How much to offer?

wysiwyg78

I realise that this is probably a difficult question to answer when you haven't seen the house in question but I thought I'd seek your opinion anyway.

We've found a 3-bed semi in a fairly decent area in Basingstoke. Our budget is £180k but we've had a look at the figures and could go up to £190k if we really had to. After trailing around all the estate agents yesterday and feeling really dejected as there was nothing suitable within our price range, we found the house in question. It's on for £193k, which we think is high for the area, although the last house to sell on the street was in December 2007 and was for £199k.

It's a 3-bed semi with an extended living room and dining room, has a newly fitted kitchen and bathroom, has a decent sized garden and an integral garage. This is the bit that I don't really understand as it says that it has been professionally adapted to become a usable area as an office, playroom or storage area. However, we've just driven past it now and it still a garage door on it. The door was slightly up and it just looked like a normal garage. We're hoping to go and view it tomorrow.

So assuming that it is as nice in reality as the pictures then how much would you offer for it? My husband wants to offer £180k and then we can offer £183k, which would be just a 5% drop. I didn't want to !!!! the vendors off with a silly amount so was going to go straight in with £183k.

Any opinions? Also, not having bought a house for the past 7 years, how do we go about putting in our offer? Any useful phrases to role out?

Wysi

PasturesNew

wysiwyg78 wrote: »

an integral garage. This is the bit that I don't really understand as it says that it has been professionally adapted to become a usable area as an office, playroom or storage area. However, we've just driven past it now and it still a garage door on it. The door was slightly up and it just looked like a normal garage. We're hoping to go and view it tomorrow.

Maybe they kept the original garage door and a few feet of outside storage space... some people do this for bikes and bins and stuff.

Francesanne

wysiwyg78 wrote: »

I realise that this is probably a difficult question to answer when you haven't seen the house in question but I thought I'd seek your opinion anyway.

We've found a 3-bed semi in a fairly decent area in Basingstoke. Our budget is £180k but we've had a look at the figures and could go up to £190k if we really had to. After trailing around all the estate agents yesterday and feeling really dejected as there was nothing suitable within our price range, we found the house in question. It's on for £193k, which we think is high for the area, although the last house to sell on the street was in December 2007 and was for £199k.

It's a 3-bed semi with an extended living room and dining room, has a newly fitted kitchen and bathroom, has a decent sized garden and an integral garage. This is the bit that I don't really understand as it says that it has been professionally adapted to become a usable area as an office, playroom or storage area. However, we've just driven past it now and it still a garage door on it. The door was slightly up and it just looked like a normal garage. We're hoping to go and view it tomorrow.

So assuming that it is as nice in reality as the pictures then how much would you offer for it? My husband wants to offer £180k and then we can offer £183k, which would be just a 5% drop. I didn't want to !!!! the vendors off with a silly amount so was going to go straight in with £183k.

Any opinions? Also, not having bought a house for the past 7 years, how do we go about putting in our offer? Any useful phrases to role out?

Wysi

Don't know if this info. is any help to you but my Mums detached bungalow was priced at £250,000 and we accepted an offer of £232,500 for it. It does need a new kitchen & central heating so we took that into consideration. Plus the buyers were 1st time buyers, no chain involved, mortgage in place and we liked them very much. We might have managed another couple of thousands out of them but we weighed up all the pros and cons and we were happy to accept that offer but with the understanding that was our bottom price. This only happend two weeks ago and the house was on sale for only 6 days before being sold. Think I'd go with your husbands opinion on this one, if they say 'no' then increase your offer. Good luck & hope it goes well.

chickmug

My opinion, if you want to end up with the best price as a buyer, is: -

1) Do NOT from any emotional attachment to the seller or the agent.
2) Do not waffle when making the offer so thus NOT giving away your hand.
3) Always go in very very low. Experience shows me, time after time, those that start very very low end up paying less than those who try and make a fairer offer.
4) So go in low and if you do a deal great but if not have the courage to walk away as there will usually be another seller who is so desperate that you will get there, with a bargain, but have patience

ray123

As previously said, start low. If you really like the house, you can always increase the price.

It is certainly in an excellent location. Put the postcode in and this site provides further info, regarding crime, education, etc.

http://www.uklocalarea.com/

cherry76

I would start the offer at 180k and then increase to up to 185k, last and final offer.

nearlynew

start with an offer of 120k and go up to a max of 140k

In a falling market patience is your greatest weapon.

Francesanne

nearlynew wrote: »

start with an offer of 120k and go up to a max of 140k

In a falling market patience is your greatest weapon.

And would you consider selling a property for more than £40,000 less than it's valued? don't know if you own your own house but I bet you wouldn't reduce yours by that much if you were trying to sell.

TD5

On the basis that it was bought at peak for around £200k (a little over the average at that time) would it not be reasonable to expect the value to have fallen in line with the average suggesting a current value of around £160k?

wysiwyg78

Thanks for all the replies. I'm still torn. We've got a viewing this evening so I'm sure that will give us a lot to talk about tonight!

My gut feeling is that it is overpriced so I'm thinking of going in with an offer of about £175k stating the fact that the house that ajoins it went for £200k at the markets peak at the end of 2007 and the market has since plummeted. That will give us some room for negotiation.

I suffer from anxiety so am not looking forward to all the waiting. Valium at the ready me thinks!

slipp_digby

nearlynew wrote: »

start with an offer of 120k and go up to a max of 140k

In a falling market patience is your greatest weapon.

OP - ignore this rubbish above. you will be old and grey before people accept such a big reduction in price.

dont overplay your position as a buyer. start low but dont take the !!!! or you will alienate the vendor to the point where they wont take any of your offers seriously.

i think you should aim for three bids:-

1 the 'scene setter' - in the order of say 170k ot find out if they will negotiate

2. movement upwards towards the vendors price but within you budget Say 173K

3. the put up or shut up - £175 take it or leave it, offer open for 5 working days after which you will view other houses

all IMO of course!