how much to offer?

skye

We're first time buyers and have just seen a house for £114,950 and want to put in an offer. How much would you offer?, 93% is around £106,900. Don't want to go too low as it has only been on the market a week and don't want to lose it. But the cheaper the better!! How much would you offer?

Thanks

worriedfirsttimebuyer

Ours was £117,500. We had an offer of £111,000 accepted. The house had been for sale for a few months and had had one sale fall through.
Hope this helps.

frivolous_fay

Don't let the estate agent play you. We were apparently in a 'bidding war' but I always felt suspicious that there might never have been another buyer.

tomstickland

I'm in a similar position; I've seen a flat that I like for £90K and I want to offer £80K for it, but there's now a mystery second buyer on the horizon.

Ian_W

If the props only been on the market for a week I very much doubt anything under £110K will even be seriously considered, you lose nothing except possibly credibility by trying, BUT unless the vendor has to sell quickly it may be a few months [if they haven't sold] before the magic 93% is likely to be accepted.

Work out what to offer by researching other props in the area, asking & recent sold prices, how much you want it, how much you think it's worth - stats are just that and averages are over the market as a whole - not indivdual houses.

If you really want it try £110,500 as an opener - subject to doing some research as suggested above. They probably won't accept but will think you're serious.
BoL.

skye

Offered £110,000 this morning and it wasn't accepted. They said as it has only been on a week they want the full asking price. Not sure whether to oofer £113,000 next or just go for the full asking price.

JennyW_2

I guess it just depends on how much you want this property (and what you can afford of course).

rchddap1

Don't worry about 'mystery second buyers'. Just bid for the house / property what you believe it is worth.

An EA tried the 'there's another buyer with a higher offer' trick on my sister. After thinking things through she and her OH decided that the house wasn't worth a higher offer and withdrew from the sale. They then found another house and started to buy that. A little while later the EA came crawling back begging them to take the house at the price that they had offered.

Turned out the EA hadn't told the vendor of the offer. The EA was trying to up the sale price...problem was they couldn't find anyone else who wanted the house and so had not choice but to come back on their knees. By this time my sister was laughing her head off and told them to get knotted.

The moral of the tale is to offer what you are willing to pay for the house (ie, what you think it is worth). If the EA tries to get you to increase your offer over and above what you think it is worth...don't bother and look elsewhere.

skye

the house is probably worth the full asking price, looking at properties around and their sale prices, but the cheaper the better for me!! The house wasn't perfect - it would need a new kitchen in few years, but it is the best I have seen in a decent area for the price.

Doozergirl

You mightn't get it for £113,000 but you can always offer it. If you tell them you can't afford anymore they may fall for it, otherwise if it's rejected you can always say you found a bit more by borrowing from family and offer them £114,500 final offer to make it seem a little more realistic.

The fact that it hasn't been on long, goes against you a little bit (as has already been said), but don't let it put you off. They can only say no and you try again.

ejmna1

I know it won't be what you want to hear because i didn't either but if you really love the house and for whatever reason it feels right if you are happy with the asking price and you want it to be as simple as possible offer as close to the asking price as you can reasonably afford. There's always the surveys to negotiate over if work needs doing and it will at least save the hours of worrying if your low offer means you've missed out.
n