What would you deem an acceptable offer

Sammy_Girl

Good Afternoon All,

We may be being a tad presumptive here, but OH and I are going to view the following property on Saturday.

It is on the market at £299k and I'm getting vibes that the seller is keen to sell. It is currently being marketed with 2 agents, it is vacant possession, and they are having an open day on Saturday. I have also found that the same property was last sold in May 2007 for £330k.

Now if we were to proceed we would have a house to sell that we bought in May 2007 for £205k.

Please can you advise what you deem to be an appropriate offer??

Many thanks

geoffky

210k and no more..but i would wait until next year or the years after and pick up a bigger bargain.....i have already saved myself £70 thousand buy not buying and waiting...

ad9898_3

I think Sammy you have to concentrate on selling your own, you cannot proceed without doing this.

But if you were in a position to offer, then I would say around 230k, if they are having an open day they are more than keen, probably a better word would be desperate.

Any offer nowadays has to start about 30% off peak (Oct 2007). IMO

confused31_2

According to the nationwides calculator, your house as dropped down 188,000 and the house you wish to buy as dropped down to 299,000.

http://www.nationwide.co.uk/hpi/Default.asp?calculate=true

But in reality i reckon you need to sell your house first and i reckon you would have to market it at about 160,000 pound to get people through the door.

confused

Sammy_Girl

Thank you Geoff.

I can understand the waiting game, but at the moment I see it that because I have a house to sell then it's all relative. I may save even more off a new house, but then I'm going to be selling mine for a huge discount too!

Part of our reasoning is that we are getting married next year, and it would be good to have our forever home before we start planning kids.

Thank you Ad. I wish I was a first time buyer! I appreciate that I'd have to concentrate on selling our house first, but it is very tempting to start thinking ahead!

Sammy_Girl

confused31 wrote: »

According to the nationwides calculator, your house as dropped down 188,000 and the house you wish to buy as dropped down to 299,000.

http://www.nationwide.co.uk/hpi/Default.asp?calculate=true

But in reality i reckon you need to sell your house first and i reckon you would have to market it at about 160,000 pound to get people through the door.

confused

Thanks Confused. Actually, I popped onto that calculator and it shows a current valuation of £199,987 - we're currently in Greater London and would be looking to move out SE. Based on this valuation, what would you say a realistic asking price would be for our property?

Many thanks.

AMILLIONDOLLARS

I noticed the garden back onto a cricket/bowels pitch! Ripe for re-development me thinks!! You better check that out before you go putting in any offers, if you want this to be your forever house!!!


AMD

Sammy_Girl

Thanks AMD. We have a bit of a history with back gardens lol. Bought our current house and the the garden backs on to lovely fields. But this year plans have been put forward for an Academy to be built on these fields. General consensus is that this will be approved as there currently is no Secondary school in our area.

Once bitten twice shy and all that!

bubblesmoney

Sammy_Girl wrote: »

Thanks Confused. Actually, I popped onto that calculator and it shows a current valuation of £199,987 - we're currently in Greater London and would be looking to move out SE. Based on this valuation, what would you say a realistic asking price would be for our property?

Many thanks.

the nationwide calculator is a mindless number generator i feel. to place ANY value on the figures purged out by that calculator would be at your own peril. i recently bought a property for 135k and the same calculator was valuing the property based on past sale prices for the same property at nealry 190k - 220k based on which past sale price/year i input into the calculator. so do a proper valuation and see what the recent selling prices for similar properties are in that area for similar houses and offer less as prices have fallen since those houses were sold and got onto the publically available databases on the internet. dont even bank on valuations made by RICS valuers, make ur own conservative valuation and make a lesser offer. in my case my surveyors eyes popped when he saw my agreed purchase price and when i was still enquiring whether it was too much he was shocked that i was even enquiring that. but even then only time will tell if i got the valuation wrong and take a beating when it comes time to sell.

confused31_2

Sammy_Girl wrote: »

Thanks Confused. Actually, I popped onto that calculator and it shows a current valuation of £199,987 - we're currently in Greater London and would be looking to move out SE. Based on this valuation, what would you say a realistic asking price would be for our property?

Many thanks.

Its hard to say what a realistic asking price would be in todays market you need to be a step ahead of the competition, i would look at properties silmilar to yours, and price it 10 to 15 thousand pounds cheaper, then hopefully people will look see your property and then view yours over the others due to the price.

Remember you can always say no if your not happy with the offer people make, but the trick is getting them in your house and hoping they fall in love with it.

You dont need to really move now so theres no pressure on yourself, i would just try and stay one step ahead of the competition and hopefully you will find a buyer, whatever you have to lower yours for just take it of the offer you make for the next property, you may be able to get more off your next property.

confused

Sammy_Girl

Thanks for your input Guys - most appreciated.

I think what we'll do is go and view this house on the weekend. If we like it, then the next step should be to put our house on the market and see what kind of price gets some interest. As you quite rightly say Confused, they can offer and we can say no! It won't hurt us to put it on the market.

The only issue that I have is that there aren't really any comparable properties in the immediate vicinity. Our street is supposedly the "nicest" street in the area - and we are the only 2 bedroomed property on the street. All of the other properties are 3, 4 or 5 bed. And the last house that sold on our street was ours!

Thank you for all your help - it has definitely give me some food for thought!