What to offer on a £200k+ property as a 'red hot' buyer?

smiddy_2

Running_Horse wrote: »

OK, have it your way.

You're a red hot super duper ultra mega whizz bang top of the world buyer.

If you're dumb enough to fall for EA hype then good luck buying a house.

Sorry, only going by what i have heard EA's / sellers like and want - if someone is looking for a quick sale which buyer do they choose? :undecided

Running_Horse wrote: »

Come back when you have something sensible to say.

Thats original, where did you get the inspiration for that?

There is always one tool floating about on a forum.............................

smiddy_2

neas wrote: »

As a bear i hear the argument all the time for holding off buying but.... when you truly factor in interest rates... and especially this deal from YBS i cant see getting too much better deal. If IR rise 25% (4.89% becomes a 7% deal) then your mortgage for 4-5 years would still be same.... and you'd have waited a lot longer to do what? put your life on hold?

Exactly, i too have spent the last 3 years piling all my money into savings to buy a house. I have waited long enough now and almost see it as 3 years of my life where i didn't live it and i will never get those years back. House prices dropping is an added bonus but i am not prepared to put off buying now because of it. Not intending to sell for a profit anytime soon (looking for 15 year + stay) so the money side is no big issue of what it is worth in years to come etc.

Yes, have also applied for a 5 yr fixed deal so IRs going up would not be an issue. Even if they are super high at the end of it, those 5 years will be long enough to have an additional savings pot for 'back up'.

dander

smiddy wrote: »

Sorry, only going by what i have heard EA's / sellers like and want - if someone is looking for a quick sale which buyer do they choose? :undecided

Realistically, I would choose the one with the best offer. As someone mentioned up-thread there are difficulties to first time buyers as well as advantages. If it was a sealed bid situation with two very close offers, I might choose a FTB over a chain, but that's the only time it would make a difference. It won't be enough to make someone who wouldn't otherwise be open to offers drop a price.

It's better to focus on which vendors are the ones who are going to be ready to take a low offer - and an empty house that's been on the market for a year certainly sounds a pretty promising start for that. However, I would imagine when you are priced that far over 200, that initial 2 is going to be a bit of a psychological stumbling block and you might have far more luck with an offer of 200 than 199.

smiddy_2

dander wrote: »

It's better to focus on which vendors are the ones who are going to be ready to take a low offer - and an empty house that's been on the market for a year certainly sounds a pretty promising start for that. However, I would imagine when you are priced that far over 200, that initial 2 is going to be a bit of a psychological stumbling block and you might have far more luck with an offer of 200 than 199.

Yes exactly - i understand the physiological '2' involved however if i go straight for 200k and it is rejected (first offers usually are from what i hear) then i have no scope to go upwards. Thats got me thinking though. On the flip side it may well work to an advantage - if initial offers start with a '1' i.e. £196k then once it clicks over and begins with a '2' it may be of benefit.

mattdragon2

A friend of mine found a house at 270k, he got it for 230k. This was around august last year.

You are in a strong position and mortgage companies aren't lending crazy amounts like they did before so people have no choice but to lower their house prices because FTB can't get the mortgage they need.

N1AK

Running_Horse wrote: »

Come back when you have something sensible to say.

There was more sense in his first punctuation mark than you've managed with your input so far.

Buying a house isn't just about the figure the seller has in mind and proposing that it is in a snide manner didn't add anything to the thread. If you don't want to called on that kind of behaviour the easiest remedy is to change it.

- - -
Smiddy: There isn't a right opening offer. The offer you make has to factor in how much you want the place, your view on the flex in the price, your understanding of the sellers circumstance and expecations and so many other factors the mind boggles.

Personally, I'm inclined to low ball and work up a little. This position is in no small part due to the fact that I'm not in a rush to buy and not focused on buying a specific property. Good hunting.

Plasterer

I'm in a similar position to yourself with regards to buying property, however I own the house I live in and saw a house on the market for offers around £215K. I went in at £185 and told the estate agents I wanted an answer immediately and to ask the vendor to take it off the market. They accepted!!!
The agent then told me that there wass a higher offer but they were not proceedable. Try your luck, just depends how quick the vendor needs the dough!

Remember you can always go up in incraments but not down, and in todays market the estate agents are on the buyers side!!! theyd much prefer 2 % of £185K than a possible 2% of £215K in 6 months time!

WillyBeamish

I'm in the same position FTB, looking at the 215k range with a low LTV %.

In October, I saw a house with an asking price of 215k, which had been on the market for over a year. My opening offer was 195k - it was rejected. I went up to 201k, but they wanted 204K, so I left it. The house was sold a few days later.

This month the sale fell through, buyer could not sell their house, so I went back and offered 201k again, wiiling to pay 204k. They now wanted 211k as that is what the last offer was for, so I left it again.

I will buy for 204k, the last buyer would like to buy for 211k, but they don't seem to see the difference.

However, I'm in no hurry. I'd rather make lower, realistic, offers and be rejeced rather than overpay.

smiddy_2

Plasterer wrote: »

I'm in a similar position to yourself with regards to buying property, however I own the house I live in and saw a house on the market for offers around £215K. I went in at £185 and told the estate agents I wanted an answer immediately and to ask the vendor to take it off the market. They accepted!!!

Wow, that worked out well for you then! Definitely given me confidence to have a go now. This house that has been empty and on sale for well over 6 months has ticked every box i have and has recently been lowered £10k, just wondering if now they are trying to get rid of it quicker. Booked to view it tomorrow. Fingers crossed it is as good as it looks.

Plasterer

smiddy wrote: »

Wow, that worked out well for you then! Definitely given me confidence to have a go now. This house that has been empty and on sale for well over 6 months has ticked every box i have and has recently been lowered £10k, just wondering if now they are trying to get rid of it quicker. Booked to view it tomorrow. Fingers crossed it is as good as it looks.

Don't get downhearted if you don't "win" also only go to the price for the house that you think is worth to you. If they come back with a counter offer weigh up what it is worth to you, If you are thinking of staying there 5 or more years then another say £5k over what you want to pay is niether here nor there, as for me this one will be extended, refurbed and put back on the market as I do this sort of thing for a living so for me the price has to be right or I move onto the next.
Good Luck!!!!! and be cheeky! whats the worst can happen?