First Time Buyer

Jimmyh_2

Hi Guys

I wondered if you could please offer me your advise. I am a first time buyer and have found a property I am interested in. I know your supposed to offer about 5-10% less of the value of the house to begin negotiations, but is their any other advice you could offer with regards to putting in an offer? Is it best to put in a lower offer then if declined leave it for a few days/weeks so as not to look too keen? But on the same note, I don't want to risk loosing the property. Any advice or tips would be appreciated.


Thanks

jw2003

when we bought our first property last year we offered 10% under which was refused so we put in a higher offer immediately of just an extra 2% which was accepted quickly. Go in and be bold, offer 15% under and see what they say

Annisele

I'd say not to be too worried about the risk of losing the property, and always bear in mind that (up to the point you exchange contracts if you're in E&W) it is open to you to walk away. It would be different if the property was completely perfect, nothing else would do, and it was unique and you'd never find another - but as a FTB there's a reasonable chance you can't afford a completely perfect property anyway.

inca_2

Make sure you think with your head rather than your heart when negotiating and make sure you look round a few properties before making a decision. If you've done this and decided that this is the one you want then have a set idea of what is the highest amount you are prepared to offer. It's hard not to become emotionally attached when negotiating but this can make you pay more than you may have originally wished to when thinking rationally. Also take into account any expensive work that may be required (is the boiler 3000 years old and likely to need replacing? etc) some of this you may not know about until you get a survey done but some info you will have to hand. Go in low and build up.

When we purchased we saw a house that we loved but they wanted full asking price (at the beginning of the dip). We knew the bathroom and boiler needed replacing and there was no way when comparing to other properties that we thought it was worth the asking price. The agent basically said asking price or nothing so we told them we were no longer interested and thank god we did. We'd have been crazy. It still hasn't sold 2 and a half years down the line.

smiddy_2

Jimmyh wrote: »

Hi Guys

I wondered if you could please offer me your advise. I am a first time buyer and have found a property I am interested in. I know your supposed to offer about 5-10% less of the value of the house to begin negotiations, but is their any other advice you could offer with regards to putting in an offer? Is it best to put in a lower offer then if declined leave it for a few days/weeks so as not to look too keen? But on the same note, I don't want to risk loosing the property. Any advice or tips would be appreciated.


Thanks

I had my offer accepted only last Tuesday as a FTBer. The house was on the market for £225k. The houses round that area sell for £240k+ so very interesting. I put in an offer at £198k and (as expected) refused. I then upped to £210k and was told that was nowhere near what they could afford (the couple were mutually splitting up) but as i had already reached my limit i told the EA my offer still stands if they change their mind.

Eight days went past. Then phone rang last week to see if i was still interested, another 24 hours went past and the offer was accepted! Sending off documents for mortgage today.

It all depends on the sellers circumstances, if they are in no rush to move they will sit it out, if not, give it a go.

jw2003

Speaking of which, a friend put in a low offer and sat back and waited - 3 months later it was accepted