House/home buying - how did you KNOW it was the one?

[Rebel Pebble]

Good luck Epp. I hope you hear something positive It does sound horribly competitive out there!

[FiveO'Clock]

I always feel like you have to work with a bit of a “if it’s meant to be, it’s meant to be” mentality with house purchases

That's how I've approached it and I've never had the "one that got away" feeling. When I bought my last house, I made offers on three other houses before I found the one I bought and the one I bought turned out to be perfect for me. When I bought this house, it was only going to be this deal went through or I wasn't moving/selling the house I had. Each house search is different. Do you have a good realtor? Hopefully, they can get some things lined up for when you get back if this flat goes over what you think it's worth.

[Epponnee Rae]

I’m not using an agent for viewings/finding a place. I think that’s much more a US thing, or for a specialized ($$$$$$$$) search. I have registered with various agents with what I’m looking for so am getting alerts when they have possible properties, though most things I am seeing in listings before they contact me anyway.

[FiveO'Clock]

It must be very different and it looks like my favorite show with Phil and Kirstie hasn't taught me enough.

You're going to get the perfect place, I just know it.

[Epponnee Rae]

I think part of the reason why Kirstie and Phil’s shows are popular is that they act like that rare bridge here for helping people to both find, decide and negotiate on a property. AFAIK most people don’t have access to that kind of support typically! Though my mum also said the same thing to me earlier today, so it’s not just you!

[emma_p]

If you can I highly recommend going in to the branches of the estate agents local to where you're looking and talking to them. They will know what's about to come on the market in your price range and will give you the head's up before photos are online so you can be one of the first to go to viewings. It really, really helps when the market's competitive.

We still get christmas cards from the realtor who helped us with our DC house

[Epponnee Rae]

Thanks e_p, I guess if this falls through I will add that to my search plans when I’m back from this trip. It doesn’t help that I really want to minimize my interactions with estate agents, given their reputation, and that frankly I don’t trust any of them! I’m pretty sure I’ve been lied to/fed lines by a few of them already, and that’s before putting any offer on the table! So the more I can keep them at arms length the better, especially because as a buyer not one of them will put my interests first. That’s naïve I know

[Derek Nimmo]

Here's the thing, they're shit towards sellers too and in my experience of both sides add nada, zip, zilch to the process. Amazing how any of them stay in business really!

[FiveO'Clock]

That's the difference then. Here the buyer and seller agents split the commission. I've been lied to despite them having an incentive, so I can understand your concern. Emma's idea is still a good one, you'll have more to look at and just try to ignore what they say.

[Pippedydeadeye]

Del is right.

It’s just playing the game. Go in, be charming, and work the system. Every fucker else is.

[Epponnee Rae]

Well, as expected, they have received a higher offer. They are asking for full and final offers by Monday lunchtime, so I have all weekend to sweat about it. I believe it is just one other offer on the table so far, which I have been led to believe could be at asking price, but have asked if there are any more viewings between now and then.

Anyone have any wisdom in this situation?? I think if I offer asking it’ll probably match the other offer (I of course have imperfect information here, they may also have offered under to see). They might yet offer more if anticipating being matched. I just have no idea how to play this. I think I can afford to offer more but making one massively over asking price, I may as well just look for something bigger at that price elsewhere

I am also going to be pissed if I am being played by the agent to force my offer up. The idea of which makes me baulk at offering over asking. But I guess I’ll never know. UGH.

How to decide?? There’s a big bit of me that just wants to get somewhere and moved. I want my stuff and to start living under my terms! I don’t love the idea of weeks more viewings and this malarkey again and again…

[Epponnee Rae]

This is when you really need Kirstie and Phil

[Princess Morripov]

I think my concern would be that you're thinking it's already probably a bit over-priced/ceiling limit for what it is. If you are getting bad vibes re. upping the offer or going over asking, then listen to your gut and don't do it.

Also, remember if you do go over asking, that the valuation / loan to value for your mortgage may or may not stack up...

[dizzyd]

From memory 20 years ago we offered asking at 146k but the survey came back said it was only worth 140k and that's all we could get the mortgage so they had to drop the price as we weren't prepared to make yo the difference

[Epponnee Rae]

Thanks Pov and dizzy, that is definitely my concern too, Pov. I was about to ask if anyone had been in that situation where the mortgage LTV and offer don’t match. This is a very good point to keep in mind, thanks.

[wendy james]

The house we’re in was the third we offered on. And we saw 20+ between us.

The first we’d offered asking but our chain was incomplete so they turned us down for somebody who offered below asking but was ready to proceed (and then their chain fell apart and they came sniffing ).

Anyway, the more relevant bit is we originally offered on the other house. The agent came back saying there’d been a higher offer and we said good luck. We were already near the top of our budget and I just didn’t think it was worth going higher.

So whilst there’s nothing inherently wrong with offering on or buying the first place you like, there will be others and if you don’t think it’s worth more, it probably isn’t!

[FiveO'Clock]

Is there another property that you like more, but it's a bit pricey?

If this one is worth the asking price to you, I would consider offering 1,100 over and not go above it. If you don't think the true value is even the asking price, I'd stick with the offer you made or the one they came back with. I would not put my full and final in until Monday morning.

There are going to be other properties that suit you so don't feel pressured. If the mortgage valuation does not come up to the offer, I would always either reduce my offer or walk away if the reduced offer was not accepted.

[Epponnee Rae]

Thanks Five, appreciate the tactical advice! I was definitely thinking of waiting until monday (Sunday night here) to make any final offer. Have also been wondering about what notional amount over asking I’d consider. It’s definitely in the realm of ~1% than 5%

There have been properties that I like as much in my top target areas, and those typically have the 2nd bedroom/study AND outside space/garden room, and are 25-30% more. I’ve seen one other 1-bed in my perfect area at that price range. Someone said on Location x3 this week that there was a difference between a typical first home purchase vs a second/third. This place I’ve offered on feels like a first home, the bigger expensive ones feel more like the latter, so a bit like skipping a step. But I’m getting on the ladder late, so I kind of expected that.

Good point on the valuation and walking away option.

Thank you all for humouring me (as always). I am probably repeating myself and to process.

[Kenickie]

I don't know if this helps, but I viewed the house over the road before this one. I really liked it, but thought it was a bit overpriced, so offered a bit less than asking. Agent came back and said there was another offer on the table, and I could have it for X amount more. I just didn't think it was worth it, so said no thank you.

Then this came on and I think think it's actually much better for us (no work needed and bigger), and was cheaper! I looked up the sale price of the one over the road and it did go for what the agent said, so they weren't lying, but I'm very pleased I paid less to get this one!

So I guess I echo what Wendy says. Unless this one is really special and you're happy to pay over the odds, there will be other options so I wouldn't get carried away. I guess just offer an amount that you're happy to pay, and that you'd be happy for it to go to someone else if they paid more.

[Kenickie]

Also it seemed that you were compromising on space etc because of the price, so if you ended up paying over asking wouldn't it be losing its big advantage and you'd be better off going for a bigger one?