Buying a house (and renting)

Bunni wrote:

satriales wrote:Anyone have tips for best and final offers?

We've found a place we love. It's priced about £100k below our absolute top end that we can afford, so we have put in an offer at asking price. There have been other offers and now it's going to best and final offers. We would probably be okay paying 50k over asking if there was another person interested and we had a bit of back and forth with bidding, but it seems wrong to suddenly jump to a bid of 50k over asking. We can afford it but don't want to pay that much unless we really have to. What to do?

If we went say 25k over and lose do we realistically have any chance of a subsequent higher bid being accepted? I know legally you can bid again but are sellers likely to consider other offers after the BAFO process?

Do you have the extra cash to hand? Only advice I can give is to put forward an irregular offer, like £5,400 rather than £5k cuz thats an obvious choice and your bid would still end up higher. Worked out for us, we paid that much over the home report value which was literally all we had spare after deposit and moving costs and managed to snag it. But we got beat by 20k upwards for others.

RetroCora wrote:

Bunni wrote:

satriales wrote:Anyone have tips for best and final offers?

We've found a place we love. It's priced about £100k below our absolute top end that we can afford, so we have put in an offer at asking price. There have been other offers and now it's going to best and final offers. We would probably be okay paying 50k over asking if there was another person interested and we had a bit of back and forth with bidding, but it seems wrong to suddenly jump to a bid of 50k over asking. We can afford it but don't want to pay that much unless we really have to. What to do?

If we went say 25k over and lose do we realistically have any chance of a subsequent higher bid being accepted? I know legally you can bid again but are sellers likely to consider other offers after the BAFO process?

Do you have the extra cash to hand? Only advice I can give is to put forward an irregular offer, like £5,400 rather than £5k cuz thats an obvious choice and your bid would still end up higher. Worked out for us, we paid that much over the home report value which was literally all we had spare after deposit and moving costs and managed to snag it. But we got beat by 20k upwards for others.

This is what's happening with my brother at the moment - one property he put in £25,000 over the asking price and was fifth out of nine(and beaten by almost £50,000). Granted our system is slightly different from Sat's, but this is still good advice I think!

Stugene wrote:

RetroCora wrote:

Bunni wrote:

satriales wrote:Anyone have tips for best and final offers?

We've found a place we love. It's priced about £100k below our absolute top end that we can afford, so we have put in an offer at asking price. There have been other offers and now it's going to best and final offers. We would probably be okay paying 50k over asking if there was another person interested and we had a bit of back and forth with bidding, but it seems wrong to suddenly jump to a bid of 50k over asking. We can afford it but don't want to pay that much unless we really have to. What to do?

If we went say 25k over and lose do we realistically have any chance of a subsequent higher bid being accepted? I know legally you can bid again but are sellers likely to consider other offers after the BAFO process?

Do you have the extra cash to hand? Only advice I can give is to put forward an irregular offer, like £5,400 rather than £5k cuz thats an obvious choice and your bid would still end up higher. Worked out for us, we paid that much over the home report value which was literally all we had spare after deposit and moving costs and managed to snag it. But we got beat by 20k upwards for others.

This is what's happening with my brother at the moment - one property he put in £25,000 over the asking price and was fifth out of nine(and beaten by almost £50,000). Granted our system is slightly different from Sat's, but this is still good advice I think!

i got pipped by someone putting 30k more than the market value the other week

satriales wrote:Cheers everyone. We've put in our best and final offer. Not gone too crazy but we do really want the house so put in a decent offer and should have a fair shot at winning. There are three other offers though so anything can happen. Hopefully the vendor will pick one tomorrow and we'll get an update soon after.

Stugene wrote:i got pipped by someone putting 30k more than the market value the other week

Drumstick wrote:

Stugene wrote:i got pipped by someone putting 30k more than the market value the other week

Damn, that really sucks. Was it a developer?

Good luck Sat!

Kezzer wrote:

Drumstick wrote:

Stugene wrote:i got pipped by someone putting 30k more than the market value the other week

Damn, that really sucks. Was it a developer?

Good luck Sat!

It's Scotland. I put an offer in of £368k on a house 'marketed' at £280K and was 4th highest out of 9

Victor Mildew wrote:

Kezzer wrote:

Drumstick wrote:

Stugene wrote:i got pipped by someone putting 30k more than the market value the other week

Damn, that really sucks. Was it a developer?

Good luck Sat!

It's Scotland. I put an offer in of £368k on a house 'marketed' at £280K and was 4th highest out of 9

There's houses worth that in Scotland? Did you put an offer in on Edinburgh castle?

Victor Mildew wrote:

Kezzer wrote:

Drumstick wrote:

Stugene wrote:i got pipped by someone putting 30k more than the market value the other week

Damn, that really sucks. Was it a developer?

Good luck Sat!

It's Scotland. I put an offer in of £368k on a house 'marketed' at £280K and was 4th highest out of 9

There's houses worth that in Scotland? Did you put an offer in on Edinburgh castle?

RetroCora wrote:

Victor Mildew wrote:

Kezzer wrote:

Drumstick wrote:

Stugene wrote:i got pipped by someone putting 30k more than the market value the other week

Damn, that really sucks. Was it a developer?

Good luck Sat!

It's Scotland. I put an offer in of £368k on a house 'marketed' at £280K and was 4th highest out of 9

There's houses worth that in Scotland? Did you put an offer in on Edinburgh castle?

Behave yourself.

RetroCora wrote:Scots law is archaic and weird, is the honest answer(we have three potential trial verdicts, for example - guilty, not guilty and not proven). Scots property law even more so.

Moggy wrote:

RetroCora wrote:Scots law is archaic and weird, is the honest answer(we have three potential trial verdicts, for example - guilty, not guilty and not proven). Scots property law even more so.

I don't know anything about Scottish property law, but I like the option of a "not proven" verdict.