How much should we offer

Bergaspeed

We have seen a house we would like to but, its currently up for sale at £89,995.
I would like to put an offer in of £80,000 does this seem to little?

sarahlouise210

wow! Where is it?? I think it depends how much you want the house and how much you think others will want it - if its a good price and desirable then offer the most you can. I dont think you could expect to get 10,000 off 89,000 .... unless you think no-one else will put in an offer

Bergaspeed

It's only been on the market since Saturday and we viewed it today. Would £80,000 be a good starting point?

We are first time buyers and could move within a month. There is no chain, we already have a mortgage in principal and a £10000 deposit so we are in a good position.

advent1122

Well you can offer what you want, but I would be insulted if you offered me £80k for a £90k house.

I would offer £85k and if they are in a hurry they will probably settle on £87k.
BUT for a house of that price I reckon they will get the asking price from another ftb.

roswell

offer with in 10% so about 81 000 you can always make a second offer if the first is refused. Also if they accept your offer ensure you ask for the property will no longer viewed by other buyers and use the fact you can move fast to show your strong position.

PoorDave

roswell wrote:

offer with in 10% so about 81 000 you can always make a second offer if the first is refused. Also if they accept your offer ensure you ask for the property will no longer viewed by other buyers and use the fact you can move fast to show your strong position.

Sound good to me.

In my opinion you can never offer too low! If your first offer's accepted, then it was too high!

Make sure the vendors know you're FTB's, as this puts you in a strong position if they have other similar valued offers.

goldbyron

I understand what poordave is saying however I feel this could be snapped up by another FTB or even a BTL. It really depends where the house is located and if the market is quite active where you are and are there other houses out there if this one fell through.

If houses (wow can't believe it is a house, you wouldn't get an ex LA flat on the 20th floor round here for less than £100k!) are selling like hot cakes I would put in an offer of £85k and sell yourselves as buyers. If rejected I would increase by £2k. It has only just come on the market so the sellers may not be in such a rush to accept the offer and you may lose it. Also if the survey reveals problems you may be in a better bargaining position to knock money off if you didn't get such a deal in the first place.

Good luck!

Zammo

A house for under 100k? It's just like 99 all over again.

daz9643

check other property in the area to see what they sold for on nethouseprices.com to see if its in the right ball park. Theres a house in our street on the market for £250,000, a developer bought it a few months ago for £212,000, put a cheap kitchen & bathroom in and expects to make £38,000. It hasn't sold.

scrivomcdivo

Bergaspeed, where is the property you are looking at?

Jags_2

I'd say it depends on the market in your area - checking sold prices is a good start, and EA's still advise an offer not less than 15% off asking price to avoid insulting people. If you want to offer low - great, just make sure your offer is backed up by reasoning, i.e. you expect house price drops in the next year or so, Interest rates are rising and you want to insure yourself against a loss etc, just so the buyer doesn't think you are taking the P...
also the longer the property has been on the market, the more chance of the buyer accepting a discount, after a week I'd probably hold on for more, after 3 months, I'd probably sell. Some sellers are still in the houses will always go up dreamland, others more realistic. try it at 80k and se what happens!