What to offer??

lauren1983

Hiya
Any opinions (good and bad) would be great thanks

We are looking at a property which is just what we are looking for.
Been on the market since last july at 169,950k
Was reduced in november 08 to 155k
It sold in december but came back on the market last week
we could put a good deposit down and wouldnt need to do much work

Any ideas????

Thank you

mrgerrard

Hi,

Don't know how useful this is as I am currently still looking but if I was you I would be cheeky with your initial offer. Regardless of the EA spin there are few serious buyers out there at the moment and if the property has been up for months the seller is likely to be worried.

I would offer as low as £125,000 to £130,000.

The worse the seller can do is say no. From my own, ongoing, haggling you often find out by doing this, either from the seller of EA the lowest price the seller is willing to sell for.

After you've done that you can then negotiate a fair price.

Good luck!

CHARDONNAY_3

If I was looking to buy right now, I would offer at least 15-20% below asking price, as I think house prices look set to fall at least that amount before bottoming out.

lauren1983

Thank you to you both for your replies. It has helped me alot :beer:

Just got to pluck up the courage now! I keep thinking the EA will just laugh when i make my offer! Nothing to loose though

Good luck with your search mrgerrard

JF77

CHARDONNAY wrote: »

If I was looking to buy right now, I would offer at least 15-20% below asking price, as I think house prices look set to fall at least that amount before bottoming out.

Would that be below the asking price for a house thats been on the market for over 6 months? The reason I ask is because I've noticed a few properties in my area that have come onto the market in the last 3 months and seem to be priced more realistically.

lauren1983

The house has been on the market just over 6 months

Premier_2

lauren1983 wrote: »

The house has been on the market just over 6 months

Ask yourself why no one has wanted it, and why the one person that did show an interest pulled out.

Perhaps it's worthless, or even worse a liability.

Then again, if you want to be sure of securing it, I guess you need to offer £155k, which already represents a fall of almost 6.5% over 6 months (about the average based on annual falls of 12-15% from nationwide, halifax, land registry etc)