First time buyer - what should I offer?

wxy

I really like a property and would like to put an offer in after another viewing. The property is on the market for £199,950, been on the market since Feb, recently reduced from 209,950.

The vendor said that they are not in a rush to sell (altho the price drop could indicate otherwise?) and they had rejected another offer before. according to the estage agent the previous offer wasn't unfair, altho the lady who put the offer in is in a chain.

Now I was going to go for something like £180k but now I'm worried. I do want them to take me seriously (I have a mortgage agreement in principle and a solicitor ready) but I don't think I'd want to pay more than £190k. The agent said that they'd recommend an offer of the top 190k.

Any advice? would £180k be too low? due to the above I think I'd be embarrased to offer that... but to be honest I wouldn't want to follow the agent's advice and put an offer so near the asking price.

Thank you!

wxy

Forgot to say that I have tried doing lots of research on mouseprice, zoopla, houseprices, etc but there is no reasonable indication. the house was built in the late 1990s and the current owner bought it straight from the developers. similar houses at the same development were all sold as leasehold whereas this house is being sold freehold.

any advice would be greatly appreciated!

maya+2

you are a FTB so i think you should try a lower offer and see what they come back with, i don't think sellers in this market will be dismissing potential buyers just because they thought the first offer was a bit cheeky.

Sammy85_2

Offer what you think the house is worth and what you are comfortable paying. As a FTB i would go in with a cheeky offer first and work upto my maximum if need be.

shane42

£180 is not too low to start,

Marcus1981

Is there a general % guide on where you should start i.e. 10% off asking?
Being a FTB as well we're a bit wary of not being taken serious along with no wanting to offend.

Some good advice I got which is obviously really but always worth remembering, you can always up your offer, you can never lower a high bid.

I'm looking at the 10% rule on a £169k flat but £152k looks really low.

Sorry dont mean to hijack your thread

poppysarah

FTB and you can spend 190k?
how much deposit do you have?

You'll be more buffered for a lower valuation if you have a bigger deposit and get more off it.

wxy

Thanks everyone for the advice! I will go to the second viewing with a friend who's an expert, bearing in mind all the tips on this website :T

If that goes well I will start on £180k!

Thanks!