Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • Firsttimehousebuyer
    • By Firsttimehousebuyer 13th Jun 17, 1:59 PM
    • 3Posts
    • 0Thanks
    Firsttimehousebuyer
    What to Offer
    • #1
    • 13th Jun 17, 1:59 PM
    What to Offer 13th Jun 17 at 1:59 PM
    We are first time buyers and have found a place we like. It's not an absolute must but we do like it. It's on offer for £290,000 (it's a 2 bed flat - welcome to the South ) and an identical place went for £265,000 in March 2016. It's been on the market for 7 weeks and I am pretty sure no one is as interested as we are (yet). I have also noticed that the market is slowing down - at least in terms of what is coming on for sale. But the sellers are not in a rush either. I have two concerns - are we buying at the top of the market and how much do we offer? I do not want to annoy the EA but this is also at the top of our range so want to get a good deal! How much negotiating do you do and how many "counter-offers" is the norm? I feel at such a disadvantage with the EA being on the sellers side and being first time buyer.
Page 1
    • Crashy Time
    • By Crashy Time 13th Jun 17, 2:05 PM
    • 4,846 Posts
    • 2,114 Thanks
    Crashy Time
    • #2
    • 13th Jun 17, 2:05 PM
    • #2
    • 13th Jun 17, 2:05 PM
    We are first time buyers and have found a place we like. It's not an absolute must but we do like it. It's on offer for £290,000 (it's a 2 bed flat - welcome to the South ) and an identical place went for £265,000 in March 2016. It's been on the market for 7 weeks and I am pretty sure no one is as interested as we are (yet). I have also noticed that the market is slowing down - at least in terms of what is coming on for sale. But the sellers are not in a rush either. I have two concerns - are we buying at the top of the market and how much do we offer? I do not want to annoy the EA but this is also at the top of our range so want to get a good deal! How much negotiating do you do and how many "counter-offers" is the norm? I feel at such a disadvantage with the EA being on the sellers side and being first time buyer.
    Originally posted by Firsttimehousebuyer

    If you don`t mind negative equity go in firmly at 300k, but don`t budge from that.
    • abbieJ
    • By abbieJ 13th Jun 17, 2:10 PM
    • 7 Posts
    • 1 Thanks
    abbieJ
    • #3
    • 13th Jun 17, 2:10 PM
    • #3
    • 13th Jun 17, 2:10 PM
    If you are ok with 300k offer, I would go for 290k at first, so that I can negotiate later if needed.

    Good luck!
    • mouthscradle
    • By mouthscradle 13th Jun 17, 2:22 PM
    • 974 Posts
    • 1,122 Thanks
    mouthscradle
    • #4
    • 13th Jun 17, 2:22 PM
    • #4
    • 13th Jun 17, 2:22 PM
    I'm confused, why would they go in at £300k? The OP doesn't say it's on "offers over" £290k. I'd be going in at £270k if nobody else is interested, then £280k if rejected. Some would probably say go lower, if it's been on the market a while.
    Mother, wife, scientist, analyst.
    • Surrey_EA
    • By Surrey_EA 13th Jun 17, 2:25 PM
    • 1,062 Posts
    • 1,257 Thanks
    Surrey_EA
    • #5
    • 13th Jun 17, 2:25 PM
    • #5
    • 13th Jun 17, 2:25 PM
    If you don`t mind negative equity go in firmly at 300k, but don`t budge from that.
    Originally posted by Crashy Time
    I'm intrigued how you are aware of the op's mortgage requirements, or do you not know what negative equity means?
    • LdnFtB
    • By LdnFtB 13th Jun 17, 2:25 PM
    • 50 Posts
    • 56 Thanks
    LdnFtB
    • #6
    • 13th Jun 17, 2:25 PM
    • #6
    • 13th Jun 17, 2:25 PM
    I think crashy is making a joke along the lines of how Kirsty and Phil used to 'negotiate' on behalf of their tv clients
    • Surrey_EA
    • By Surrey_EA 13th Jun 17, 2:29 PM
    • 1,062 Posts
    • 1,257 Thanks
    Surrey_EA
    • #7
    • 13th Jun 17, 2:29 PM
    • #7
    • 13th Jun 17, 2:29 PM
    We are first time buyers and have found a place we like. It's not an absolute must but we do like it. It's on offer for £290,000 (it's a 2 bed flat - welcome to the South ) and an identical place went for £265,000 in March 2016. It's been on the market for 7 weeks and I am pretty sure no one is as interested as we are (yet). I have also noticed that the market is slowing down - at least in terms of what is coming on for sale. But the sellers are not in a rush either. I have two concerns - are we buying at the top of the market and how much do we offer? I do not want to annoy the EA but this is also at the top of our range so want to get a good deal! How much negotiating do you do and how many "counter-offers" is the norm? I feel at such a disadvantage with the EA being on the sellers side and being first time buyer.
    Originally posted by Firsttimehousebuyer
    It is sometimes said that if your first offer doesn't embarrass you, then it is too high! However, it is also wise not to leave the vendor feeling insulted which can get negotiations off to a bad start.

    What are the circumstances of the seller? Are they in a hurry to move quickly?

    How does the price compare to other properties currently on the market?

    Are there any obvious differences in condition between this property and the one that sold last year for £265k?
    • Firsttimehousebuyer
    • By Firsttimehousebuyer 13th Jun 17, 3:47 PM
    • 3 Posts
    • 0 Thanks
    Firsttimehousebuyer
    • #8
    • 13th Jun 17, 3:47 PM
    • #8
    • 13th Jun 17, 3:47 PM
    Thanks for the advice - that is similar to what I was thinking - to offer £270,000 but be willing to negotiate up. The seller is not in a hurry unfortunately and the place is almost identical to the one sold a year ago (it is in a new-ish development). It is quite hard to price because it is in an area with very few flats although I did find a similar spec house for sale close by for £300,000. The house does come with a garage and small garden but will probably have a lot of road noise in comparison to the place we are interested in (it's almost on a main dual carriageway). My other concerns with the flat are the lease is only 96 years and services charges are quite expensive
    • GingerFurball
    • By GingerFurball 13th Jun 17, 4:11 PM
    • 937 Posts
    • 885 Thanks
    GingerFurball
    • #9
    • 13th Jun 17, 4:11 PM
    • #9
    • 13th Jun 17, 4:11 PM
    Have you tried asking the seller what they want?

    If it's been on the market for 7 weeks then it's unlikely to get into a bidding war. Why is the seller looking to sell, can they afford to have it on the market for much longer,is there a pressing deadline they need to meet?

    Once you've got all that answered, you know where you stand. From there, can you negotiate the seller downwards?
    DEBT FREE!

    Debt free by Xmas 2014: £3555.67/£4805.67 (73.99%)
    Debt free by Xmas 2015: £1250/£1250 (100.00%)
    • aneary
    • By aneary 13th Jun 17, 4:33 PM
    • 500 Posts
    • 353 Thanks
    aneary
    Thanks for the advice - that is similar to what I was thinking - to offer £270,000 but be willing to negotiate up. The seller is not in a hurry unfortunately and the place is almost identical to the one sold a year ago (it is in a new-ish development). It is quite hard to price because it is in an area with very few flats although I did find a similar spec house for sale close by for £300,000. The house does come with a garage and small garden but will probably have a lot of road noise in comparison to the place we are interested in (it's almost on a main dual carriageway). My other concerns with the flat are the lease is only 96 years and services charges are quite expensive
    Originally posted by Firsttimehousebuyer
    If it is at the top of your price range and the service charge is high I would check you can get a mortgage, the service charge and ground rent will be taken into account when applying.
    • Tiners
    • By Tiners 13th Jun 17, 6:50 PM
    • 190 Posts
    • 203 Thanks
    Tiners
    I'd definitely go in at £300k... just think of the prestige you could bestow upon yourselves by setting a new price ceiling for the street.
    • Crashy Time
    • By Crashy Time 13th Jun 17, 8:13 PM
    • 4,846 Posts
    • 2,114 Thanks
    Crashy Time
    I'd definitely go in at £300k... just think of the prestige you could bestow upon yourselves by setting a new price ceiling for the street.
    Originally posted by Tiners

    Bingo...
    • Crashy Time
    • By Crashy Time 13th Jun 17, 8:17 PM
    • 4,846 Posts
    • 2,114 Thanks
    Crashy Time
    Have you tried asking the seller what they want?

    If it's been on the market for 7 weeks then it's unlikely to get into a bidding war. Why is the seller looking to sell, can they afford to have it on the market for much longer,is there a pressing deadline they need to meet?

    Once you've got all that answered, you know where you stand. From there, can you negotiate the seller downwards?
    Originally posted by GingerFurball

    7 weeks is nothing, there will be people out there with property "on the market" for years, that is the beauty of historically low interest rates, nothing finds it`s clearing price. However the political consequences of this are beginning to show so don`t be surprised if the PTB deliberately crash the market now.
    • Firsttimehousebuyer
    • By Firsttimehousebuyer 14th Jun 17, 8:25 AM
    • 3 Posts
    • 0 Thanks
    Firsttimehousebuyer
    How many counter-offers is the norm? If I offered £270k and they said no, then I offered £275k? Or would you go straight to £280? At what point does it just become annoying?
    • Crashy Time
    • By Crashy Time 14th Jun 17, 12:12 PM
    • 4,846 Posts
    • 2,114 Thanks
    Crashy Time
    How many counter-offers is the norm? If I offered £270k and they said no, then I offered £275k? Or would you go straight to £280? At what point does it just become annoying?
    Originally posted by Firsttimehousebuyer



    Sellers squabbling over 5k is annoying IMO.
    • mysterymurdoch
    • By mysterymurdoch 14th Jun 17, 8:10 PM
    • 136 Posts
    • 104 Thanks
    mysterymurdoch
    Saying 'no' isn't squabbling. It's telling a buyer that you won't accept that amount. How much experience do you have of making offers on properties? Any at all? Best not offer advice if you know nothing.

    OP, 275 on a 290k property is in the realms of reasonable. How keen/desperate are you to buy soon?
    • Crashy Time
    • By Crashy Time 14th Jun 17, 10:11 PM
    • 4,846 Posts
    • 2,114 Thanks
    Crashy Time
    Saying 'no' isn't squabbling. It's telling a buyer that you won't accept that amount. How much experience do you have of making offers on properties? Any at all? Best not offer advice if you know nothing.

    OP, 275 on a 290k property is in the realms of reasonable. How keen/desperate are you to buy soon?
    Originally posted by mysterymurdoch

    It`s just greed, hoping that a better offer will come along of a few grand more because people are brainwashed into thinking property should guarantee a fat profit, but as the US seem hell bent on getting some rate rises in how many sellers will want to squabble over 5k in future?
    • mysterymurdoch
    • By mysterymurdoch 14th Jun 17, 10:13 PM
    • 136 Posts
    • 104 Thanks
    mysterymurdoch
    You didn't answer my question
    • Crashy Time
    • By Crashy Time 14th Jun 17, 10:14 PM
    • 4,846 Posts
    • 2,114 Thanks
    Crashy Time
    I`m not keen/desperate to buy soon, thanks.
    • mysterymurdoch
    • By mysterymurdoch 14th Jun 17, 10:20 PM
    • 136 Posts
    • 104 Thanks
    mysterymurdoch
    My questions to you were "How much experience do you have of making offers on properties? Any at all? ". You must have a lot of experience judging by how much time you spend giving advice on the House Buying forum.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,608Posts Today

7,609Users online

Martin's Twitter
  • RT @KCMurdarasi: @MartinSLewis Only 2 fluently, but I can struggle by in another 5 or so. And ask the way to the toilet in about 10 - you d?

  • Today's twitter poll: How many languages do you speak (inc Eng) with reasonable fluency (eg can have decent phone chat solely in that lang)

  • RT @iiSteveJonesii: @MartinSLewis After watching you talk this morning about me burning £300 I got on a comparison site tonight & sure enou?

  • Follow Martin