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Putting an offer on a house

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  • 03-05-2021 8:42pm
    #1
    shellycub
    Registered Users Posts: 126 ✭✭


    Hello,

    first time buyer looking for some advice. My husband and I want to put an offer on a house. We have been told that there is an offer in which is 5k over asking price.

    Want to put our offer in writing, just wondering is there any wording we should use and if anyone has any tips for how much more we should offer?

    It's within budget so we have a bit of room.

    Thanks!


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    #2
    liam7831
    Registered Users Posts: 2,818 ✭✭✭liam7831


    shellycub wrote: »
    Hello,

    first time buyer looking for some advice. My husband and I want to put an offer on a house. We have been told that there is an offer in which is 5k over asking price.

    Want to put our offer in writing, just wondering is there any wording we should use and if anyone has any tips for how much more we should offer?

    It's within budget so we have a bit of room.

    Thanks!

    In my opinion it doesn't really matter how much you bid relatively speaking as the other party and yourself will have a limit depends who gets to theirs first.
    I went sale agreed a month ago kept bidding in 5k increments other party went from 5k to 15k increments


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    #3
    spaceHopper
    Registered Users Posts: 3,993 ✭✭✭spaceHopper


    Do a spread sheet with all the costs,

    Purchase
    Deposit
    Legal
    Survey
    Home insurance
    Life insurance
    Upgrades and renovations

    How much will you borrow and how much will the mortgage + insurance be every month.
    Have you approval in principle from a bank for x amount ? Get a letter from the bank to say you have been through the process and have approval without giving an amount.

    Put all that together

    Now find out about the sellers, is it a probate sale (tax bill due) divorce: they want to move on. Trading up want a simple sale less chain to g wrong, but could take longer.

    Stress your strong position to the EA, FTB mortgage approved..... offer x based on your spread sheet. Try to offer close to what you think it's worth leaving some room. If you want to play mind games do it on Friday afternoon.


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