Need Help, First Time Buyer, how much do I offer?

kingsi15

Hi there

I have been saving for a while and it has come to that time where me and the girlfriend have been looking at houses.

We have viewed a house that has not been on the market that long and is valued at £160,000. I not sure how much to offer, any ideas?

Regards

Lokolo

- How much can you afford?
- What do other houses in the area sell for? Lately?

kingsi15

Hi

Three bedroom houses in the area ranging from 150,000-180,000, we were looking at a 2 bedroom at the same price but we stumbeled across this 3 bedroom and liked it. We have a 20,000 deposit and can afford a mortgage on a 160,000 house. We have worked out it would be around £1000 a month, but as its our first time buying we want to make the right offer, not one thats silly and not one that is more than we should. Is sat 151,000 for a house up for 160,000 a silly offer?

Annisele

kingsi15 wrote: »

Is sat 151,000 for a house up for 160,000 a silly offer?

Probably not, but it's impossible to say from here.

If the house is actually worth £130k, then it's daft to offer £151k for it. If it's actually worth £200k, it wouldn't be silly to go in at full asking price of £160k.

If the vendors need £155k then you can offer £151k all you like, they won't take it.

happy35

I would look on a website called nethouseprices, this will show when other sold in that street and the price they sold for

nearlyrich

Have a proper think about what might need doing ( bathroom, kitchen etc)and knock the cost off their price make an offer subject to survey a few grand less than you think is realistic, you can always go up if they laugh.. as a first time buyer with a decent deposit and nothing to sell you are in a good position. It's been a while since I bought a house but if they want to sell they will give your offer serious consideration and might even come back with more of a clue of what they are expecting to get for it. Good luck....

Blobby8_2

kingsi15 wrote: »

Hi
Is say 151,000 for a house up for 160,000 a silly offer?

It sounds very generous to me (in a falling market IMHO) have a good look round the house with someone who knows and can point out all the money that needs to be spent, ensure the agent has your contact number, then go away and consider what you would be happy to pay assuming a mortgage rate of 8% (it could happen).
If the agent doesnt ring you within 3/4 days make an offer £5k below what your willing to pay to give you some negotiating room.
If they accept your offer - you went in too high.
Its not like on the telly, fools rush in as they say, and never forget the agent is working for the vendor, some of them have been known to, well, present the property in the best light. You are in a very strong position - remember that.
A 3 bed near me went up for £175k the vendor was adamant she would accept no less than £170k, a friend asked my advice, bid £160k and waited...................he moves in next month.