Advice required - what offer to make?

betmunch

If the house is on at £208,000 then using the standard algorithm for discount for Persimmon you should go in at 12.7% below asking and be prepared to pay 12% below.

I am of course being sarcastic.

Think of the maximum you would pay and go in below that, work up to your maximum and walk away if they want more.

Houses are individual items, there is no set percentage off you can get

sonastin

The difference between their 3.5% off and your 15% off is their profit. That is why they are willing to consider part-ex, and why the only thing in it for the customers is the convenience of not having to sell your house before you can move into your dream home. If its not your dream home or you don't want to fund that mis-match in %'s, walk away.

andy208833

You can offer what you want the estate agent has to pass the offer on. Personally i would go in at £180k and if rejected let them sweat for 24 hours before going back with a bigger offer.

When talking to the estate agent to give offer tell them why you are making that offer, previously selling history in that area, work that needs doing etc. This shows you are not a mug and have done your background research and won't be fobbed off so they can make a few extra quid.

iandv

The problem I have with the deal is what the are offering me for our home as part ex which is way undervalue - which eats into the very important equity you need to secure the 25% mortgages etc.

Should I just go back to them and say if you offer increase the offer on mine from £99k to £110k and reduce yours to £190k then we have a deal?

As the home we are buying also needs a new central heating system , electrics, plumbing, insulation etc as it is a 1920s property.

andy208833

So the house you are buying needs approx £20k of work? Definate room for negotiation as that would reduce their price to £188k. However then asking to up their offer by £11k too is pushing it a bit, you are effectively asking for a £31k reduction in the house price i.e. 14%.

Definately some room to meet in the middle i think, stick to your guns and play hard ball especially if there are no other offers.

Nothing ventured nothing gained!!

iandv

Thanks. Ideally I would like them to raise the offer of my property by £10k rather than drop the purchase property by £20k - as it would give me more equity to use as a deposit on the new home

iandv

anyone got any advice on how best to approach this if it was you and would you would suggest regarding offers?