any anything, no house sale, no mortgage. E.g. you have the cash in the bank and can pay almost immediately if needed.
As a vendor the risk of a buyer/seller pulling the pug at the last minute is far higher than a bank not lending, mortgages are normally the first thing people sort out.
As a vendor the risk of a buyer/seller pulling the pug at the last minute is far higher than a bank not lending, mortgages are normally the first thing people sort out.
Congrats.
It's weird but arguably less weird than it was 20+ years ago, because on top of that 15-30 minutes you have a lot more information at your fingertips these days. You can view adverts and floorplans online, see previous sale prices, research neighbourhood statistics, cruise the area in google street view etc. You also get home buyer reports etc. I think the main difference is nowadays, by the time you go to view a property, you've probably looked at hundreds if not thousands online so can be fairly confident you are looking at something suited to your needs. In years gone by, you were basically reliant on what particulars the estate agents showed you when deciding what properties to view, so you had fewer points of comparison.
I suppose the other factor is, you have to ask yourself, if you had more time to look round a house, how would that change things? The average buyer probably isn't going to spot something that will change their minds after the first 30mins I imagine, unless it is a very large property.
I think with house sales these days the virtual tours are one of the greatest things in existence. Whatever I saw which looked a little weird I could pinpoint when I viewed to see if it was exactly like it looked on the virtual tour.
One thing I hate is estate agents using wide camera lens to make rooms look much bigger than they actually were upon viewing.
Thanks! Got a call from the agent, ready to go ahead and it’s being taken off the market.
Instructed our solicitor and the vendors theirs.
With the property being 3 years old I wasn’t really thinking of getting a survey done. I’m confident it’s all ok but would some of you advise if it’s necessary.
One thing I hate is estate agents using wide camera lens to make rooms look much bigger than they actually were upon viewing.
Congrats.
Thanks! Got a call from the agent, ready to go ahead and it’s being taken off the market.
Instructed our solicitor and the vendors theirs.
With the property being 3 years old I wasn’t really thinking of getting a survey done. I’m confident it’s all ok but would some of you advise if it’s necessary.
I'd say it's a waste of money. Sure, they'll pick lots up to justify their cost but most of it will be obvious to you once you get in. Any major structural issues would be covered by the NHBC warranty anyway.
They are more for older properties IMO.
I agree, a Homebuyers isn't going to show you anything worthwhile you couldn't see yourself and the NHBC is going to cover anything structural.
Standard, you just gotta look for the tell-tale signs, the floorplan is always the first thing I look at anyway to check if the rooms are big enough. A lot of houses I don't even bother looking at anything but the cover photo as they'll be discarded based on size. Colour palette is another one, usually try and make things look more vibrant. When a property is on with two different agents it's quite interesting seeing the difference in the photos sometimes.
What's the sentiment on the stamp duty returning and buying over the next few months? Are we going to see any cooling of the market?
I bought a 3 bed semi-detached 4 years ago and have the opportunity to move into a 4 bed. Both new builds, but the 4 bed is exactly what we're looking for in the right area (which we know well because we'd only be moving across town). That said, they're not budging on price at all right now which has curtailed my enthusiasm. They're slightly overpriced compared to surrounding properties (albeit there's very little in our town to choose from despite all the developments) and 2 plots have already gone out of about 14 which must be outside the stamp duty offer because they've only just been reserved. They are open to negotiation on incentives (stamp duty contribution, spec) but I'm in a bit of a quandry whether to wait and see or test the water and go through their assisted move to secure a plot and see if our house sells.
I bought a 3 bed semi-detached 4 years ago and have the opportunity to move into a 4 bed. Both new builds, but the 4 bed is exactly what we're looking for in the right area (which we know well because we'd only be moving across town). That said, they're not budging on price at all right now which has curtailed my enthusiasm. They're slightly overpriced compared to surrounding properties (albeit there's very little in our town to choose from despite all the developments) and 2 plots have already gone out of about 14 which must be outside the stamp duty offer because they've only just been reserved. They are open to negotiation on incentives (stamp duty contribution, spec) but I'm in a bit of a quandry whether to wait and see or test the water and go through their assisted move to secure a plot and see if our house sells.