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Old 15 Sep 21, 04:07 PM  
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#11
Moorlandman
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Crazy times - obviously some people have plenty of money to pay over the asking price😀
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Old 15 Sep 21, 04:16 PM  
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Mr Tom Morrow
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My Son put his house on the market about 3 Months ago. One afternoon of viewings and that was it. 6 people viewed and the next day 2 made offers both at the asking price.

The Estate Agent asked for full and final offers from both of them and they both went up £5K. So they were asked again for full and final and one went up £10K and the other £9K. My Son after speaking to me went for the £9K offer as they were in a better position to proceed immediately.

Fingers crossed he will move by Xmas as his new house isn't fully built yet.


Sellers market at the moment.
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Old 15 Sep 21, 04:19 PM  
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My parents sold their house recently for 61k more than asking price. Prices are crazy.
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Old 15 Sep 21, 04:23 PM  
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mitch84
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We had a little terrace, ideal first time buyers home for sale a couple of months ago. It was all done, and just an unpack and go situation.
We advertised it on Monday night, and I had 7 viewings over Wednesday/Thursday. Apparently by Thursday night there were over 30 viewing requests for Saturday 🙈
The 2 first time buyers who visited put in offers of £10k under asking. We would have accepted £5k under asking but £10k was nearly 9% as we asked for £115k.

Most of the investors who saw it wanted something a bit more basic as it would be a rental property. However one young girl who was buying her first BTL property liked it and made an offer of asking price if we took it off the market.

We decided to do that. I think the estate agent was a bit surprised. I think that if we had done 30 viewings on Saturday (! ) we might have been able to get £5k over asking, but like you say it had to get across survey, as we had only paid £82k for it 3 years ago, and felt cash buyers would be less likely to pull out.

I really felt for the FTB who had liked it, but we needed the money to be able to buy our grown up house, and had to prioritise a smooth house sale
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Old 15 Sep 21, 04:47 PM  
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FoxRed
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This happens in Scotland often. The estate agents call it a "closing date" where all bids have to be submitted by a certain time.

House prices have been crazy where i live for nearly 2 years now, with people paying 20k / 30k over asking price. We missed out on so many houses we ended up reserving a new build!
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Old 15 Sep 21, 05:13 PM  
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Originally Posted by FoxRed View Post
This happens in Scotland often. The estate agents call it a "closing date" where all bids have to be submitted by a certain time.

House prices have been crazy where i live for nearly 2 years now, with people paying 20k / 30k over asking price. We missed out on so many houses we ended up reserving a new build!
Agreed! We moved in October. We were first to view and they had 14 more viewings. 5 notes of interest so it went to a closing date. We were advised for the area 5% over home report was right as it wasn't the most desirable area but we loved the house and just had a feeling so went with about 15% over. We got it but not by much, estate agent was befuddled. We knew we might end up in negative equity for a bit soon but it's a forever house so could make peace with it. Glad we got it as the prices are noticeably higher now one year on!
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Old 15 Sep 21, 05:38 PM  
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traceylou1972
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Happened to DD2 and her partner earlier this year. Seller asked for final offers and positions by 5pm on the Friday, told they were successful and then on the Monday morning the other party put another offer in 😡. Estate agent asked them if they wanted to put another offer in - so not a lot of point in the final offer scenario. We advised them to pull out as the seller obviously wasn’t to be trusted. Luckily they have found a better house and moved in July.
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Old 15 Sep 21, 05:53 PM  
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This is the norm in Scotland. It’s an offers over system and if more than one person is interested it goes to a closing date, which is sealed bids done through your solicitor. At the moment prices are at 15 to 20% more than valuation in this area. We bid a ridiculous amount over asking price recently and our offer was 6th out of 15!
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Old 15 Sep 21, 09:38 PM  
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Next door did not even go on right move agents called the people they knew interested in properties in this area got cash offer at asking and three mortgaged offers on day one . They ended up taking £35k over asking for a cash purchase !

I think the answer is for your son to put in the highest amount he thinks the house worth and what he can afford.

Edited at 09:39 PM.
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Old 15 Sep 21, 10:36 PM  
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Our house is currently on the market. We have had 2 offers. It seemed fairest to me to go back to them both and give them a chance to each give a final offers. I don’t expect they will go up by a massive amount.

Everything we are trying to view is going to best and final offers within a few days.

It’s a crazy market at the moment.
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