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House just come on market which i like @ £240k, whats my first offer?

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  • PokerPlayer111
    PokerPlayer111 Posts: 343 Forumite
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    hey thank for tips, will be back later, just speed read that jojo, now going to view, yeah asbestos in like say house @ 1998 though is mega mega low chance.

    considering offer strat tyty
  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
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    It depends on how big your b4lls are - and how thick skinned you are - and how much you "love" it.

    It's new - in the first 2 weeks they expect it to sell at full price. 2-3 weeks the agents are looking for sellers to drop the price. But, it's Xmas, so they might be looking for the "Xmas week rush" to get that full price offer.

    Go in low and another buyer might just trump you and say "take it off the market" and then it's gone.

    Go in too low and you might "upset" the seller and they might decide "I'd not sell to them at double the price, cheeky farquers".

    It's a game.... and if you plan anything other than full asking price you're gambling.

    Those who want it, but aren't overly bothered, would wait for at least 3 weeks, see if it's dropped .... then go in low. As it's Xmas, that 3 weeks might be longer.
  • getmore4less
    getmore4less Posts: 46,882 Forumite
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    don't even consider an offer till you have researched properly.

    rightmove more like this SSTC and actual selling prices going back upto a year to get a decent sample size.
  • Cakeguts
    Cakeguts Posts: 7,627 Forumite
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    You would be surprised at what someone can do to a 15 year old house.
  • davidmcn
    davidmcn Posts: 23,596 Forumite
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    PokerPlayer111 wrote: »
    As regards survey my biggest concerns are health so i worry about damp or asbestos as #1 priority.
    I know you've figured out it's not relevant for this property, but I'm not sure why you're so concerned about asbestos? Where it exists it's pretty much always safely embedded in the walls etc - only really a concern if you start drilling or otherwise breaking it up.
  • capital0ne
    capital0ne Posts: 872 Forumite
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    PokerPlayer111 wrote: »
    Just come on market, what should be my first offer? i'd like to get the property for $231k final offer. but i dont want to annoy sellers with anything under 220k as a first offer, yet to get it for $231k etc i might need to offer lower to start?

    Im a first time cash buyer so obv no chain and entire money sat ready to go and can complete at sellers convenience, i also wont bother with survey as its a newer build.

    The property market is a little slow where i am + time of year makes market even slower but its only just come on market.

    Is this $ or £?
  • capital0ne
    capital0ne Posts: 872 Forumite
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    Offer £225 and leave it at that - wlk away and say the offer is open - they'll come back when desparate - works for me everytime!

    Assuming this is £s and not $s!
  • PokerPlayer111
    PokerPlayer111 Posts: 343 Forumite
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    getmore4less wrote: »
    don't even consider an offer till you have researched properly.

    rightmove more like this SSTC and actual selling prices going back upto a year to get a decent sample size.

    Yeah im getting on that tonight but i have made an offer, well 2 today.
    capital0ne wrote: »
    Is this $ or £?

    £ i messed up and put dollar sign.

    So what i did was offer £219k at the end of the viewing because the place was in decent shape, i checked all walls, no damp, its the driest property i've checked with my damp checker thing.

    £219k got rejected 15 minutes after viewing so we went up to £224k right then, it basicallly also got rejected because "the property just came on the market". We didn't increase offer further and said we would think and let the vendor think over the weekend.

    On monday we are thinking of increasing to £228k and later in week to £231k but i dont see how on earth we can pay full asking price, would be madness. If the vendor refuses at £231k then they would have to take someone with a mortgage buy no doubt for an extra few k and so much more hassle? Surely they would see sense? and take the 231k final cash offer. They might not sell this property for a couple months IMO - its possible they could get full asking but what would you do as a vendor? i know i would snap up the £231k very fast regardless on my situation vs waiting 1-2 months.
  • AnotherJoe
    AnotherJoe Posts: 19,622 Forumite
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    edited 9 December 2017 at 8:47PM
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    Why would it be madness to pay FA if it could go for say £250k to another buyer ?im not saying it might, just that there’s no rule that says paying FA is “madness”.

    I think your strategy of upping the price you would pay by a few £k every few days is training the sellers that whatever you offer don’t worry there will be another higher offer coming along shortly. So I would make it clear your next offer is final. I think you need to ask the EA what their position is.

    This is because you talk about the hassle of them waiting for someone else but that depends on their position. They may absolutely need that extra £10k, or they may not have somewhere to move to yet so a cash buyer who (as far as they are concerned) may may start hassling them about moving when they aren’t ready, might actually be a negative point in their eyes.

    Once you understand how important the money and the timing is to them then you can make a decision with those in mind. Don’t be afraid to ask the EA what they think will be acceptable, EAs are much more concerned about an easy quick sale than screwing a few % more out of the buyer.
  • getmore4less
    getmore4less Posts: 46,882 Forumite
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    You offered before you did the research
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