FTB making an offer - adive please

blackcat8

Me and my boyfriend have decided it's time to buy our first house. We've got our deposit and a mortgage in principle sorted and found a house we really like. We've been to view the house twice now, the first time by ourselves and the second with my parents.
We want to put an offer in but have no idea where to start. My mum's more risky and said we should offer £75000 and my dad plays it safer saying £85000
Soooo what do people think our first offer should be?
Here’s some info on the house......
It's a repossession, been on the market since last November, on for £99950
It's a 3 bed semi, has front and back gardens but they aren't that big, no garage or driveway. Room sizes are good
In good village location
On our first viewing the estate agent said before we had even walked through the front door that they would probably take around £90000
No other buyers are interested
needs a lot of work to it though- has no kitchen/appliances, no internal doors, needs double glazing, new back door, has oil heating so would probably need a better boiler, might need some new radiators, needs decorating/plastering/flooring throughout (most rooms have no carpets)
We need to spend about £15000-£20000 on renovating, so we don't really want to pay more than £85000. But we don't know how low to go with our first offer (knowing it probably won't be accepted at first) to make sure there’s still room for negotiation but to be also taken seriously

We were thinking off offering £80000 as our first offer, but thinking that first offers never get accepted maybe we should offer £78000 just to get things started with the intension of going to £80000. Would this be too low?

andrewmp

Do you have a rightmove link?

AbsoluteReturn_2

Errrr.... your Mum's suggested offer is lower than your Dad's and therefore it is your Dad that is taking greater risk with your future wealth. An offer of £75,000 is infinitely better than no offer at all.

VIGILANT22

blackcat8

You need to find out the history of this property..

Quote: No other buyers are interested

A warning sign......Allways a reason for properties not selling..When you say no kitchen ..this could be the clue...as if a property has no kitchen it would not be mortgageable.......Even if it was mortgageable, with so much needing done to the property it would probably have a retention on it ..which means the full mortgage amount woukd not be released until work was completed.......

blackcat8

don't know why but it won't let me post links, think its because I'm a new user

if you put in rhydymwyn, mold in to rightmove you'll find it. It's the cheapest there at £99950, the house next door is also for sale at £116950. the only difference between the two is next doors has a kitchen (very dated) and a drive way

it says double glazed but it's only the front door, the rest is single glazing

blackcat8

VIGILANT22 wrote: »

blackcat8

You need to find out the history of this property..

Quote: No other buyers are interested

A warning sign......Allways a reason for properties not selling..When you say no kitchen ..this could be the clue...as if a property has no kitchen it would not be mortgageable.......Even if it was mortgageable, with so much needing done to the property it would probably have a retention on it ..which means the full mortgage amount woukd not be released until work was completed.......

I thought the kitchen and singal glazing would be the reason, also the oil heating. But I didn't know you couldn't get a mortgage? It has a kitchen room, only has a sink in, but hasn't got cupboards/appliances.
The mortgage in principle that I've arranged is only for £80000, on the bases that the highest we pay for the house is £90000 and us putting £10000 down

mufi

Is this the one? http://www.rightmove.co.uk/property-for-sale/property-27874442.html

blackcat8

yeah thats it

blackcat8

VIGILANT22 wrote: »

blackcat8

You need to find out the history of this property..

Quote: No other buyers are interested

A warning sign......Allways a reason for properties not selling..When you say no kitchen ..this could be the clue...as if a property has no kitchen it would not be mortgageable.......Even if it was mortgageable, with so much needing done to the property it would probably have a retention on it ..which means the full mortgage amount woukd not be released until work was completed.......

so with the amount of work needed, do you think a first offer of below £78k is needed?

andrewmp

blackcat8 wrote: »

I thought the kitchen and singal glazing would be the reason, also the oil heating. But I didn't know you couldn't get a mortgage? It has a kitchen room, only has a sink in, but hasn't got cupboards/appliances.
The mortgage in principle that I've arranged is only for £80000, on the bases that the highest we pay for the house is £90000 and us putting £10000 down

A little bit of history from property bee:



05 March 2010

• Price changed: from '£104,950' to '£99,950' [IMG]chrome://property-bee/skin/user_comment.png[/IMG]

16 February 2010

• Brief Description changed: 95% mortages available on this property (subject to usual lenders criteria) MORTGAGES AVAILABLE ON THIS PROPERTY (SUBJECT TO USUAL LENDERS CRITERIA) Situated in a village location is this three bedroomed semi detached house which has the benefit of oil heating and double glazing. The accommodation comprises: Hall, lounge, kitchen, cloaks/w.c and family bathroom. Gardens. Gardens [IMG]chrome://property-bee/skin/user_comment.png[/IMG]
• Price changed: from '£109,950' to '£104,950' [IMG]chrome://property-bee/skin/user_comment.png[/IMG]

08 January 2010

• Initial entry found. [IMG]chrome://property-bee/skin/user_comment.png[/IMG]

I would offer £70k as a starting offer. If it's a repo, they might accept, you might get outbid though down the line.

blackcat8

thanks for the background

I'll be ringing the EA tomorrow and we'll go for £70k, I gues they can only say no....
The EA said there hasn't been any other interest apart from one person but they couldn't get a mortgage. The second time we viewed the house she she she'd told the company that it was our second viewing and they said they are open to offers