first offer advice pls

aggi

we are looking to put in an offer on a flat. they want 103k but the flat on the ground floor was sold dec 2009 for 87k. the flat we want to buy is nothing special, needs doing up through out but is also in livable state. there is no major difference between the flats, same windows, central heating. is it possible that prices went up sooo much within a year or their priced the flat way too high, thank you for any advice

poppy10_2

Do you have a rightmove link?

aggi

sorry not allowed to post links as newbie
property-for-sale/property-30318080. html

wherediditallgothen

If you're not embarrased by the offer then it's not low enough. Go in with what you feel would be an acceptable first offer for you to make.

16k seems a big difference to me, but the two situations may more different than you think.

hazyjo

Do you know if the ground floor was the same size? The shared entrance on the ground floor might mean they lose a room (looks that way from the pic). Could it have been a 1 bed?

Jx

aggi

it is a 2 bed flat. just in the living room there is two square meters more and that is it. and the garden is walk through to the next one wheres 'mine' flat is just closed one. i find it very tricky. cause initially i thought 95k and done but now that i found about the other flat i dont know:( im not in a rush or something so i can walk away if they wouldnt accept embarrasing low offer. just wanna be fair to them as well as they seem to be nice people.

poppy10_2

aggi wrote: »

sorry not allowed to post links as newbie
property-for-sale/property-30318080. html

http://www.rightmove.co.uk/property-for-sale/property-30318080.html

It's been on the market for over three months, no price reduction over this time. I'd reckon you should go in at least 15% under, try 87 grand, and make it clear that you are prepared to walk away.

benb76

Your description implies that the flat you're interested in is not on the ground floor. You would normally factor in an extra 10-15% (as a rough guide) to the value of an upper floor flat over that of a ground floor flat. So if the ground floor flat sold for £87K last December then you'd probably be looking at paying around £96-£100K. Based on this alone I'd put your initial offer in at £95K, although there may obviously be other factors affecting value.

TOBRUK

aggi wrote: »

.... i thought 95k and done but now that i found about the other flat i dont know:( im not in a rush or something so i can walk away if they wouldnt accept embarrasing low offer. just wanna be fair to them as well as they seem to be nice people.

I appreciate that you want to be fair and do the right thing, however you must detach yourself from any emotion however nice you feel the people are as you don't want to be friends with them - this is business. Don't feel embarrassed by giving a low offer.

If they don't accept an offer fine, if you want to offer a little more that's also fine but don't give more just because they are nice people!

Jackinbox99

Price sounds fair. The other flat was probably up for 95k and sold for 87k. As someone else said, if the 103k flat is not on the ground floor then its prob worth 10% more, than the other one, so 95k, and becuase they have put it on for £103k, sounds like they are looking for 95k->100k. So all adds up. Also, house prices have gone up slightly since 2009, but not much.

Workout what price you want to offer and put the offer in. Good Luck!

aggi

thank you guys for advice, we went 90k and i think that will be our first and final. hope it gets accepted.
did anyone ever tried to put offer direct to seller? my dad said to do that but we went through ea.at least this time;)
now the ea wants us to take mortgage with them as they got 1k cash back then. but wont their fees be around 1k so it will make no difference to us or am i wrong? and should i show them my agreement in principle i got with someone else or is it stupid move cause then they will see how much we can or cant get?