Offer Help

Rikk

Hi there, first post but I've been reading and soaking up information for a month or so now
I'm a FTB and am looking for a little help with putting an offer in on a flat. I've been to view it twice and really like it.
The flat is up for 135k but the last price adjustment was at the start of Dec, I was thinking as the prices are dropping aprox 2% a month at the current rate it's price would be 127.5k ish, so I was going to put in a starting offer of 117.5k with a max of 122.5-125 if I need to go up.

Does this sound reasonable?

Thanks in advance

............Rikk

Cissi

Sounds reasonable to me. Sold prices achieved at the moment are on average 12% below, and you're thinking of making an offer 13% below asking price. To be honest, if they turn it down, I'd walk away unless this is "the one and only" place for you. A lot of vendors aren't ready to accept reality yet, so chances are that they'll turn it down, but you'll almost certainly get something equally good for the same amount or less if you're prepared to wait.

Edited to add that I wouldn't go above the £117.5k that you mention as your initial offer, especially since you're in a great position.

Rikk

Thanks, the place has been up for a year now so I'd hope there will be a bit of realism on the sellers side, also I mentioned my place is all but sold (offer accepted, survey done) and my small mortgage sorted so nothing to hold anything up on my side.

zone

Is it a 1 or 2 bed? If you really want it i'd go in with an offer of £99k but it would probably be turned down. Perhaps you can negotiate to around £115k or less. And how long has it been on the market?

Rikk

It's a 2 bedroom flat, and been up since last feb.

jenny74

In your first post you said you were a FTB then in your 2nd post you said that "my place is all but sold (offer accepted, survey done)"

So you're either a FTB or you're not. Smells of troll to me.

Rikk

/sigh
I've lived an cared for my nan for 20 years, she passed away in december and the house has been left to me and my mother 50/50. I've never bought or owned my own house/flat before so yes I'm a FTB and yes I have something for sale to be used as the deposit.

SavingSteve

Rikk, to be fair you're not really what a seller would consider a FTB.

The only benefit to a seller of a FTB is that you are chain free. In this case you are not, as you MUST sell before you can buy. Maybe think of shifting the other place first? That will make you a lot more attractive to sellers, and increase your negotiating power.

Sorry to hear about your Nan.

Rikk

Ahh right ok, get where your coming from re FTB

pandamonia

Rikk wrote: »

Hi there, first post but I've been reading and soaking up information for a month or so now
I'm a FTB and am looking for a little help with putting an offer in on a flat. I've been to view it twice and really like it.
The flat is up for 135k but the last price adjustment was at the start of Dec, I was thinking as the prices are dropping aprox 2% a month at the current rate it's price would be 127.5k ish, so I was going to put in a starting offer of 117.5k with a max of 122.5-125 if I need to go up.

Does this sound reasonable?

Thanks in advance

............Rikk

its not sold in a year then you need to ask your self why?

personally i wouldnt buy at the moment, especialy flats.

sukysue

Oh pish you have to start somewhere and no pain no gain. The market is going to start going up just now offer a low price at least 10 percent lower than asking price and see where you go from there.