FTB - What to offer for house?

Chris2685

I would personally offer 190k with a realistic maximum of 200k.

Labrisse

Hi,

Thank you all for your replies

Another thing i forgot to add is it is a repo house. Its in London and i think the area its in will be having a good regenration according to all the resreach i have done.

Seeing that the vendor is a bank, would they have a base amount that they would not lower or would they be happy for a offer of around £190 -195?

Many thanks again for all your comments.

L x

lincroft1710

Have a read of the threads on repos - good helpful advice

LandyAndy

Offer £180k and then keep looking. The chances are that will be a fair price in the near future and a bank selling a repo will know that. They'd rather get most of their money back now to invest somewhere else than keep it all tied up in an asset making a return of 0% and with reducing capital value.

moneysavinmonkey

Labrisse wrote: »

Hi,

I am a FTB with my b/f and we have found a great house. We want to put a offer in. Although we know prices may still drop, this is a very long term house for us, and we do not want to wait just in case. We have a good deposit (20k) and both earn about £57k combined.

The house is on at £225k, any advice on wat a good offer would be. 12.5% lower is about 197k, but as we are buying for first time, have no idea how to proceed. It has been on the market for 2 months.

Many thanks in advance

L x

Have you been to see a mortgage broker to get an idea of what amount you can borrow and how much it will cost?

My situation is similar to you - combined salary is slightly less but have bigger deposit so should even out... am casually looking at properties in the £200-225k cateogory with a view to making a sub £200k offer. But to be honest can't find anything to beat our rental house (big semi with garage + garden aren't that common in our target area!) and with prices falling their isn't much incentive to 'get on the ladder'

uncommonadvice

Start very low. You never know how desperate the vendor is in this market.

geoffky

ask to rent it with a view of buying it when the market has totally collapsed..

neverdespairgirl

Labrisse wrote: »

Another thing i forgot to add is it is a repo house. Its in London and i think the area its in will be having a good regenration according to all the resreach i have done.

In London terms, "regeneration area" means "hell hole" in my experience. I guess you are talking about somewhere near the Olympics?

Rebchappers

We were in the process of buying a repossession and it was marketed at £149950. This asking price then went down to £120k. We offered £110 and they declined. They eventually accepted £115k

A few days before we were due to exchange contracts, some of the searches came back that we wernt happy with so we pulled out. The bank that was selling the property put the house in an auction 3 days later for £90k!!! This was the reserve and it still didnt sell!

So from an asking price of £150k, they declined our £110k offer but put it in an auction at 90k????

Anyhoo.... i think many banks that are trying to sell on repos, are now realising that they will never get the asking price they want. I agree and say, start with a low asking price and then go up SLOWLY. I wouldnt go above £200k and would prob start with an offer of around £170- £180k

fatpig_2

Labrisse wrote: »

Hi,



Another thing i forgot to add is it is a repo house. Its in London and i think the area its in will be having a good regenration according to all the resreach i have done.



L x

wha area of London is it in?