Making an offer - advice appreciated

sky_blue_2

Any advice for when you make an offer? Basically Ive got a load of questions. The house im after is up for £144950 but I dont want to pay more than £140000 as I know they brought it for £120000 2 years ago and have made no improvements, the problem is someone has already met just below the asking price (apparently) but they need to sell their property first. However Im a first time buyer thus no chain so surely this gives me room for a cheeky offer? I was thinking of opening with £135000? Not sure how it all works though? Should I wait a few days before increasing the offer if its rejected? What kind of second offer should I make, should I give them a timeframe to respond? etc etc Any advice would be much appreciated. Thanks in advance people

rach83

Hi

I have just been in the same situation as you. I think given you situation I would go in at an offer of £135,000 remember you can always work up but you can't come back down again! See what the reaction is to that, I would imagine they would reject it but you never know what there circumstances are. Your next offer would need to be half way, say £137,500 but do not jump straight back in with this offer as it will look like you are desperate and an EA will pick up on this. If and offer at that level is rejected then you have to sit tight for a couple of days (this is hard I know!) Just make sure the EA is fully aware of your situation. If you have a mortgage agreed in principal make sure they know that. Also try and ascertain what sort of timing the vendors are looking for and if possible go along with this.

Good luck!

hazeyj

Hiya.. I have just sold my flat for 140K It was on the market for 145k. The amount of stupid offers I had was riddiculas. Nothing gets on my neves more when youve cleaned up etc and rearranged your day for a viewer and they offer you 10k below the asking price. I turned away 4 people who made offers 10k under my AP and told them not to to waste my time. If you do put in a low offer you have to explain your reasons. If you really like somewhere never offer more than 5k below the asking price. Incidentially the first couple who made the stupid offer initially came back two weeks later and offered full asking price. I still went with the buyer who had offered me 5k less because he was honest and upfront and I knew he was serious. Good luck.

ag359

hazeyj wrote:

Hiya.. I have just sold my flat for 140K It was on the market for 145k. The amount of stupid offers I had was riddiculas. Nothing gets on my neves more when youve cleaned up etc and rearranged your day for a viewer and they offer you 10k below the asking price. I turned away 4 people who made offers 10k under my AP and told them not to to waste my time. If you do put in a low offer you have to explain your reasons. If you really like somewhere never offer more than 5k below the asking price. Incidentially the first couple who made the stupid offer initially came back two weeks later and offered full asking price. I still went with the buyer who had offered me 5k less because he was honest and upfront and I knew he was serious. Good luck.

So you did yourself out of £5k just out of principle? in my opinion, you must be either exaggerating, or stupid!

brummybloke

stick with the 135000, tell them you will make 1 offer only as you have 1 other house you are interested in. tell them you need a decision within 5 days and wait for them to contact you.

how bad do you want the house? it really doesnt matter if they have improved the house or not within the 2 years, they can ask whatever, it is if someone is willing to pay what they ask.

are houses going for that sort of price anyway? is it alot cheaper than most houses like it in that road?

if it appears to be a good deal it may be worth going in with a higher bid and hoping you get it.

how long has it been on the market for? have they got somewhere else to move to?

if they are in a hurry to move then again this is to your advantage.

ask them why are they moving within 2 years of buying the place, ask them if they have seen their next house, ask them loads of things ( before making the offer)