What is the correct methode to use on making an offer?

Atomic_guy

Thank you all for your valuable opinions. I viewed the property last Friday. Infact I viewed to properties on the same day on the same road. One going at 155K and one 151K and pretty much the same interms of the box is concerned. The one going at 155K had no work done for at least 60 years. The one going at 151K had some work done but looks like a cowboy builder job.

How much should I put offer for each one?

Marvel1

Atomic_guy wrote: »

Thank you all for your valuable opinions. I viewed the property last Friday. Infact I viewed to properties on the same day on the same road. One going at 155K and one 151K and pretty much the same interms of the box is concerned. The one going at 155K had no work done for at least 60 years. The one going at 151K had some work done but looks like a cowboy builder job.

How much should I put offer for each one?

It's really up to you how much you personally want to pay and how much you can afford.

InkZ

Atomic_guy wrote: »

Thank you all for your valuable opinions. I viewed the property last Friday. Infact I viewed to properties on the same day on the same road. One going at 155K and one 151K and pretty much the same interms of the box is concerned. The one going at 155K had no work done for at least 60 years. The one going at 151K had some work done but looks like a cowboy builder job.

How much should I put offer for each one?

check the land registry sold prices on that road first to give you an idea what they go for.

geoffky

what are other comparable houses in the area SELLING for..because asking prices are just that..

Atomic_guy

InkZ wrote: »

check the land registry sold prices on that road first to give you an idea what they go for.

How do I get that information? I checked the Land Registry website but it
only list the property falls within the entire council/district and not for
that particular road.

molit

also find out whether the sellers are just playing at selling, or actuaklly need to sell...maybe have a second viewing of them to find out this info - if there are kids bedrooms etc they are likely to want to move quick - if the place is a vacant ex rental you might get a bit more off....

Atomic_guy

cjdavies wrote: »

It's really up to you how much you personally want to pay and how much you can afford.

I put an offer today. I havent heard anything from the EA yet. Asking
price is 151K and I put offer for 123K because lot of work need doing to
the property. So I've taken the total sum of modernizing cost and the
buying cost and based on that i come up with that offer price.

Do you think its too low and might get rejected?

If so what should I do next to keep the ball rolling?

would appreciate your advice.

Neil_in_Bristol

Atomic_guy wrote: »

I put an offer today. I havent heard anything from the EA yet. Asking
price is 151K and I put offer for 123K because lot of work need doing to
the property. So I've taken the total sum of modernizing cost and the
buying cost and based on that i come up with that offer price.

Do you think its too low and might get rejected?

If so what should I do next to keep the ball rolling?

would appreciate your advice.

In my opinion they'd be mad if they didn't reject a first offer of nearly 20% less than the asking price. It's all part of the negotiating process, though, so don't get too discouraged if they do.

What's the maximum you'd be prepared to pay? That will help decide the next step.

In any event, don't rush to put another offer in when the EA calls you back. I'd politely tell them that you're considering some other places too, and you'll get back to them if you decide to increase your offer. Try to keep on the right side of the EA, though. They can sometimes give you some pretty good hints about where your offer needs to be.

DVardysShadow

Atomic_guy wrote: »

I put an offer today. I havent heard anything from the EA yet. Asking
price is 151K and I put offer for 123K because lot of work need doing to
the property. So I've taken the total sum of modernizing cost and the
buying cost and based on that i come up with that offer price.

Do you think its too low and might get rejected?

If so what should I do next to keep the ball rolling?

would appreciate your advice.

You seem to have taken the asking price as a given and taken the value of works from it. If the asking price takes into account the need for works, your offer will be too low.

Your offer will be rejected, I have very little doubt. NiB has dealt with what you need to do. I'll emphasise that you should decide the price at which if it were £1 more, you would walk away. Far better to do this now than when you are in the middle of a conversation with the agent. And when your offer is rejected, if the agent does not tell you, you need to ask "How much might the seller be minded to accept?" But don't get drawn into a counter bid until you have had some time to think

Atomic_guy

Neil_in_Bristol wrote: »

In my opinion they'd be mad if they didn't reject a first offer of nearly 20% less than the asking price. It's all part of the negotiating process, though, so don't get too discouraged if they do.

What's the maximum you'd be prepared to pay? That will help decide the next step.

In any event, don't rush to put another offer in when the EA calls you back. I'd politely tell them that you're considering some other places too, and you'll get back to them if you decide to increase your offer. Try to keep on the right side of the EA, though. They can sometimes give you some pretty good hints about where your offer needs to be.

EA called to inform me that my offer was too low. So asked me if I can
go bit higher. I asked what is their threshold level. He said somewhere
around 140's K.

But I take it thats just EA talking.

I want to know what I can decipher from the EA telling me "can you go
bit higher?"

Do they mean significantly higher offer closer to threshold? or I should
make slightly higher offer and my next offer is going to be 127K.