Making an Offer

steve_c_2006

I'm a first time buyer with a morgage in principal agreement, I'm viewing a house tomorrow that is on the market for 'offers over £110,000' and I am likely to make an offer. I saw a similar house last week on the same street that was up for sale for £120,000, I offered £115,000 but that was rejected. As I came out of the house a for sale sign was going up a few doors down.

I am the first to see this house (new to the market today) although it was up for sale for £120,000 just before Christmas.

What sort of offer should I make, I don't want to pay anymore than I have to, but also don't want someone to come in with an higher offer. Can I insist that the property is taken off market?

any help would be greatly appreciated
Steve

jesster_2

You can make an offer and say it's conditional on the house being taken off the market immediately.

It's up to the vendor if they want to accept it, and obviously they're more likely to accept if it's at or very close to the asking price. You could offer the asking price if you really wanted to secure the house. But they may accept and take it off the market at a lower price: so even if they say no you can increase your offer two minutes later!

The key thing is to make it clear that your offer is conditional on it being off the market. I do know of people who've done that, and then called the estate agents posing as someone else to see if they're offered the house to view. And have your solicitor ready to go so you can get things in motion.

Don't forget that having no chain you're in a strong position, and you're just the kind of buyer people want as you're low risk to drop out. Make use of this bargaining power when you make your offer!

Good luck.

steve_c_2006

Thanks jesster.

So what would be an acceptable offer on a property that is on the market for 'Offers Over £110,000' is there a general percentage that the vendor will be looking for?

Stewboy1978

steve_c_2006 wrote:

Thanks jesster.

So what would be an acceptable offer on a property that is on the market for 'Offers Over £110,000' is there a general percentage that the vendor will be looking for?

I have just had an offer of 12% over the Offers over value KB'd...Depends on various things.....where they are, how quick they are wanting to sell, time of year, recent local prices. Although I think between 10 and 20% is probably a fair guide.

If there isn't much interest, bit around the offers over and work your way up

Stewart