FTB: Found a house - What to Offer?

Simon83

Hi,

Me and my partner have found a house we would like to put an offer in for.

The asking price is £149,950, it's a Semi, 3 bedroom house, concervatory, garage etc. They are wanting to buy a detatched house now while the market is good.

They also said, if the offer was right, they could move into his wifes mums house while they look, so the deal could be done quick.

The house has been on market for a month, and a couple of viewed but no offers yet.

All in all, it looks good for us, we viewed it today.

What would be the best offer be to go in at first?

How long should we wait till be put the offer in, (don't want to seem too keen)

All in all it looks like they are keen to sell up, and as we have no chain, been accepted for the mortgage, we should be very attractive buyers....

Any advice would be great!

Thanks

Spartacus_Mills

Simon83 wrote: »

Hi,

Me and my partner have found a house we would like to put an offer in for.

The asking price is £149,950, it's a Semi, 3 bedroom house, concervatory, garage etc. They are wanting to buy a detatched house now while the market is good.

They also said, if the offer was right, they could move into his wifes mums house while they look, so the deal could be done quick.

The house has been on market for a month, and a couple of viewed but no offers yet.

All in all, it looks good for us, we viewed it today.

What would be the best offer be to go in at first?

How long should we wait till be put the offer in, (don't want to seem too keen)

All in all it looks like they are keen to sell up, and as we have no chain, been accepted for the mortgage, we should be very attractive buyers....

Any advice would be great!

Thanks

Take 20% off the asking price. No harm putting an offer in tomorrow.

IveSeenTheLight

Spartacus_Mills wrote: »

Take 20% off the asking price. No harm putting an offer in tomorrow.

Nice advice (sarcasm) and you don't even know how the local market area is and if the property is already competitively priced

To the OP, no-one here can really give good advice on your question.

I would recommend that you : -

• research your local market data (what has happened to property prices in the last two years (you can get the info from the Land Registry for local averages),
• research how is the property type you are looking at been affected
• find out what was the last similar sale price and when
• What are other similar properties in the same area marketed at? (Have you viewed and compared the alternatives)

Good Luck

linlin_3

Simon83 wrote: »

Hi,

They also said, if the offer was right, they could move into his wifes mums house while they look, so the deal could be done quick.

If you decide to put an offer in, you could make the offer conditional on the above.

Simon83

We put an offer in this morning, 143,000... Agent called back to say the owners thanked you for the offer but they are going to decline as they are looking for an offer nearer the asking price....

So we will look at putting an offer in for something like 147,00... Is it best to wait a couple of days before putting a 2nd offer?

tek-monkey

Market must be pretty good there then, as thats only a 5% drop and they turned it down flat. Could just be the EA trying to get more, but could well be they expect asking price. How much can you afford, and how much is it worth to you? Are there comparable properties out there?

Simon83

tek-monkey wrote: »

Market must be pretty good there then, as thats only a 5% drop and they turned it down flat. Could just be the EA trying to get more, but could well be they expect asking price. How much can you afford, and how much is it worth to you? Are there comparable properties out there?

We are willing to pay the asking price, but be it a bonus if we can knock a few k off. Ive luked around at other house, they either need a lot of work, not as spacious.

This one is a spacious 3 bed semi, new fitted kitchen, conservatory, garage.

How long is best to wait before putting in a 2nd offer?

Bufger

it depends.. If the EA think you're a pushover then they'll just reject it again until you go for asking price. By the sounds of it you went in too high initially. I would have been firm and gone in with 138. They would reject but then i'd go in with 141. they would likely reject again and i'd let them know there isnt any money available past 143 and i'd stand firm and let them think on it for a few days.

Dont ever show them how badly you want a house. You might aswell put in full asking price if you show that.

housebuyer_abc

Simon83 wrote: »

Hi,

Me and my partner have found a house we would like to put an offer in for.

The asking price is £149,950, it's a Semi, 3 bedroom house, concervatory, garage etc. They are wanting to buy a detatched house now while the market is good.

They also said, if the offer was right, they could move into his wifes mums house while they look, so the deal could be done quick.

The house has been on market for a month, and a couple of viewed but no offers yet.

All in all, it looks good for us, we viewed it today.

What would be the best offer be to go in at first?

How long should we wait till be put the offer in, (don't want to seem too keen)

All in all it looks like they are keen to sell up, and as we have no chain, been accepted for the mortgage, we should be very attractive buyers....

Any advice would be great!

Thanks

I would say you should offer the lower of

a) What its worth (minus a couple of K for negotiation)
b) What you can afford (minus a couple of K for negotiation)

PipPip

Simon83 wrote: »

We are willing to pay the asking price, but be it a bonus if we can knock a few k off. Ive luked around at other house, they either need a lot of work, not as spacious.

This one is a spacious 3 bed semi, new fitted kitchen, conservatory, garage.

How long is best to wait before putting in a 2nd offer?

Seems like you made a good offer even if the market was pretty strong in your local area. Only you can decide whether you want to pay more. Personally I would ask for the message to be relayed that if they change their minds they should get in touch as the offer still stands and continue the search. That's me though, its entirely your decision whether you are happy to keep on house hunting or not.

Simon83

PipPip wrote: »

Seems like you made a good offer even if the market was pretty strong in your local area. Only you can decide whether you want to pay more. Personally I would ask for the message to be relayed that if they change their minds they should get in touch as the offer still stands and continue the search. That's me though, its entirely your decision whether you are happy to keep on house hunting or not.

thanks for advice