offer on new build show home

formulaonefan

Rollerball wrote: »

You sound way too desperate to me. If you don't step back and look at the bigger picture very quickly you're going to end up paying way too much and be regretting it in 12-18 months time..

Yes, you are correct. We are a little desperate. We have been looking for nearly 4 months now and have offered on atleast 8 different properties (resale & new home) and our offer have been turned down and all the 8 of them is sold. It is suppose to be buyer's market but still properties are selling quickly.

So how much maximum one would offer on a new build? Here are the three new builds we looked at:

Property one: Asking £320K - our offer £250K rejected. (max:270K)
Property two: Asking £250K - our offer £200K rejected. (max 220K)
Property three: Asking £240K - our offer £190K rejected (max 200K)

So what do we do next? I'm sure in few days time those will be sold as well. That's why we are desperate.

Lakelady_2

formulaonefan wrote: »

So what do we do next? I'm sure in few days time those will be sold as well. That's why we are desperate.

Take your time there will be plenty of properties. Buying a house is the only time in our lives we give away so much money with so little thought.

Really2

formulaonefan wrote: »

Yes, you are correct. We are a little desperate. We have been looking for nearly 4 months now and have offered on atleast 8 different properties (resale & new home) and our offer have been turned down and all the 8 of them is sold. It is suppose to be buyer's market but still properties are selling quickly.

So how much maximum one would offer on a new build? Here are the three new builds we looked at:

Property one: Asking £320K - our offer £250K rejected. (max:270K)
Property two: Asking £250K - our offer £200K rejected. (max 220K)
Property three: Asking £240K - our offer £190K rejected (max 200K)

So what do we do next? I'm sure in few days time those will be sold as well. That's why we are desperate.

I would compare the new build prices against simlar established propertys in the area then deduct what you think you would offer for that property.

Say if the same established property was £190K, deduct what you think is a fair offer from that figure say 10-20-30%? what ever you feel it is worth.

In the end of the day offer what you feel comftable with, If it's too low they will tell you if it is accepted, great.

It is a buyers market but they will still decline an offer it is a loss to them or if they feel they can get more for the property.

twirlypinky

I bought a show home with my ex about 5 years ago. They wouldn't accept any offers and said that so many people wanted the show home that if we weren't interested at the asking price then they would just move on to the next couple on the list.

FYI though, if you really really love that house and would live there for a long time (i.e. past this crisis and out the other side) then do it. I loved my show home, really really loved it. I was upset to leave it (we had to move away for exes job) and would love to afford to live in one again.

hethmar

Back to the thread

If you have offered 8 times and been rejected 8 times and each of those houses are now sold, that should really indicate that you are offering too low. If the house includes all the white goods, carpets, landscaping, furniture and furnishings - have you added the cost of those to the asking price of a same empty new build?

Doozergirl

hethmar wrote: »

Back to the thread

If you have offered 8 times and been rejected 8 times and each of those houses are now sold, that should really indicate that you are offering too low. If the house includes all the white goods, carpets, landscaping, furniture and furnishings - have you added the cost of those to the asking price of a same empty new build?

I agree. It's fine offering this low if you're not serious about buying but you're talking of being a bit desperate now. You have to decide whether you are serious about buying or not. If you are offering a long way from asking price you have to accept that the answer is mostly going to be 'no'.

You have to make the decision to keep going on this route offering very low on everything, come closer to people's expectations, find houses with cheaper asking prices or simply step back and wait if you think prices have further to fall. The fact that all 8 have sold indicates that they're not total kiteflyers and the mortgage valuations have agreed with that. The fact that you are now worried that others that you're not prepared to pay anywhere near asking price for are going to sell, strikes me as odd. Why are you offering that low when things sell from under your nose but then say you're desperate?

I'm a little surprised of the variations in the prices you're prepared to pay - 200k - 270k - those are very different sized houses where I live. What are you looking for?

tbh, you're on the wrong board if you want the opinions of vendors and purchasers in addition to armchair pundits.