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Opening Offer
MoneyMiser
Posts: 571 Forumite
Hi All,
Going to view a 3-Bed Terraced property on Sunday advertised at £75K. The house was first listed in July at around £79K but has had no viewings or offers, according to the EA.
We are FTB's looking to get on the property ladder so starting small. With the Yorkshire Bank's 95% LTV 6.99% mortgage for FTB's the monthly payments and deposit are fairly small as well.
Anyway to get the ball rolling, and considering this has already been reduced, what would be a reasonable starting bid?
Thanks,
MM
Going to view a 3-Bed Terraced property on Sunday advertised at £75K. The house was first listed in July at around £79K but has had no viewings or offers, according to the EA.
We are FTB's looking to get on the property ladder so starting small. With the Yorkshire Bank's 95% LTV 6.99% mortgage for FTB's the monthly payments and deposit are fairly small as well.
Anyway to get the ball rolling, and considering this has already been reduced, what would be a reasonable starting bid?
Thanks,
MM
0
Comments
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The reasonable strating bid can only be decided by you.
However I suggest when you make it you only refer to it as an "offer"
Not "starting bid" not "opening negotiations" not "first offer"
If you use any terms that imply you can go higher a good EA will pick up on that and advise the venderos to hold out for more.I am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Yeah good call about the terminology, was on ebay a few minutes ago and think I just got confused :rotfl:
Think I may start off, with something in the region of 68K - 70K.
Thanks
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No worries.
Just tell them you have checked your finances, got the mortgage aproved, like the property, and would like to offer £xx,xxx
They will probably come back to you and ask if you would like to increase the offer, which of course you would not LIKE to do. Maybe you consider a higher offer, maybe you dont. Thats up to you.
I would recommend giving yourself a price you are not going to go above, and consider any money below that a saving in your favour
Good Luck with itI am a Mortgage Adviser
You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
Check what other similar houses in the area that you are looking at have sold for rescently (not the asking price - the sale price)0
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Check what other similar houses in the area that you are looking at have sold for rescently (not the asking price - the sale price)
Just checked now and a house last sold in the street on the 23/04/2007 for £83,950. So seems like we could get a good deal. Especially if house prices increase in the future, but lets not get into that
MM0 -
A good rule of thumb is that if a house has had no offers it is often at least 10% over-priced as people are generally comfortable making offers within 10% of the asking price.
As the house has not even had any viewings it means it is even further over-priced, which would value the property at £71k tops, and probably a couple of thousand lower.3.9kWp solar PV installed 21 Sept 2011, due S and 42° roof.
17,011kWh generated as at 30 September 2016 - system has now paid for itself. :beer:0 -
So without even seeing the property, knowing where it is or what it comprises, you have just managed to value the property? There could be lots of reasons for a property having no offers. If it were that easy to sell, Estate Agents wouldn't be going out of business. In my experience there is no rule of thumb apart from decide what you would be prepared to pay for the property, offer, and then don't go over that amount. If you don't get the property, fair do's, you havn't gone over what you would be prepared to pay. If you do, then you have the right property at a price you were happy with.0
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£68.3k...
Cheers!
Artful0
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