To offer or not to offer?

angel1976

Hi everyone,

Been looking at some of the really good advice on this board and now it's my turn to seek some advice asap! Hubby and I are first-time buyers and decided last week to have a look around this Saturday with a view to buying something in the next 6 months. We have a mortgage in principle agreed with HSBC but spoke to a financial advisor today as well who thinks we will have no problems at all borrowing up to £250,000. On a personal level, we think we can afford the mortgage as well so that's not the issue...

We went to two viewings today and we REALLY liked the second place. It ticks all the right boxes for our first property but I think the asking price is a bit on the high side - just short of £250,000. I did some research tonight and here's what I find... The house we are after is the middle terrace of a row of 3 identical houses. It was bought in Feb 04 for £185,000 and is now asking for £249,950. The house next door was bought in Dec 03 (when it was first built) for £178,000 and was sold in July 05 for £220,000. Bearing that in mind, what should our initial offer be to be taken seriously? This is in London and in zone 3. Also, we have found out that the vendors are looking to buy somewhere, so should we make a low-ish offer but stress that we are flexible as to when they are able to move? We have been told by the agents that there's quite a few people who did their second viewings today as well (but I am inclined to take their words with a pinch of salt!).

Also, will a phone mast not far from the property put you off buying a place. My hubby is unconcerned and I am slightly concerned... Is it also too early in our house hunting process to put in an offer? I suppose we are in a good position to negotiate as we are not in a hurry as such but would like to get this really nice property at a good price! Any views appreciated!

Many thanks!

Angeline

clutton_2

what have you got to lose re putting in an offer if you like it ? you can always look at other houses with other EAs in the district at the same time, if you wanted to get more of a feel for your area. Offer less than the asking price, you can always go up, never down in price ! have you looked at https://www.nethouseprices.co.uk to see other sold prices ?

angel1976

Hi clutton,

Thanks for your advice. I agree with what you say as in you can only go up in the asking price, not down! I have looked at the website you recommended, hence those prices that I quoted above... I personally think £220,000 is a good enough price as a starting point but wondering if we will be taken seriously though...

Rgds, Angeline

clutton_2

why not ? it might help if you give a reason why you think its not worth that - needs new roof, next door sold for £x, needs internal work etc

Tennis_Star

Hi there Angeline,

What ever offer you put in - as long the estate agent- is fully aware you are a first time buyer with a mortgage arranged - will be taken seriously. You are in a teriffic position as you have nothing to sell. You are the kind of buyer most house sellers are looking for.

With regard to offers it really depends on how quickly the vendors want to sell their property as to whether they accept a lower offer or not. Dont let the estate agents push you into making higher offers by telling you there are other people interested. You must decide what you feel is a fair offer for you and stick to it.

As far as the phone mast is concerned, they are putting these up everywhere. Take it into consideration but i wouldnt let it put you off the property. This is just my opinion but at the end of the day you have to be totally happy with the property you decide upon - if your worried about anything then think seriously before buying.

angel1976

Hi Tennis Star and clutton, thanks for all that. It's really good to get your advice... We know the vendors haven't found anywhere yet to buy and that might be at our disadvantage in that they may not be all that keen to sell up quickly. It's reassuring to hear that we are the kind of house buyers are keen on! I am not that bothered by the phone mast, I'm of the view that if you get cancer, you get cancer (touch wood!). Having slept on it, I do think it's such a lovely little property, I want it! I now just have to play it cool...