What to offer - any advice welcome.

Julieg

Hi,

I viewed a house yesterday that I'm very interesed in. It was reduced to £194,500 at the end of Nov from £199,500, It came on the market at the end of Oct.

The sellers are downsizing (made redundant) so presumably that's why they reduced it so quickly. The house next door sold in June for £190,000 and is identical on the outside. Obviously I don't know that the inside was like. This one, although maybe a little old fashioned re decor, wouldn't need anything doing to it and has been looked after.

I thought of offering £186,000, maybe going to £189,000 if it's rejected as don't really want to pay more that the one went for in June. On the other hand I don't want to lose the house as it ticks all boxes and it very handy for my children's school etc.

My house is sold (took a large drop in price) and we're just about to exchange contracts as I'll be moving in with relatives whilst buying another.

So any comments would be much appresciated

Thanks

firstaspect

I'd be looking at a first offer of around £180k with a view to trying to finalise somewhere around £185k.

Horizon81

You say that you took a large drop in price for your house so it follows that you should try and negotiate a decent drop in price for this house.

If it's only been on the market since October and they've already dropped £5000 off in November then I'd say they're keen to sell (though 2.5% is a paltry reduction) so you need to capitalise on that, especially if they're have to sell due to redundancy. I agree with firstaspect and certainly wouldn't offer more than 180k, probably 175k. How much demand is there for this type of house? Do you suspect it'll sell for nearer the asking price? Have there been many other viewings? Of course you can't expect the agent/seller to be truthful about that last point but if you ask the question directly you can usually guage whether thier response is truthful or not.

Julieg

The one that sold next door to this one went quickly. Very few of the houses on this road have come up for sale as they are in a nice position. Very near both the infant and junior schools.

angrypirate

On at 195k? First offer of 175k. Aim to settle at 180k. Typical selling prices are around 9% lower than asking prices. If they accept your first offer straight away, you have offered too much

rilou81

Id start low as if they are after a quick sale it could workin your favour. It worries me though people comparing houses on the same street, although its good in theory a lot of houses differ inside.
I am only taking an example from my street the last house to sell was the house next door - sold for 70K , but believe me it was a shell (old lady lived there) it needed everything doing from heating to a new roof and it took them over 18 months to move in and I know they spent kkkkk on it. It only bothers me as mine is for sale at 105k and if people use that comparisson ive no chance of selling!! ha ha. Good luck xx

Julieg

Hi,

Just want to say thanks for the advice. After much thought I went in at £178, up it to £183 and then had offer accepted at £185.

Am well chuffed as both me and my two boys love the house although my 6 year old was concerned because he couldn't see their microwave and thought they didn't have one!!