132k House - Offer 117k???

laurawantsahouse

First time posting here and I know that there a lot of other threads like this but I need some advice!

We looked at a house 3 weeks ago and loved it. We have been looking at our finances since then and have decided that if we can get a mortgage for 108k we will go for it. Our deposit is 15k so we will be working on a 90% mortgage (we have already got an advisor who has found a few options for us)

The house was first listed in April at 140k but was dropped a month ago to 132k. It has newish central heating, newish bathroom. But needs a good coat of paint everywhere, there is no carpet on the stairs, the garden needs turfing and it has a galley kitchen that will need sorting out at some point.

Is it too cheeky to offer only 117k? We know that they need to move and quick. Also, its on the news today that house prices are dropping again.

Any thoughts? Should we just go for it?

simpywimpy

I see no harm in putting in your offer. depending how much they need for their own move, they could accept. I always think if it's meant to be, it will be

Izlay

You should certainally offer 117k - what is the worst that can happen? When putting your offer in get your broker to call and confirm that your mortgage is 'agreed in principle' and thay you can move very quickly - hopefully this will encourage the vendor to accept in anticipation of a quick sale. Good Luck!

laurawantsahouse

Thank you! I am a believer in that as well! They are desperate to sell, they have a home waiting for them as the lady living there cant walk up the stairs anymore. I think thats making me feel guilty about offering so low!! Fingers crossed!

poppysarah

Izlay wrote: »

You should certainally offer 117k - what is the worst that can happen?

They could accept!

laurawantsahouse

Fingers crossed they will!!!

avenida

Depends on whether 117K is enough for them to move on, but no harm in offering!

macgirl

I would say go for it. We are in the process of buying and got almost £90k off the asking price cos they want to sell quickly and we are chain free.

Granted, we had to wait a month for them to come back but as someone said - if it's meant to be......... Good Luck!

pardal51

macgirl wrote: »

I would say go for it. We are in the process of buying and got almost £90k off the asking price cos they want to sell quickly and we are chain free.

Granted, we had to wait a month for them to come back but as someone said - if it's meant to be......... Good Luck!

How much 90K is percentage wise????

puddy

yes, this is only about 10% off the asking price isnt it? hardly anything

cherry76

Yes, go for it if you want to get it for 117, you should go for 115k. When I bought mine I felt guilty as they were selling at a loss and they were desperate to move due to husband's job. That was in 2009, on the market for 325k, drop to 315k then sold for 295k, they bought for 300k and have installed new kitchen, new boiler and replacement sash windows. I did not get a bargain as I did need to do some repairs, rewiring and all these costs me 15k+ plus the inconvenience that go with it. The house did look good and ready to move until the survey came back.