First offer - a question

flybynight

im considering this with the place we are lookign at.
was on for £200k, then after a month droped to £190k, but needs double glazing, new bathroom and new kitchen ( looks like a student house at the moment, complete with not opening the window while showering mould in the bathroom and a double bed in the dining room). i rekon it is not worth that much and reckon somewhere around the £165/ £175k mark. I thought they would laugh at me if i offered that though, what with it only being on the market for a couple of months.
we are first time buyers, buying with cash, available to move at any point from 1 month to a year, does this put us in a better position?

Avoriaz

Jennings wrote: »

..What should I offer?

First decide what the house is worth to YOU.

When you have decided this figure, offer £10k or £15k less and be prepared to negotiate up to but not over that figure.

If your offer is not accepted, walk away and look for another house.

You will either: find another house to buy; the owners of this house will reconsider and accept your offer; or you will stay put.

Do NOT offer more than it is worth to YOU.

Fire_Fox

It doesn't matter what the house is worth to you if you need a mortgage, as the lender's surveyor will only value it at what it is worth on the open market. Lenders do not generally like cashback schemes, chances are they will knock that amount off the valuation. Check land registry sold prices for the street and area here
https://www.houseprices.co.uk
Take off the amount needed to spend to get the house up to scratch. Place your best and final offer in writing citing your research and clearly stating your strong position (chain free/ MIP). This best and final offer can be the same as you have already offered if you feel that is fair.

mikey_D

Sit tight would be my advice if it is overpriced, I looked at house 6 months ago that was on the market for £390k (in my opionion is was overpriced) and at the time put an offer in for £365k which was rejected, anyway, looked at it again 2 weeks ago as the price had dropped to £370k, put an offer in at £353 and it has been accepted.

Don't be in too much of a rush unless you are in a situation where you need to move quickly, my house wasn't on the market at the time however my instinct was that the right agent and the right price would sell my house quickly and within 2 days I had offers at the full asking place.