Sensible Offer

wajoda2002

Hi,

I have found a proeprty that me and my husband both like (very rare!!!) It is a repo so no gift vendor deposit that we would of liked. It is on the market for £176k, I have been reading on the internet that 90% properties are marked up 10% higher to make room for offers. In this case 10% makes it £158,400. My husband wants to offer £150k, but I think the estate agent will laugh at us...they have been good to us with properties and I don't want them to think that we are timewasters.
Has anyone bought a house recenlty by knocking down the price and what were your experiances?

Thanks

Bufger

Well i put an offer of 142 on a 147500 and got it accepted. I put a previous offer of 138 and got it rejected and again and 140. Depends on the area, the house, ammeneties, realistic pricing or not etc etc

princessamy86

For a repossession, it is unlikely they will consider a low offer as they get a valuation off a surveyor and they consider this to be market value. Repos tend to be priced to sell in the first place, how long has it been on the market?

IveSeenTheLight

Same advice as always.

Research your local market area.

What is other similar properties marketed at
How long has it been on the market?
What is it's condition compared to the other similarly marketed properties
What is your local area house price trend?
How many people are interested (noted interests)

Fire_Fox

You need to ask yourself whether it matters more what the estate agents think of you, or getting the best price for the house. If you read this thread by Chickmug, an ex-estate agent, you will find all the answers you need:
http://forums.moneysavingexpert.com/showthread.html?t=1907059

wajoda2002

Thank you. The property is a fair price. We can get a property nearly the same (the one we like is semi) price, with sellers offering 5% depo down on the price, but this leaves less room for negotiation on the price.

Thanks for your advice