First time buyer-just want your opinion

Strapped

Purcel, I would go in lower than the figure you posted.

If I were you, I would also delete the figure you posted and not mention figures (especially not WHAT YOU MIGHT BE PREPARED TO GO UP TO) on here, an open forum, since you have provided a link to the property you are after. You don't know who might be reading! (Estate agent, vendor, etc).

sprocker1

An old trick, look at the pictures of the garden, the trees have full (green) leaves, not turning so before September.
There are also hanging baskets, and I beleive a copper beach in the front garden, all fully leaved.
I always look at the garden pics, they do tell you so much.

purcel

Thanks for that, but putting a quite low figure seems to me that i am taking the mickey out of the vendors, the house is really nice and if you look at other properties in the area they are much more expensive than this one.My husband thinks that the figure I've mentioned earlier is not enough anyway and it will be rejected. I am willing to put an offer 20 grand less but don't think my husband will agree.
We are really hoping that we won't have to go till the asking price as we will probably struggle if the rate will go up, but we'll have to see.

sprocker1

I think you have to take some emotion out of the process, The seller can always say NO, and we all know they are going to turn down your first offer anyway, there is even a chance the EA may come back to you and say "No but they are willing to accept £x"
This is exactly what happened with the house we just bought, and we got it £20K below the asking price.......

BitterAndTwisted

Go in with a low offer if you really want the house. All the vendor will do if they are insulted is reject it and then you decide whether you want to go back with a new offer. It's a game of poker. The vendor wants as much as possible and you want to pay as little as possible but only you know what the house is worth to you. These vendors might not have a realistic value in mind given the current market, many do not.

purcel

We've already put 2 offer on 2 other properties and both have been rejected, first property was on the market for £155,000-£170,000, we've offered £149,000, then the lower asking price and got rejected, the EA told us they are looking for the top mark.The second one was for £155,000 but needed work done and had garage with asbestos roof, we've offered £142,000, rejected and the EA told us the vendors are looking at the asking price which we weren't prepared to pay as we thought it wasn't worth it.

Following these 2 experiences we are reluctant now and think that the vendors are not really willing to sell for less than the asking price, but i suppose if we don't try we'll never know

BitterAndTwisted

A lot of sellers have completely unrealistic ideas of what their properties are actually worth to a buyer and this may be compounded by when they bought and at what price, especially if they're in danger of being in negative equity. Just because people have put their properties on the market for £200k and have a mortgage for £190 does not mean the house is worth £190k to a buyer.

Have a look on the web for the selling prices for similar properties in the same street and when they sold. This should give you an idea of what is a realistic offer given that prices have dropped by about 20% in some areas. Agents invariably persuade vendors to set the asking-price at the very top-end and some realistic sellers know and expect to receive offers of about 10 to 20% lower.

It's a game of poker and a commercial transaction so try to keep your emotions out of it as much as possible if you can

jw2003

I would go in low with a view to bidding again in small increments up to your limit. We bought out first home this time last year and put in an offer 10% under which was rejected so we upped it by £2k and it was accepted. The house was within our budget and we could have gone in at the asking price but didn't want to

purcel

Thanks to all of you, will have a chat with my husband when I'll get home and hopefully will ring the agency this afternoon:)

pastmybest

purcel wrote: »

Sorry, I might be thick, but how do you know it's been for sale for 5 months?

According to Property Bee (on Firefox) initially went on sale 19th November 2009.