How to go about making offers

Russe11

First time buyer, studio flat, asking price is £65k, no mortage required.

What is the most sensible way of making a realistic offer. from what I gather is that offers are just laughed at if its not more than the asking price.

Boba_Fett

its a buyers market, offer at least 10k lower they say no, you decide if you want to go higher.

look to see what other flats in the area have gone for.

Accountant_Kerry

studio flats are notoriously difficult to sell so I would offer at least 10k less, or buy a 1 bedroom place.

sonastin

In most parts of the country, offers over the asking price will have the estate agents laughing - but behind your back while to your face they will snatch your hand off. If the asking price is £65k, I would guess that you are looking in one of those areas.

1) Use websites like Zoopla, mouseprice, nethouseprices, etc to find out what similar properties sell for.
2) Use the property bee add on to mozilla firefox to find out a) how long the flat has been on the market and b) if they have reduced the asking price in that time.

Armed with that sort of information, make an offer based on what you think the flat is worth. Ignore the asking price as that is just a guide to what the vendor is dreaming they can sell it for...

Russe11

thanks will have a look at property bee.

mrschaucer

Just remember you're holding all the cards - first time buyer, no mortgage, buyer's market!

thewinkshow

I echo the above, falling market, buers market. you hold all the cards

I would be going in 10-15% under - be cheeky, put it in, then walk away, you will be surprised when you get the call.

personally though you sound like your in a good position so I wouldnt be getting a 1 bed flat unless I had to, why not get a small mortgage and get something a bit better and easier to shift.

zappahey

Russe11 wrote: »

From what I gather is that offers are just laughed at if its not more than the asking price.

Are you in Scotland? Over asking price offers are unusual in England and Wales.

Russe11

I'm not employed, nor do I have a good credit rating so borrowing is not an option.

Russe11

offer was 51500, so I could come in at under 55k... was told of friday not accepted, so just going to leave it till the new year and see if it still on the market.

There is however a lot of properties 1 bedroom in the 85-100k bracket, I wish I could just magic up another 25-35k and go for one of those.