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



Ⓩ-Ⓐ-Ⓜ-Ⓞ-Ⓡ-Ⓐ

Ⓩ-Ⓐ-Ⓜ-Ⓞ-Ⓡ-Ⓐ

Hove / Παρος
Apr 7, 2006
6,764
Hove / Παρος
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!
 




W

Wes Tupper

Active member
Feb 27, 2024
114
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.
 


T

timbha

Well-known member
Jul 5, 2003
10,499
Sussex
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

Uncle Spielberg

Well-known member
Jul 6, 2003
43,090
Lancing
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
 






Uncle Spielberg

Uncle Spielberg

Well-known member
Jul 6, 2003
43,090
Lancing
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
 




kevo

kevo

Well-known member
Mar 8, 2008
9,789
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

Bozza

You can change this
Helpful Moderator
Jul 4, 2003
57,244
Back in Sussex
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

kevo

Well-known member
Mar 8, 2008
9,789
Weststander said:
Don’t overpay, also factoring in its state and the cost of the refurb works/materials (these have doubled in recent years).
Click to expand...

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).
 


T

timbha

Well-known member
Jul 5, 2003
10,499
Sussex
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.
 




C

Common as Mook

Not Posh as Fook
Jul 26, 2004
5,638
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

Chicken Run

Member Since Jul 2003
NSC Patron
Jul 17, 2003
19,776
Valley of Hangleton
Ⓩ-Ⓐ-Ⓜ-Ⓞ-Ⓡ-Ⓐ 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!
Click to expand...
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

happypig

Staring at the rude boys
May 23, 2009
8,158
Eastbourne
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.
 








Normal Rob

Normal Rob

Well-known member
Jul 8, 2003
5,792
Somerset
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.
 
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P

Professor Plum

Well-known member
NSC Patron
Jul 27, 2024
593
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

hart's shirt

Well-known member
Jul 8, 2003
11,070
Kitbag in Dubai
Ⓩ-Ⓐ-Ⓜ-Ⓞ-Ⓡ-Ⓐ 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!
Click to expand...
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

DJ NOBO

Well-known member
Jul 18, 2004
6,810
Wiltshire
Ⓩ-Ⓐ-Ⓜ-Ⓞ-Ⓡ-Ⓐ 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!
Click to expand...
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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