House Buying - Moneysaving Tips

Davidjonson1

Very interesting tips.

bmar71n

thank you for the advice

Pritchett2003

townendwig wrote: »

Hi Pritchett,
I'd say there are no rules for what is a fair offer, an asking price is just that.

Would you rather offer £10k more (which equates to £20k of your wages in payments to the bank over the life of the average mortgage lets not forget) or offer £10k less and risk getting a stranger's back up? I know which I'd choose

Research your market well, arm yourself with the facts and don't fall in love with any one property. Give yourself options. Take everything an estate agent says with a pinch of salt, they have one interest and it doesn't align with yours as a buyer. It is their job to manipulate people and not surprisingly they are very good at it as they get pHlenty of practice. This includes making you question the validity of your offer, making you believe it is 'too low'. Another classic sales tactic "well if you can't afford it sir..."

How long has the property been on the market?
How much is £20k as a % of asking price?
How much have similar properties sold for in the area?
How much did that specific property last sell for and how long ago?
Has it been improved since then?

Rule of thumb in today's buyers market: If you're not embarrassed by your offer, it isn't low enough

Cheers,
Wig

Thanks for this :beer:

pinhams

Hiya.

Just want bit of advice. We have found a 3bed semi detached bungalow on market for 199.950. We love this bungalow, although its not perfect as bedrooms are on small side but we want to put an offer in,

We arent in a chain so can proceed wenever, we have deposit and mortgage in place. Also we are in no rush either to move in so if vendor was in chain that would be fine.

In todays housing market what should be my initial offer? i want them to take me seriously though. I should point out i live in north east. Also this house has been on market since before Christmas.

Thank you :beer:

mattybully

pinhams wrote: »

Hiya.

Just want bit of advice. We have found a 3bed semi detached bungalow on market for 199.950. We love this bungalow, although its not perfect as bedrooms are on small side but we want to put an offer in,

We arent in a chain so can proceed wenever, we have deposit and mortgage in place. Also we are in no rush either to move in so if vendor was in chain that would be fine.

In todays housing market what should be my initial offer? i want them to take me seriously though. I should point out i live in north east. Also this house has been on market since before Christmas.

Thank you :beer:

Hi
Having been in the exact position of you only a few weeks back i thought it best I reply.
My first offer was £170k which was dismissed straight away. I then left it for 2 weeks for them to mull over. After 2 weeks they came back to me and asked would i negotiate. We went to £175k advising we couldnt afford to go any higher at all. They came back as they were wanting an extra £3k to which we reiterated and said if we were really stretching and scrimping we could do £175700. We eventually agreed on £176k including all white appliances.
All I can say is be patient and stick to your guns. Your in the better position not them!

pinhams

mattybully wrote: »

Hi
Having been in the exact position of you only a few weeks back i thought it best I reply.
My first offer was £170k which was dismissed straight away. I then left it for 2 weeks for them to mull over. After 2 weeks they came back to me and asked would i negotiate. We went to £175k advising we couldnt afford to go any higher at all. They came back as they were wanting an extra £3k to which we reiterated and said if we were really stretching and scrimping we could do £175700. We eventually agreed on £176k including all white appliances.
All I can say is be patient and stick to your guns. Your in the better position not them!

Thank you for your reply.

They estate agent rang me today asking if i had thought anymore about putting an offer in, I viewed the house about 3 weeks ago now and still havnt made an offer. I just told them we werent willing to pay the asking price and if they were to lower the price we would consider offering. She did say they were willing to accept offers but were looking for around 190k. I think im just going to be patient and see what happens tp the market and this house.

mattybully

pinhams wrote: »

Thank you for your reply.

They estate agent rang me today asking if i had thought anymore about putting an offer in, I viewed the house about 3 weeks ago now and still havnt made an offer. I just told them we werent willing to pay the asking price and if they were to lower the price we would consider offering. She did say they were willing to accept offers but were looking for around 190k. I think im just going to be patient and see what happens tp the market and this house.

What price do you feel the house is worth? That's is pretty much exactly what they told me. It's all a game with the estate agents. They are simply waiting for you to show your first card as they have with £190k

pinhams

mattybully wrote: »

What price do you feel the house is worth? That's is pretty much exactly what they told me. It's all a game with the estate agents. They are simply waiting for you to show your first card as they have with £190k

I think its worth around £175k, i dont really want to pay more than that. Im more than happy to wait round.Im in no desperate hurry to move, So we will see what happens.

sejdee

Hi

Excellent advice in this thread

Have seen a property we really like. It came onto the market 3 weeks ago for £175,000. We have viewed it and owner is moving locally to ensure children are in the capture area for a good school next year. It was on the market in 2008 for £194,950, but didn't sell. Don't know the reasons for this.

I would guess that they are hoping to sell for £165,000 or more, and are in no hurry at present, so prepared to wait. We are in a very strong position, having sold our house, so no chain, so are in a position to put in an offer. In current climate we are thinking of going in at around £155,000, with a view to secure at £160,000 or very close to it, again because of our strong position.

At present I have asked the estate agent about the other viewings on the property, and none have sold their properties yet. Also been up front and said we really like it, and asked them to keep me updated, as it's top of our list at present. We are not in any rush, and are presently in a hiring, but want our own home again.

So do we just sit back for now and wait, or should we put in a silly offer, then sit back and wait? What would you do in our position?

mattybully

Put in a low offer explaining your circumstances then if it's rejected leave it a couple weeks to get them thinking. Don't be drawn into upping your offer straight away as this will show a willingness to negotiate too easy to the estate agent

sejdee wrote: »

Hi

Excellent advice in this thread

Have seen a property we really like. It came onto the market 3 weeks ago for £175,000. We have viewed it and owner is moving locally to ensure children are in the capture area for a good school next year. It was on the market in 2008 for £194,950, but didn't sell. Don't know the reasons for this.

I would guess that they are hoping to sell for £165,000 or more, and are in no hurry at present, so prepared to wait. We are in a very strong position, having sold our house, so no chain, so are in a position to put in an offer. In current climate we are thinking of going in at around £155,000, with a view to secure at £160,000 or very close to it, again because of our strong position.

At present I have asked the estate agent about the other viewings on the property, and none have sold their properties yet. Also been up front and said we really like it, and asked them to keep me updated, as it's top of our list at present. We are not in any rush, and are presently in a hiring, but want our own home again.

So do we just sit back for now and wait, or should we put in a silly offer, then sit back and wait? What would you do in our position?