Guide prices and making an offer

Agent_C

We have recently seen a house we like which has just gone on the market with a "guide price" of £140,000; however on the brochure it is listed as a guide price of £140,000-£150,000.

What sort of offer would it be customary to make in these circumstances? I know that the vendors are keen to move quickly, but also that they have turned down a previous offer (would the estate agent be likely to tell us what that offer was?). We also have to sell our own property and would be looking to reduce the price or accept less than we would have hoped for.

Sorry if the questions are a bit basic but I'm new to all this as all I've ever bought in the past was a fixed-price new build - so much easier!!

Guitar

There is no customary offer.

You offer what it's worth to you after researching what similar nearby properties have sold for recently. The agent is unlikely to tell you what the previous offer was and any price information that comes from them will be biased and you shouldn't trust it. It's more likely that'll they'll say the rejected offer was 'very near the asking price' or even 'over the asking price but was rejected because they couldn't complete fast enough for the vendors' either is likely to be lies.

Eton_Rifle

... and you're in a weak position to negotiate any discount at all since you haven't even sold your own house yet.

hazyjo

Don't offer anything yet! It might give you a bit of room to move on what you can take for yours. Plus, if it takes 6 months to sell yours and the one you want hasn't yet sold, you don't want to be paying what you offered 6 months previous. Just do what I did and call them, say you're very interested in the house and would they keep you informed of any developments, and that as soon as you have a buyer, you'll be in touch to negotiate a price on the house.

Jx

myhouse_2

Estate agents might be happy to tell you what the offer is - wouldn't necessarily believe them myself though.