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  • FIRST POST
    • ceb1995
    • By ceb1995 2nd Dec 17, 5:25 PM
    • 155Posts
    • 137Thanks
    ceb1995
    How low would be reasonable to offer?
    • #1
    • 2nd Dec 17, 5:25 PM
    How low would be reasonable to offer? 2nd Dec 17 at 5:25 PM
    We're first time buyers and viewed two houses on the same street today, both on the market at the same price of £159,950 which is at the utter top end of our budget. One property has a conservatory, garden in brilliant condition and big driveway and the agents felt it was a very reasonable price so we know we couldn't offer that much lower.
    So considering the other property, with no conservatory, a small garage and the kitchen and bathroom needing modernising we're wondering whether offering 10k lower ( which we'd be more comfortable at) would be reasonable?
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Page 1
    • Crashy Time
    • By Crashy Time 2nd Dec 17, 5:31 PM
    • 5,264 Posts
    • 2,217 Thanks
    Crashy Time
    • #2
    • 2nd Dec 17, 5:31 PM
    • #2
    • 2nd Dec 17, 5:31 PM
    Do you have links?
    • nicos42
    • By nicos42 2nd Dec 17, 5:34 PM
    • 23 Posts
    • 2 Thanks
    nicos42
    • #3
    • 2nd Dec 17, 5:34 PM
    • #3
    • 2nd Dec 17, 5:34 PM
    Hi I m a first time buyer and I got a 5% reduction. I started with 10% lower on a great house and location. I think first time buyers have the advantage now as rare commodity because of the economy. Don't listen to estate agents. If you love the house put an offer in. Look at zoopla and rightmove prices history on that road or nearby. For the price you mentioned I think something like 145500 is a reasonable start but I m no expert
    Also if the Estate agent reminds you that the chancellor gave us no stamp duty I reminded mine that is a helpful hand to us to no to the vendor....You might find that in some places the estate agents are trying it on. I m not a great fan of estate agents at all
    • ceb1995
    • By ceb1995 2nd Dec 17, 5:39 PM
    • 155 Posts
    • 137 Thanks
    ceb1995
    • #4
    • 2nd Dec 17, 5:39 PM
    • #4
    • 2nd Dec 17, 5:39 PM
    Do you have links?
    Originally posted by Crashy Time
    Yes
    http://www.dewhursthomes.co.uk/more-details.php?id=27340484

    http://www.rightmove.co.uk/property-for-sale/property-69195062.html
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    • JoJo1978
    • By JoJo1978 2nd Dec 17, 5:42 PM
    • 176 Posts
    • 160 Thanks
    JoJo1978
    • #5
    • 2nd Dec 17, 5:42 PM
    • #5
    • 2nd Dec 17, 5:42 PM
    You won't know how reasonable an offer is to a vendor until you submit it and hear feedback from them.

    EA work for the seller often on a % fee so their incentive is towards encouraging you to offer as high as possible.

    Things to consider:
    * How long has each house been on the market?
    * Have other people made offers that were rejected?
    * Is it unusual that 2 on the street are up for sale?
    * What are the circumstances of each vendor?
    * How have sold prices been trending in the area?
    * Have these houses been on market at higher price?
    * What is the value of a conservatory, garage to you?
    * What would it cost roughly to bring k + b to your std?
    * What is the very most that each house is worth to you?

    You need to offer lower than your max price to give yourselves wriggle room to go up to your max. You can offer whatever you want to, the EA has an obligation to pass all offers to the vendor.
    Hamster in the wheel (London) 1999-2017
    Mortgage free since 2015; Pension pot sorted 2017
    Second career (what TBD!) 2018
    • ceb1995
    • By ceb1995 2nd Dec 17, 5:47 PM
    • 155 Posts
    • 137 Thanks
    ceb1995
    • #6
    • 2nd Dec 17, 5:47 PM
    • #6
    • 2nd Dec 17, 5:47 PM
    Hi I m a first time buyer and I got a 5% reduction. I started with 10% lower on a great house and location. I think first time buyers have the advantage now as rare commodity because of the economy. Don't listen to estate agents. If you love the house put an offer in. Look at zoopla and rightmove prices history on that road or nearby. For the price you mentioned I think something like 145500 is a reasonable start but I m no expert
    Also if the Estate agent reminds you that the chancellor gave us no stamp duty I reminded mine that is a helpful hand to us to no to the vendor....You might find that in some places the estate agents are trying it on. I m not a great fan of estate agents at all
    Originally posted by nicos42
    There aren't any sales in the past year or so for the same amount of bedrooms, 18 months or so they went for around 10-15k less for nicer houses it seems. There haven't been any cheeky comments from agents about stamp duty yet, it's certainly great timing that they announced it just as we're looking to buy.
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    • nicos42
    • By nicos42 2nd Dec 17, 5:51 PM
    • 23 Posts
    • 2 Thanks
    nicos42
    • #7
    • 2nd Dec 17, 5:51 PM
    • #7
    • 2nd Dec 17, 5:51 PM
    Hi Ceb when have you started looking? Lovely house and conservatory. if they have not been many sales in the area for a year I think is agents trying it on. I d put an 10% off offer or hold off for something better it took me nearly a year to find the one house and I had two offers accepted that did not go trough because I was gazumped hence my love for the EAs
    • ceb1995
    • By ceb1995 2nd Dec 17, 5:57 PM
    • 155 Posts
    • 137 Thanks
    ceb1995
    • #8
    • 2nd Dec 17, 5:57 PM
    • #8
    • 2nd Dec 17, 5:57 PM
    You won't know how reasonable an offer is to a vendor until you submit it and hear feedback from them.

    EA work for the seller often on a % fee so their incentive is towards encouraging you to offer as high as possible.

    Things to consider:
    * How long has each house been on the market?
    * Have other people made offers that were rejected?
    * Is it unusual that 2 on the street are up for sale?
    * What are the circumstances of each vendor?
    * How have sold prices been trending in the area?
    * Have these houses been on market at higher price?
    * What is the value of a conservatory, garage to you?
    * What would it cost roughly to bring k + b to your std?
    * What is the very most that each house is worth to you?

    You need to offer lower than your max price to give yourselves wriggle room to go up to your max. You can offer whatever you want to, the EA has an obligation to pass all offers to the vendor.
    Originally posted by JoJo1978
    Thank you for all your pointers. There's no offers on currently, the one that has work that needs doing has no chain as they're looking to move into a smaller rented property and the other is seemingly being part exchanged for a new build. It's a reasonably large street so seemingly not unusual.
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    • JoJo1978
    • By JoJo1978 2nd Dec 17, 5:57 PM
    • 176 Posts
    • 160 Thanks
    JoJo1978
    • #9
    • 2nd Dec 17, 5:57 PM
    • #9
    • 2nd Dec 17, 5:57 PM
    OP, I forgot to say think about how urgent your need to move is. Right now the stock of houses on the market will be its natural lowest across the year. If you aren't in a rush, wait until next spring when houses that have been taken off the market for Xmas are out back on. And when new sellers who decide over the holidays to put themselves on the market.
    Hamster in the wheel (London) 1999-2017
    Mortgage free since 2015; Pension pot sorted 2017
    Second career (what TBD!) 2018
    • Cakeguts
    • By Cakeguts 2nd Dec 17, 6:01 PM
    • 3,261 Posts
    • 4,540 Thanks
    Cakeguts
    The one on rightmove with the green garage door is on a wider plot.
    • ceb1995
    • By ceb1995 2nd Dec 17, 6:05 PM
    • 155 Posts
    • 137 Thanks
    ceb1995
    Hi Ceb when have you started looking? Lovely house and conservatory. if they have not been many sales in the area for a year I think is agents trying it on. I d put an 10% off offer or hold off for something better it took me nearly a year to find the one house and I had two offers accepted that did not go trough because I was gazumped hence my love for the EAs
    Originally posted by nicos42
    we've been looking a month or so now. I'm not set on having a conservatory, it just so happens many in the area happen to have them. 10% off seems like a good place to start
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    • Kidder81
    • By Kidder81 2nd Dec 17, 7:04 PM
    • 63 Posts
    • 65 Thanks
    Kidder81
    I couldn't work out which one was which. They both look like they need a fair bit of work doing to me.

    I don't know the area so can't comment on price but to me they look like 160k houses without about work. I'd be aiming to pay 150-155 with intention of spending the rest on the house.
    • FTBuyerGlasgow
    • By FTBuyerGlasgow 2nd Dec 17, 9:32 PM
    • 17 Posts
    • 12 Thanks
    FTBuyerGlasgow
    Only pay what you can afford. Both look in reasonable live-in condition.

    Do not be fooled by asking prices, pay what you can afford and don't go above what you think it's worth.

    I missed out on a property even though I put in an offer more than I thought it was worth.

    Bigger fools and all that.
    Started out with nothing, still got most of it left.
    • ScorpiondeRooftrouser
    • By ScorpiondeRooftrouser 3rd Dec 17, 1:34 AM
    • 2,100 Posts
    • 3,127 Thanks
    ScorpiondeRooftrouser
    I couldn't work out which one was which. They both look like they need a fair bit of work doing to me.

    I don't know the area so can't comment on price but to me they look like 160k houses without about work. I'd be aiming to pay 150-155 with intention of spending the rest on the house.
    Originally posted by Kidder81
    How can you possibly say this if you don't know the area? They might be worth 190K in good condition and be priced accordingly.
    • deannatrois
    • By deannatrois 3rd Dec 17, 1:50 AM
    • 4,901 Posts
    • 6,864 Thanks
    deannatrois
    I prefer the second one. Kitchen is older but because its a kitchen diner you can do a lot more with it. It seems slightly bigger and lighter (colour scheme will effect that).., and not so much urgent decorating required.., garden is a lot better. Would need to replace bathroom but you could live with that. If you can get it at a lower price, that would just be an added bonus.

    Didn't really like the first one at all. Dark and squashed in, tiny kitchen with newer but still outdated kitchen. Redecorating a must!
    • Marcus1991
    • By Marcus1991 3rd Dec 17, 7:11 AM
    • 39 Posts
    • 44 Thanks
    Marcus1991
    The house ive just bought was up for 160k, we offered 144k, that was rejected. They said they'd come down to 155k, so we left it over the weekend and offered 148k. They eventually agreed on 151k. The house is a simular size to yours, our playing card was, we were first time buyers, it needed double glazing through out. We would have been happy to pay 160k because we loved the house, and it had been in the family from 1967-2008, but we stuck to our guns.
    Last edited by Marcus1991; 03-12-2017 at 7:14 AM.
    • Crashy Time
    • By Crashy Time 3rd Dec 17, 10:11 AM
    • 5,264 Posts
    • 2,217 Thanks
    Crashy Time
    How can you possibly say this if you don't know the area? They might be worth 190K in good condition and be priced accordingly.
    Originally posted by ScorpiondeRooftrouser

    Do you know the area?
    • Crashy Time
    • By Crashy Time 3rd Dec 17, 10:17 AM
    • 5,264 Posts
    • 2,217 Thanks
    Crashy Time

    Cheers, second one looks better to me, but IMO if there is a rate hike/recession/bad Brexit (good name for a film that) they will lose value, you would need to be prepared for that. Appreciating that you probably want to buy and don`t want to annoy the seller too much I would offer 150k on the second one.
    • ceb1995
    • By ceb1995 3rd Dec 17, 11:13 AM
    • 155 Posts
    • 137 Thanks
    ceb1995
    OP, I forgot to say think about how urgent your need to move is. Right now the stock of houses on the market will be its natural lowest across the year. If you aren't in a rush, wait until next spring when houses that have been taken off the market for Xmas are out back on. And when new sellers who decide over the holidays to put themselves on the market.
    Originally posted by JoJo1978
    We don't need to move very urgently, our rental contract is up in march and at the moment the landlord hasn't said he doesn't want us to stay.
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    • ceb1995
    • By ceb1995 3rd Dec 17, 11:14 AM
    • 155 Posts
    • 137 Thanks
    ceb1995
    I couldn't work out which one was which. They both look like they need a fair bit of work doing to me.

    I don't know the area so can't comment on price but to me they look like 160k houses without about work. I'd be aiming to pay 150-155 with intention of spending the rest on the house.
    Originally posted by Kidder81
    We feel the second one needs a lot more work but we could live in either without any work for a while.
    Earnings 2017:
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