First time buyers, what to offer on house

Heth_2

I'm new here and after some advice please. We are first time buyers and have found a house we really like. The asking price is 159,950 for a 3 bed end terraced in Coventry. It has been done up by the current owners for them to live in, but they are emmigrating therefore selling it.
There is a terraced one opposite selling for 139,950 (just reduced from 145000) but that doesn't have an extension, the garden is smaller and not as nice.
We are thinking of offering 150350 for the house we like. Not really expecting them to accept but not sure at which point to walk away, since we could afford the full asking price but it would really really stretch us. Also if they refuse how long should we wait before making another offer. It has only been on the market a few days but they had had other viewers in.
My parents thought we should offer 148000 for it, husbands parents thought we should offer more than 155000 so a bit confused and it is the first time.
Cheers.

Bermuda_John

They are emmigrating so need to sell the house therefore i would offer a lower amount than usual.

You can always increase your offer but you can NEVER reduce your offer so i would go low an then increase in ever decreasing small amounts.

I would offer 145000, if your not embarrased by your offer it isn't low enough!

sablade

beef up your offer with a quick purchase, get mortgage offer in principle for an independent mortgage advisor choose a solicitor who can act quickly and make sure the vendor knows you can do a quick exchange if need be. when price agreed make sure you always return (pref by hand) all corres that day. a fast exchange stops anyone else nudging in and keeps vendor happy, request prop is taken off the mkt when price agreed and check agents window/board/internet says sale agreed. if agent has a fast broker or sol use them, as long as they are independent.

145 sounds reasonable as a start

mummytofour

10% below the asking price is quite normal.

dander

I'd say the key thing is to decide what you think the house is worth. In terms of market value, and also how much you want it. Have a look on nethouseprices.com and see what other houses in the road have been going for - as opposed to asking prices (but make sure you compare recent sales). Then start below what you think is the fair price, and see if you get lucky!

[Deleted User]

£150K sounds like a good start. Be firm and if it's turned down offer a bit more and say that you can't go higher so take it or leave it. January is a slow month, you should be able to get it if you play your cards right and have a mortgage offer in principle and a solicitor ready to go. All the best.