How To Offer When Buying Property

For some buyers, it still makes sense to proceed with a purchase, even (in fact sometimes because of) a looming recession and property market downturn.
But, the most important thing is to not overpay. So how do you know what the right, fair, market price is? Because every property is unique. Even two physically identical neighbouring properties will have a different feel.
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[@vuthomas]

Really enjoying your content. Thank you for providing such valuable information to those of us who are new to the property market!

[@MovingHomewithCharlie]

You're very welcome. Thanks for the feedback!

[@11mar79]

Sometimes it’s the location not the home itself we fall in love with

[@broadleyboy2]

Excellent video Charlie relaxed and informative .

[@Natta44]

Really useful thanks. Subbed. Every house I have viewed, they have been sealed bids because of multiple offers. It gives me the worst anxiety and desperation sets in. It's so hard to be logical when deciding what to offer. Best advice i've got is to only offer what you can afford not what you think others may be offering.

[@MovingHomewithCharlie]

That's absolutely crucial.

[@mikeparrott8304]

I've just found your channel and subscribed. Enjoying your content alot. Massive commonsense thinking and market knowledge from yourself.

[@MovingHomewithCharlie]

Welcome aboard!

[@ArsenalTrill]

Keep bringing the great content...Loving it 👀🍿♥️

[@MovingHomewithCharlie]

Thank you! Will do!

[@talexe]

Hi Charlie, these videos are coming at just the right time for me -- thank you! We're first-time buyers looking for a property but are in no rush, which is to say that we'd like to move in the next 18 months or so. We're ready to move, but there's also a huge amount of uncertainty in the market (and in the wider economy). If we project that there could be up to a 20% correction in the housing market over that period, would it be a reasonable strategy to keep looking but to make very low (15-20% below asking) offers on properties we're interested in? This strategy assumes we come across a trickle of houses which we like a lot, but aren't ones that we'd get drawn into a bidding war for. Or would our precious time on Earth be better spent just waiting 6+ months?

[@MovingHomewithCharlie]

That's a very good strategy if you're in no rush. Keep looking, you'll know when you find the right place, it'll be love at first sight, but you'll need to kiss some frogs first!

[@loisbolton1800]

Really enjoying your channel.

[@MovingHomewithCharlie]

Awesome, thank you!

[@yoginid672]

Thank you Charlie. Really appreciate your videos and clarity. Here's a scenario (I find myself in): with the budget I'm working with, there isn't really a property that I see myself 'falling in love with' (location, size, requirements). My 'dream' home or the kind of property that I would fall in love with, or see as my dream online, is well above my budget. So... what I do find myself finding are properties 'that I like' - and could happily live in - but even with these properties there's bidding wars. So it's a kind of philosophical and psychological question really: how far do you push yourself to purchase a property 'you like' and can be happy with, knowing that on your budget there will compromises to be made with whatever you buy.

[@MovingHomewithCharlie]

I hear you. But I think that you’re going to start seeing more property coming to the market at better prices so you’ll start to have more choice. Sure it may not be a dream home, but for what you can afford you’ll start to see the good the bad and the ugly, and one day you’ll find one that speaks to you, and you’ll know that’s your home. When that happens, go for it 😃

[@Hixyboyblue]

I have the same Pink Floyd back catalogue poster. Awesome taste.

[@MovingHomewithCharlie]

Good spot!

[@samba9145]

Hi Charlie. After 5 years of renting, we have found two properties we love. The asking price is the same for both and we are about to offer on one of them. If our offer is rejected, we will then make an offer on the other. Fingers crossed, we are successful, and bag ourselves a home. Thank you for your advice. I feel much more confident in this whole process than I did before subscribing to your channel.

[@MovingHomewithCharlie]

That’s amazing to hear. Thank you and best of luck!

[@lollysugarkane1]

Very helpful thank you Charlie

[@MovingHomewithCharlie]

Glad it was helpful!

[@xJeniee]

Thank you so much! Found you on tiktok at just the right time.

[@MovingHomewithCharlie]

Glad you did!

[@TheGregcawthorne]

Important to add; with the cheeky low offer, they will also usually come back to you with a best and final offer if someone else comes along. So it is unlikely they will leave you out of the equation entirely. However, then you would have to probs pay on or over the asking price anyway. Again, depends if you're in a falling market + how much you want it anyway.

[@neoclash9029]

Thanks bud 👍

[@MovingHomewithCharlie]

No problem 👍

[@christopherschodt2586]

your video managed to be seen in vienna austria. very intere sting tips, no i am not buying in uk, but spain.. i have seen properties on golf resorts, as i am not affected by brexit, it is a buyers market . it would be interesting to make a video on a foreign markets. cheers christopher

[@MovingHomewithCharlie]

Hi Christopher, yes it would be interesting but sadly no time for that!

[@nickbrown6457]

You didn't cover the situation where I got caught out big time. First time buyer, tying to buy a starter home in a very hot rising market in 2015. 20 potential buyers at the open house viewing I attended (one of two open house viewings, so likely 40 potential buyers). The agent was only accepting offers over. I put in a big offer (about £15,000 over, about 10%) to blow everyone else out of the game and hopefully secure it. Offer was accepted. But by the time exchange of contracts was about to happen (about 3 months later), the house prices on this type of house had risen by over £30,000, so the seller decided to withdraw on the day we were meant to exchange contracts, and put the house back on the market. I lost over £1500 in legal/surveyors fees. And because the prices had run away from what I could afford by then, it meant I never managed to buy a house in my chosen city, and probably now never will. I ended up buying a house in a cheaper city 40 miles away a year or so later, but it's not really where I want to be. I feel very let down by the whole system. Is there any advice you can offer to avoid a situation like this happening to anyone else?

[@MovingHomewithCharlie]

The only way to avoid this is with the “committed transaction” where both buyer and seller voluntarily commit

[@mrmohammadsbashir3754]

Finally, a non-sensationalists Brit that is looking to help buyers and not investors. Glad I found this channel. Looking to buy within the next 6 months. Been on pause since the covid frenzy and hoping the time is now right. Looking for pre covid prices so around 15-20% reductions ideally, East Midlands area. Possible or not?

[@MovingHomewithCharlie]

Much appreciated! And yes, certainly possible. Get out there, get looking at properties, get a feel for what's happening at a local level in the area you want to buy, and you'll know when you find the right one

[@wsa9120]

15-20% reduction seems unlikely, depends on the type of property you’re looking for, ie detached, garden, 3/4 bedrooms are low on supply and high in demand so would likely not see any fall, if anything a continued rise

[@Joe-yh5qg]

Hey Charlie - great videos! What do you think will happen to interest rates over the next few years? I ask because I’m buying a £350k property in London on the HTB scheme using the max 40% equity loan and £20k deposit. They are now predicting 12% dip in London which, if correct, would knock £42k straight off this property value. The catch is that if mortgage interest rates rise to something like 6-7%, then buying a similar property in a couple of years, not on HTB, would cost me this amount in additional interest (or more!), seeing as I would be taking out a larger mortgage without the 40% equity loan being available through HTB. So actually means I wouldn’t save anything for waiting and purchasing in the dip, or may even end up being more expensive due to higher interest rates.

[@MovingHomewithCharlie]

Thanks Joe. They are going up in the next few years, considerably, but how far nobody knows for sure. Possibly 5-6% eventually

[@emgal9938]

Hey Charlie - came over from you TikTok! FTB with offer accepted but survey has come up with some immediate repairs to be addressed. Taking the money required for the the repairs off the deposit reduces offer by 15% - any thoughts on negotiation? Thanks

[@MovingHomewithCharlie]

Ask the selling agent for their suggestion first. They will want the transaction to proceed and be keen to find a resolution and a fair way forward. See what they say. If they’re a good agent, they’ll advise their client accordingly and you should see what the options are then. If that doesn’t work (if the agent is silly about it) then I know it sounds weird but I’d ask another local agent for advice. You’ll be surprised how helpful they can be if they’re impartial. They’ll want to help. (I can’t really provide specific advice from here). You’ll also need to talk to your mortgage provider/broker too.

[@tracyking2115]

Please can I ask you if it is your right to ask what offers have been made/accepted on a property before you make an offer? I used to think it was a private matter or a bit rude to ask but am wondering if it is now an acceptable practice. Thank you

[@MovingHomewithCharlie]

You can ask, they're not obliged to tell you, but you can tell a lot from their reaction. They usually do answer, but whether you get a truthful answer or not will depend on the integrity of the agent.

[@nsoul4296]

Great information 👍 How long would you wait if you're in no rush? I'm thinking 6 months would be a good time for those falls to filter through.

[@MovingHomewithCharlie]

It could take 3 years. 6 months is a very short timeframe in property transaction terms.

[@nsoul4296]

@@MovingHomewithCharlie thanks for the great feedback. I think there may be a correction in Jan 2023 of a few percent when energy hikes and higher interest rates start to kick in with a then more gradual decline over the next 24 months. Great channel with good insights. Cheers 👍

[@MovingHomewithCharlie]

@@nsoul4296 I think that's a very credible projection. Thanks for the feedback.

[@aliaksandrasaywell3826]

January 2023 is gone, but unfortunately, there is no property correction just yet, and there is no sign of one. It is still sinking in...

[@nsoul4296]

@@aliaksandrasaywell3826 true but prices are down at least 5% and probably actually more as of 25 Feb 23. It's taking longer for falls to filter through but I think more falls are now enavitable in 2023.

[@Dana-ml7sy]

I was interested in a house advertised for sale for £600,000 from On the market. I had to phone the estate agent to arrange a viewing which I did. Over the weekend I went back to the ad to check a few details but couldn’t find it so went to the estate agent site & searched for the ad. I found it & the price had gone up by £100,000. On the Monday I phoned the estate agents to query the price & spoke to quite a brusque lady who informed me the ad I had seen was at least 2 years old as the Contact for the estate agent had left the company 2 years ago. We cancelled the viewing for the following day as it was now priced out of our budget. My husband followed up with an email to say we were still interested in the house at the price we saw advertised at £600,000 & to please contact us to arrange a viewing if the price dropped. We didn’t even get an acknowledgment/reply to our email. I have since seen the ad at the lower price of £600,00 on Zoopla & it’s still advertised for £600,000 on On the market. We were initially told the house was on the market for a year but it must be longer as the ad was 2 plus years old. I wonder if the seller was informed of why we cancelled the viewing. We have lived in our home for over 30 years so we are out of touch with common practice now. It’s this what estate agents do?

[@54wsbrdtyd6ryeb56d]

very unusual, they seem to be leaving it up there with the old price to generate some interest maybe, but if its a lot more expensive than people are willing to pay i can't see how thats going to get them a buyer. I've recently experienced similar unusual behaviour from an agent who lists dozens of houses that have apparently 'just been sold' when i phoned up to enquire about them, so I asked them ''what houses in the area that you have listed are not sold yet'', to which she replied ''well there will be some appearing within the next week or so''. 2 weeks later, all those houses that have been 'sold' are still on the agents website and rightmove/zoopla without being marked as sold/underoffer. Not sure exactly what it is but they're definitely up to something

[@nssonsmotors2470]

hi charlie ive seen a few properties in my area which have reduced from there inflated price to there true market value - is it still possible to ask for 10-15% discount on high value properties?

[@MovingHomewithCharlie]

Absolutely possible. It depends if they have competing buyers or not. If not, make an offer, see what happens

[@Petra-oq5wl]

Re your previous excellent videos, are we in "unprecedented times"? = recession happening for sure but this time outcome different.? Instead of repossesions+lots of cheap houses(as in 90,s), will system change?, to allow a house owner with defaulting mortgage, to remain in their house but as a rent payer+no longer an owner?

[@MovingHomewithCharlie]

An excellent question. Many people are raising this question, is this part of Klaus Schwab's "Great Reset" where we will apparently "own nothing and be happy"? I sincerely hope not.

[@Petra-oq5wl]

@@MovingHomewithCharlie thanku Charlie, for your reply. Western leaders seem to be very much on board, worryingly with the WEF plans. More specifically however, are you seeing, in the market, atm, defaulters being switched over to renters of their property? Or is this still at the theoretical stage?

[@MovingHomewithCharlie]

@@Petra-oq5wl still theoretical at the moment

[@victoriahamilton6939]

This is exactly what THEY want! Bankrupt people via energy and food shortages / increases, interest rates etc and take their homes. Yes part of the Schwabb plan. OR stay in your house but rent it from the state, bank, mega company like Blackrock who are all buying up homes. It’s a way to control people and enforce rules on them.

[@jcs3330]

Hi Charlie, Thanks for the great videos and advice on this highly debatable topic. I am just about to sign contract on a 2 year old 'resale' apartment in the county of Kent UK. I was informed it was rented by the original owner who then 'apparently' sold it back to the developer. My question is: The most recent land registry deed (only 4 months ago) shows the property has being sold '55k less' then the present asking price!...and my lawyer has questioned this 'extraordinary' price increase, but to date has had no clarification on the matter. Have you seen or heard of this before?

[@MovingHomewithCharlie]

Hi, yes it’s very common for sellers to try and make the most of a perceived strong market. I revert to my standard advice, if it feels like you’re overpaying, you almost certainly are. If it was me I would: Work out the maximum price at which I was happy to proceed with the purchase, withdraw my current offer and resubmit the new amount, being prepared to walk away if they reject it. But that’s just me! You may not wish to risk losing the property. It’s a judgment call only you can make. Good luck!

[@jcs3330]

@@MovingHomewithCharlie Hi Charlie. Thanks for your prompt reply and valued advice. Yes, my confusion was the difference in the price the developer bought it back from the initial owner, and the sale price. I suppose why I have also questioned this is due to the same developer, have just finished phase 2 next door (exact floor plan, design etc, and these are being marketed at 30k plus of what I am paying..hence my conflicting understanding of both situs.

[@WisdomToAll]

loved every word , just reminding you to answer how to find fair price of the market when price are failing pls . ? sorry if you already answered..

[@MovingHomewithCharlie]

It will be different for each property and seller. But if both sides want to transact and there aren’t competing buyers, the agent (if good) will normally facilitate an agreement on price. It’s all down to the quality of the agent.

[@WisdomToAll]

@@MovingHomewithCharlie OK I thought we need refer to annual house prise index or zoopla for price estimation..

[@TedsAssassin]

We are sitting tenants hoping to buy our current house. We have a valuation and negotiation coming this afternoon. What a time to find this video! Thank you!

[@j.e.7028]

I put a cash offer in of 50k below listing price...rejected,that was a cheeky offer wasn't it...I'm learning patience

[@cu99460]

I offered 630k for a 700k, 4 bed. They rejected my offer. I then asked for a counter offer and they said, no, the buyer must make the offer. I said sorry, I won't entertain this property anymore until you give me a counter offer. What do you think, Charlie? Any advice?

[@MovingHomewithCharlie]

Same as always. Make your max comfortable offer, above which you’d walk away. Leave it on the table for 7 days then walk away. Make sure it’s clear in your email that it’s your only offer, not an opening gambit.

[@HughJason]

Maybe you could be a bit briefer.

[@MovingHomewithCharlie]

It's been said before....

[@stevo728822]

I think you fundamentally misunderstand why people buy a property. It has nothing to do with falling in love with it. It's about necessities. I think you have too much of a London bias in your thinking.

[@MovingHomewithCharlie]

Spoken like a true agent! You see so many properties it’s just work and the magic of a home you love is lost on you. Are you saying that if a property is in budget and meets the tick list of criteria a buyer should buy it? Well perhaps. But they won’t be as happy as if they find one that just says “I’m your new home” when you walk in the door. That’s happened to me every time. Brighton 1995, Hastings 1997, London 1999, London 2005, Devon 2012. I would never buy if I didn’t get that feeling when you just know it’s your next home.

[@christopheripad477]

@@MovingHomewithCharliebuying a home is an emotional purchase, if there’s no love for it, there’s no way I’m going to live there.