After viewing a house

loulou41

Viewed a house yesterday on the market at 305k, similar house was selling was selling for 300k two months ago. I could not understand why this one is selling for more than 5k and it's nothing special except the owner had a new roof. Also my concerns were the floors upstairs ar all creaky, I do not know whether this means they are old and need to be replaced. Daughter quite lile the house and the owner is emigrating. I think the sitting room is quite small as there was only one three seater there. Hubby said I should offer the EA 290k, but am a bit embarrased, houses in these areas are selling very quick and I do not wish to offend anybody. I have not heard from the EA which is unusual and I was the first one to view the property. Am going to wait oon Monday and see what happens, the location is excellent and the garden is beautiful and big, but the house itself is compact, but will be OK for daughter who is single. Should I worry about the creaky floors and mention it to the EA? Thanks

Jorgan_2

Why wait until Monday afternoon? You yourself say that things are selling quickly in the area, why wait until after what may be the busiest day for viewings before expressing an interest. If you are interested in this property let the agent know, if you put in a low offer they worse they can do is say no.

As for creaky floors, could be something simple such as the boards need screwing down.

loulou41

Talked to EA this afternoon and he said buyer will accept 295k+ and made an offer of 295k and explained my position I am a cash buyer, and we are flexible and could fit with the seller circumstances, we have no chain and they could stay if necessary until they are ready to emighrate, I think she said in October. We could also buy somoe of her stuffs as daughter has got nothing. Hubby does not want to go more than 295k and he advised me to offer 290. EA said he wants proof of our cash, may a letter signed from our Solicitor but he said he will accept statement from our accounts. I guess, it is quite safe to show him our bank statements, but what if he wants copy of it, will that be OK? He said some buyers said we are cash buyer and then at the last moment they found out they do not have the cash. Thanks

F_T_Buyer

loulou41 wrote:

but am a bit embarrased

loulou41 wrote:

I do not wish to offend anybody.

Uhhhhhhhhhhhhhhh?

You're spending nearly £300,000 and you are worried about being embarrased and offending anybody?


For £300k i'd run around London naked!

What an eye opener.

Doozergirl

I feel disappointed that you've been reading this board for such a long time but still feel that making a low offer would be seen as offensive.

The lower you start and the harder you play, the better price you will get. Offering £295k at start indicates that you are nervous and prepared to pay more as most people expect to have their first offer refused and I personally have never accepted a first offer. You should play like this is your first and final offer. A true cash offer in that price range is like gold-dust and you should be playing that to your full advantage.

If the vendor refuses your offer, I suggest you ask how many other cash offers the vendor has on the table? I really would give a better price to a cash buyer, for the hassle a chain free sale takes away!

bobsa1

If someone made me an offer I wouldn't be offended I'd consider it in light of the circumstances, me wanting a quick sale them being a cash buyer etc & consider it. If I wanted to refuse it I would, but be offended bo way!

Cardinal-Red

I still go by the advice I was given by an estate agent friend of mine...

If you're NOT embarassed by your first offer, it's too high...

mi-key

The amount you're offering is only around 5% less than the asking price, I would have offered less, particularly as the other sold for £300K. If you consider most houses are overvalued by at least 5% then I dont think £290K is unreasonable.

Also, I would consider a first offer as just showing interest in buying the house, you dont really expect it to be accepted, but its a starting point to haggle.

itsakidsworld

When you find a property you like then your mind changes and plays tricks with you!! From being a casual enquiry, all relaxed and happy, suddenly you want it and panic sets in!!! We all do it even if people say they do not.

But today ( Sunday) sit back, take stock of the situation and the good advice given on here and then tomorrow you will be prepared.

Regarding the price, if you feel it is a fair price and it will give your daughter happiness in the future as well as you and your family then stick to your price. You are a cash buyer for a property which is above stamp duty so that is a massive, massive plus on your side. If you feel that the price should be lower then just tell the agent that you have revised your price over the weekend and your full and final offer is xyz. ( This could allow for repairs to tighten floor boards which creak and is normal by the way).

Whatever you do, do not under any circumstances show them your bank statements. That is your personal details and has got absolutely nothing whatsoever to do with them.

Tell the agent that if your offer is accepted, you will instruct your solicitor to present a letter to them confirming that you have available funds for the purchase. Tell them also that in return you wish to have a "lock out" clause implemented into the sale which is a legal document giving you time to complete. This means that buyer and seller confirm price is as stated and seller cannot show anybody else for a period of say 4 weeks. A small cost with your solicitor for peace of mind.

In any business deal, the secret is to keep all your cards as close to your chest as possible.

Finally, I have said this before regarding property when buying, what is expensive today is cheap tomorrow.

Good luck with whatever you decide.

loulou41

Thanks for your good advice. I think the offer seems reasonable and I am quite positive it wil be rejected and will go at least 300k or the asking price or more. It's an ideal location just 5 mins walk to H & W station, the house seems very compact inside, with large well looked after garden with 2 sheds but does not suit daughter as she is not in gardening. It's not a big house and will be manageable for her. We will buying for location and daughter did say she could live with the house as it is as the owner plans to sell some of her stuffs due to emigrating and it's the style she likes. I have carefully thought about this and will ask for a second viewing if the EA asks me to top up my offer. The disadvantage is the garden is at the back and is accessed through another road and cannot be used at the moment and is boarded. No off street parking and will need permits.

I have also seen another house further down, very nice, my ideal house but in my opinion too big for daughter. I intend to view this as well but it is 325k a bit above my budget as I have to allow at least 11k for solicitor fees and buiding survey which I have been quoted about £650+. It's on rightmove property website under Harrow at 0.2 miles from station if anybody wants to check this.

Thanks for your good advice and will keep you posted. Am not sure whether I could post the links here for some opinion. It's a lot of cash, daughter says she is stressed just thinking about it as we are using most of our life savings and investments etc. Daughter and son did not ask us to do that on the contrary they want us to go and enjoy ourselves. I do not want people to think we are spoiling our children. Thanks

http://www.rightmove.co.uk/property/4923789

cuffie

When (!! - long story!), we had someone offering on our house, their first offer was £12k less than it was on the market for. We weren't naffed off or anything - just pleased someone was interested, and we knew they would go up higher (not many people accept first offers). Eventually we accepted £6k less after 4 or 5 offers put in by same lady. You'd be kicking yourself if you knew the house went to someone else for that price - you just don't know peoples circumstances - they may desperately need a sale - give it a go - what have you got to lose?