[Sussex] What's the best way to buy a house that you anticipate will have lots of competition?

Ⓩ-Ⓐ-Ⓜ-Ⓞ-Ⓡ-Ⓐ · Sep 5, 2024

Thinking of moving house and somewhere has popped up that suits us quite nicely. It's priced on the lower side as it needs some work done, but it's not a huge project and the place would be liveable while the work is carried out. I anticipate that due to the low price and good location there will be quite a lot of interest. What's the best way to put an offer in to ensure the best chance of acceptance? Should we go in straight away with an above asking price offer? Offer the asking price and asked to be informed of any other offers? Wait a few days and then ask the agents how many offers have been made and if possible to disclose the highest? Any other tactics to recommend? Unfortunately an open checkbook isn't possible, and we're not cash buyers either. Thanks NSC!

Wes Tupper · Sep 5, 2024

Try to establish the seller’s wish list in terms of timescales, type of buyer, items that the seller is looking to sell separately, etc. and make an early offer accordingly.

timbha · Sep 5, 2024

Is your place on the market? Do you have a buyer? If not why would someone accept your offer if you aren’t in a position to proceed?
However, if you do have a buyer you could ask the estate agent to fish around to find out what the seller would accept to take it off the market.

Uncle Spielberg · Sep 5, 2024

Put your best case upfront, get a mortgage decision in principle to show the agent, depending on your circumstances will factor the outcome and how many in the chain so cashbuyers would have an immediate advantage. Happy to help

Seagull on the Hill · Sep 5, 2024

timbha said:
Is your place on the market? Do you have a buyer? If not why would someone accept your offer if you aren’t in a position to proceed?

This, how can you offer on a house if you haven't sold your existing place?

Uncle Spielberg · Sep 5, 2024

If you have an offer accepted over market value it will be still be valued by the mortgage lender who values it less, ie real value it would affect the mortgage and may result in a higher deposit having to be made, over value only really works if you are a cashbuyer who can take the hit

Weststander · Sep 5, 2024

Don’t overpay, also factoring in its state and the cost of the refurb works/materials (these have doubled in recent years).

It’s a buyers market, so few folk are currently able to shift their for sale property. So a good moment for you. Although that will affect you in selling your current place.

kevo · Sep 5, 2024

Can you give us more information - are you renting atm or planning on selling your current place? It sounds like you need a mortgage, in which case you need to get an agreement in principle.

If you haven't yet sold and are a mortgage buyer, this puts you in quite a weak position. I missed out on a place earlier this year, because they wouldn't accept my offer until I'd sold my place. When I had, and put an offer in, I was then out-bid by someone else who'd only just viewed the property. It still rankles.

They might agree to 'shake hands' on a deal though (without signing a memorandum of sale) if you put in a very good offer.

Tbh, I wouldn't consider selling and buying at the same time. It's hell. Sell up, rent, and then take your time to find the right place.

Bozza · Sep 5, 2024

I agree with others above, proceed-ability is likely to be a key determinant, although not certain.

If you need to sell, and you're not even on the market yet, then your positon could be quite weak.

It may be best to be honest with the agent ASAP, and see what they can tell you about the vendor's desired timescales etc.

kevo · Sep 5, 2024

Weststander said:
Don’t overpay, also factoring in its state and the cost of the refurb works/materials (these have doubled in recent years).

This is a very important consideration. When estimating how much refurb work might cost, you are probably advised to double it. The price of work has increased massively in recent years (due to increased cost of materials and a lot of the cheap workforce returning home post-Brexit).

timbha · Sep 5, 2024

how much of a hurry are you in? You seem quite laid back about the whole thing. Perhaps when you take your lunch break you might have a look on here and provide some more details.

Common as Mook · Sep 5, 2024

Bung the estate agent. That will stop you overpaying on the house for a small increase in outlay.
Unfortunately that's how a lot of deals still work

Chicken Run · Sep 5, 2024

Ⓩ-Ⓐ-Ⓜ-Ⓞ-Ⓡ-Ⓐ said:
Thinking of moving house and somewhere has popped up that suits us quite nicely. It's priced on the lower side as it needs some work done, but it's not a huge project and the place would be liveable while the work is carried out. I anticipate that due to the low price and good location there will be quite a lot of interest. What's the best way to put an offer in to ensure the best chance of acceptance? Should we go in straight away with an above asking price offer? Offer the asking price and asked to be informed of any other offers? Wait a few days and then ask the agents how many offers have been made and if possible to disclose the highest? Any other tactics to recommend? Unfortunately an open checkbook isn't possible, and we're not cash buyers either. Thanks NSC!

Don’t bother chasing this property, you post this thread and we are still waiting for you to provide us with more details of your situation, you sound to me like you need to sell your current home to buy this one and i’d wager you’re not even on market yet?

happypig · Sep 5, 2024

From a seller's POV (I've sold several properties in the last 40 years), I wouldn't entertain an offer from someone who hadn't either got cash in the bank or had already got a confirmed buyer.

Eric the meek · Sep 5, 2024

Offer to work to the seller's timeframe. It might take the pressure off them.

nevergoagain · Sep 5, 2024

Find out who the seller is, social media stalk them. Find something embarassing/incriminating and then blackmail them.

Normal Rob · Sep 5, 2024

When we saw a house that we fell for (we were the first to see it) we had a second viewing next day and then put in a full asking price offer immediately after that (this was 3 years ago, and the property market was buoyant - there were a further 14 viewing booked for the following 3 days). We stipulated that we wanted the house to be taken off the market immediately, which they did, plus we asked for some outbuildings (decent sheds) that were being sold separately to be thrown in. We did have our property already sold. The sellers did ask the estate agent if we were good for the mortgage but he told them that, as we had been viewing other properties in the region of 75k higher in price, we were. We got the house.

Professor Plum · Sep 5, 2024

Most important, speak to the agent and try to build a good relationship. Yes, the agent acts for the seller and not you but the agent is usually very influential if the seller is undecided which offer to accept. In particular, try to get the most useful information eg how quickly does the owner want to sell? Are they looking for a cash buyer? Etc. This will help you decide whether it’s worth pursuing.

In general, remember to be likeable and warm with the agent and the seller. If trying to decide between similar competing buyers, the seller will often choose the ones who seemed friendly, respectful, enthusiastic etc.

hart's shirt · Sep 5, 2024

Ⓩ-Ⓐ-Ⓜ-Ⓞ-Ⓡ-Ⓐ said:
Thinking of moving house and somewhere has popped up that suits us quite nicely. It's priced on the lower side as it needs some work done, but it's not a huge project and the place would be liveable while the work is carried out. I anticipate that due to the low price and good location there will be quite a lot of interest. What's the best way to put an offer in to ensure the best chance of acceptance? Should we go in straight away with an above asking price offer? Offer the asking price and asked to be informed of any other offers? Wait a few days and then ask the agents how many offers have been made and if possible to disclose the highest? Any other tactics to recommend? Unfortunately an open checkbook isn't possible, and we're not cash buyers either. Thanks NSC!

Which road are you looking at?

With NSC's extensive knowledge of the B&H area (if that's where it is), I'm sure you'll get some helpful impartial advice and opinions.

DJ NOBO · Sep 5, 2024

Ⓩ-Ⓐ-Ⓜ-Ⓞ-Ⓡ-Ⓐ said:
Thinking of moving house and somewhere has popped up that suits us quite nicely. It's priced on the lower side as it needs some work done, but it's not a huge project and the place would be liveable while the work is carried out. I anticipate that due to the low price and good location there will be quite a lot of interest. What's the best way to put an offer in to ensure the best chance of acceptance? Should we go in straight away with an above asking price offer? Offer the asking price and asked to be informed of any other offers? Wait a few days and then ask the agents how many offers have been made and if possible to disclose the highest? Any other tactics to recommend? Unfortunately an open checkbook isn't possible, and we're not cash buyers either. Thanks NSC!

If you’re happy with the asking price, offper it on the condition the property is then taken off the market .

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[Sussex] What's the best way to buy a house that you anticipate will have lots of competition?

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