First time buyer - offer advice

luberry

Hi All,

I am a first time buyer. I've done my research and been to see around 15 houses in my first search of the area of Manchester I want to buy in. I have now come to a point where i have reduced the options down to 3, with 1 being a firm favourite. I have my mortgage agreed by a financial advisor and am looking into the solicitor side of things.

Now comes the point where I have to start offerering! The house I want is on for £144,000 which I feel is an over inflated price for the house considering the current market and the bits of work it would need doing. I am looking for some advice as to the strategy for offering. I have decided I will not pay over £125,000 but thought it's worth a try.

Should I:
a. Offer stupidly low - say £100,000 and negotiate from there
b. Offer mid range i.e. £115,000 and negotiate
c. Go straight in at £125,000 and say final offer, no negotiations?

I have not set my heart on this house (though would love it!), and the 2 reserves I've found would suit me nicely.

Any help would be gratefully appreciated.

Thanks

L

experience08

luberry wrote: »

Hi All,

I am a first time buyer. I've done my research and been to see around 15 houses in my first search of the area of Manchester I want to buy in. I have now come to a point where i have reduced the options down to 3, with 1 being a firm favourite. I have my mortgage agreed by a financial advisor and am looking into the solicitor side of things.

Now comes the point where I have to start offerering! The house I want is on for £144,000 which I feel is an over inflated price for the house considering the current market and the bits of work it would need doing. I am looking for some advice as to the strategy for offering. I have decided I will not pay over £125,000 but thought it's worth a try.

Should I:
a. Offer stupidly low - say £100,000 and negotiate from there
b. Offer mid range i.e. £115,000 and negotiate
c. Go straight in at £125,000 and say final offer, no negotiations?

I have not set my heart on this house (though would love it!), and the 2 reserves I've found would suit me nicely.

Any help would be gratefully appreciated.

Thanks

L

Go with a), then negotiate a fraction higher.

ciano125

Dont ask, dont get. That would be my opinion. Why not start at £100k and work up to whatever you value it at, they can only say no and there are plenty of others available anyway. :beer:

Squish_21

Give a) a go and see how you get on.

Swipe

Yep, always go with the lowest offer you dare. It gives more weight to subsequent offers.

Zandoni

I would suggest not offering at all and continue saving for a while and see how low they fall. If your current personal circumstances allow of course.

poppysarah

Have you property bee'd it to see how long it's been on and whether they've dropped the price yet?

Firefox browser needed for property bee

luberry

Hi all,

Thanks for the help. I've bee'd it (didn't even know that existed) and it has been reduced. It was initially on the market at £155,000 and has been reduced to £145,000 and now to £139,500.

Would you still put a really low offer in?

L

poppysarah

How long between price drops. Gives you an idea of how desperate. Have you looked up the price they paid? rightmove house prices section