What to offer?

Weggy

Hi all

After a bit of advice.

Viewed a house yesterday, and we really like it so we're now looking to put in an offer.

The house is up for £175k. It is approx 5 years old. The current owners have only been in there for 3 months, and are moving out due to personal circumstances (work related) which I can understand.

It's in a popular area and properties there are selling very quickly. I've looked up the previous selling price on rightmove and they paid £170k for it 3 months ago. As far as I can see, nothing has been done to the house in those 3 months, ie no decorating etc.

So, what do we offer? Normally I guess you'd go in about £160k? However, cant see them accepting that seeing they paid £170k only 3 months ago.....

Any advice greatly received!

JennyW_2

you could go in at £160K but I don't think you'll get very far. As you say, the houses in that area are selling quickly so you may have to be prepared to pay near the asking price (if you can afford it that is and it's the house for you).

I don't know what area you are in but where I am, house prices are rising each month. We put our house on the market in February and when completion evenutally happened in August, houses in our road had increased by approx £15-20K :eek:

Weggy

Thanks

That was my feeling too. I think we're going to have to go straight in a £170k and hope they're happy with breaking even.....!

If it doesnt happen, then it's just not meant to be!

I thought prices were meant to be lowering slightly, but they also appear to be rising again here too.... (Sittingbourne in Kent, by the way)

SAP_Saver

house prices do not go down only the rate at which they rise does!

RHemmings

Weggy wrote:

Hi all

After a bit of advice.

Viewed a house yesterday, and we really like it so we're now looking to put in an offer.

The house is up for £175k. It is approx 5 years old. The current owners have only been in there for 3 months, and are moving out due to personal circumstances (work related) which I can understand.

Low offers can get you off to a bad negotiating start, where the vendor and the estate agent will think you're not serious or even an idiot.

It is possible to get a proxy such as a friend or relative to put in a low offer and see what happens. You can then come in as a fresh buyer with the knowledge of what happened to the previous offer. Even better if the vendor tries to get you into a bidding war against yourself.

I am not a lawyer and don't know if this is legal.

RHemmings

SAP_Saver wrote:

house prices do not go down only the rate at which they rise does!

Are you old enough to remember the last crash? Have you been following the land registry figures and seen that in parts of the country, prices have gone down?

Weggy

SAP_Saver wrote:

house prices do not go down only the rate at which they rise does!

Tell that to people who have suffered negative equity!

Weggy

RHemmings wrote:

Low offers can get you off to a bad negotiating start, where the vendor and the estate agent will think you're not serious or even an idiot.

It is possible to get a proxy such as a friend or relative to put in a low offer and see what happens. You can then come in as a fresh buyer with the knowledge of what happened to the previous offer. Even better if the vendor tries to get you into a bidding war against yourself.

I am not a lawyer and don't know if this is legal.

Makes sense, just not sure there's even time for this...... With the way houses have been selling in that particular area, it wont be on the market for long

Doozergirl

SAP_Saver wrote:

house prices do not go down only the rate at which they rise does!

Oh Dear. You picked the wrong board to say that. Brace yourself...

[Pulls up chair to warm hands by the flames]

Doozergirl

I agree with JennyW too, I think the only offer you can make is £170k. I doubt they would accept anything less as they will have lost around £5,000k in the associated fees for buying and selling, hence their asking price, I suspect.

You shouldn't pay more just because they want their money back, but they won't accept any less. I'd word your offer well; that you appreciate their position so you're prepared to make a respectable first and final offer based on the price that they paid for the property. Push your strong position (mortgage aranged, FTB or SSTC or whatever) and then wait

If you're not in that strong position, get yourself there before you offer.

Weggy

Doozergirl wrote:

I agree with JennyW too, I think the only offer you can make is £170k. I doubt they would accept anything less as they will have lost around £5,000k in the associated fees for buying and selling, hence their asking price, I suspect.

You shouldn't pay more just because they want their money back, but they won't accept any less. I'd word your offer well; that you appreciate their position so you're prepared to make a respectable first and final offer based on the price that they paid for the property. Push your strong position (mortgage aranged, FTB or SSTC or whatever) and then wait

If you're not in that strong position, get yourself there before you offer.

That was my feeling also.

As for strong position - hmmmm. Mortgage is arranged but house is only just on the market. We've only just started viewing to see what we could get for our money..... 3rd house we've viewed and we love it.... can really see ourselves starting our married life, and family there.....