Owning your own home

I have two contradictory experiences with OIEO properties, so I’m not sure whether a rule can be found. Depends greatly on how long it’s been on the market for, I think.

Recently bought a flat for 5% less than the OIEO asking price. But a couple years ago, when everything in E17 was selling in a week, I had to go 5% over.

If you feel it’s undervalued to attract viewings, then personally I’d offer the asking price to show willing and then work your way up from there as Tenderloin has said.

We do want to buy on this particular street but our place isn't on the market yet

You need to try and get a feeling for the vendor's position given the above.

If they've found somewhere, desperate to move, etc then you'll probably need to give more incentive than if they're still looking .

I've had a variety of scenarios whilst looking but generally offers weren't looked at particularly favourably even when we were on the market but hadn't sold.

Bit of insider knowledge I’ll share here so you can get others opinions too.
Last place on said street was on at 650, went last and final Monday after weekend viewings, went for 720, but even the EA were shocked. Next closest was 710.
Sellers are selling on behalf of their deceased parents who rented the place out for the last decade or two so possibly in no rush and will be seduced by high offers.

Thanks, yeah I should have said this bit:

Sellers are selling on behalf of their deceased parents who rented the place out for the last decade or two so possibly in no rush and will be seduced by high offers.

This is exactly what we're hoping. If they don't have a mortgage to pay, what's the big rush? Also it's still tenanted right now, not sure for how long though. And the tenant is older so things might not necessarily move fast on that front.

We have considered offering to pay council tax/any other costs incurred while they wait.

For anyone wondering the figures involved are smaller for us as this one hasn't been done up/extended. But we're expecting similar percentages to be involved...

It is in E17, doesn't sound much different to a couple of years ago!

It's definitely undervalued to attract viewings. I just worry that going in at asking when it's OIEO and everyone knows it will go for a fair chunk more will make us not look serious...

Also it's still tenanted right now, not sure for how long though.

You should find out.

Is there any reason why your place isn’t on the market?

Why engage in a bidding war or any of this?
Just offer what you think you can afford. Don't play a game.
This is London. There's someone richer than you. If they want the house they'll get it.

You miss every shot you don’t take...

"it's on for X, but it's offer in excess of. I think (based on value around here not real worth) it should be priced around this. I really desire it so I can afford up to this. I will bid this."

Rather than:
"This is the biggest game of poker I've ever played. I don't normally play poker. What should I do. I know I'll bid this. And that will get rid of these bidders and then put me into the next round and then. Oh. It's gone to a property developer who can pay cash"

You'll also miss shots you do take.

Second guessing what this place is worth to other people might be a bit of a shit game.

That said, if what you can afford > what the place is 'worth', then go crazy, if you can live with it.

Also true.
Property gambling is a shot game, but what’s 50k between friends over 50 years? Quid a month!

When we were looking we saw one at 499 and we didn’t get it despite going about 40k over. Craziness.

Same EA too.

Was that also OIEO?

Yeah it's only 50k.

Pointless snark.
Sorry. Long day.

Yeah, all there’s are, pretty sure it’s deliberate to whip up frenzy, price slightly low, open house, best and final. Sorry @Fox this prob isn’t helping.

Yeah it’s a way of getting it sold.

Should've got it ready and and on the market sooner really but life got in the way. We still have a few things to sort out but they should be done soon.

Don't want to get into a bidding war or play games, just want the house. And the reality is with the way the market is going/has gone over the past few years is if we don't get this one we'll almost certainly end up paying more for the next one.

Don't worry, it's totally that. Price low, open house in a fairly narrow window on a Saturday so there are loads of people there at the same time. Already be talking about best and final before anyone's made an offer. Offers in on Monday, SSTC by the end of the week. It's a piece of piss being an agent in Walthamstow!

Oh. It's gone to a property developer who can pay cash

Not in the overheated E17 property market (any more, anyway)!

Isn't this a sign of a bubble?

Gah, don't start that!

So I'm still not sure what we're meant to do.

Go all in first offer with the most we can genuinely afford/justify? This seems like an easy way to pay too much and it's a doer upper so the more we pay up front the less we have to do work on it.

Or put in a serious offer to start with then see what happens? As the agent has already said they'll be best and finals I can't really see the downside of this?

Also, revealing your real budget to the agent seems daft, no? Surely they'll just use it to up everyone else's bids if you declare it before best and finals?