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

evoke

Offer £142K.

Atomic_guy

evoke wrote: »

Offer £142K.

I was thinking of gradually going up. How many times offers is acceptable
before it come across as wasting time? Which is not what I intend to do
but just haggling for best offer.

kford224

The house we have had an offer accepted on needs loads of modernisation (including a CH system, new carpets, kitchen...etc) but we were also aware that the price had already been adjusted to accomodate this.

For the first offer it was just an offer, when we had to come a bit higher I raised a few of my concerns but at the end of the day, we had a set amount we wanted to pay and already had an idea of what we would get it for.

You still need to take into account things like the location, which is something that will always help/hinder a property regardless of the state of the place itself. We knew that properties in the area were very popular because the area was so nice, and that was a major factor for us.

Doshwaster

Atomic_guy wrote: »

I was thinking of gradually going up. How many times offers is acceptable
before it come across as wasting time? Which is not what I intend to do
but just haggling for best offer.

I would say three offers, absolute maximum. Any more and they will see you as a sucker who will always be ready to increase an offer so they will keep rejecting it. First is "Here I am, I know it's a bit cheeky", Second is "right, this is a serious offer", third is "Oh go on then, you've twisted my arm, he's a little more to make you feel better". Never let them think that you are in love with the property.

If the seller rejects the 3rd offer you have to start thinking whether they really want to sell or if they are just on a fishing expedition.

As for making the offer, I would do it over the phone with the EA but always follow-up by email (or fax depending on their technology) so there is a record of the offer and to make so there is no misunderstandings.

Atomic_guy

evoke wrote: »

Offer £142K.

What impression will that give to the vendor and EA jumping from such
low offer to high offer? I mean I have a maximum limit to what I can go
on this offer. But I dont want them to think that by offering such amount
am I giving the impression that I am willing to go much higher with the offer?

Grogged

When we last bought we had our initial offer and final offers in mind (which is I believe, similar to your position).
We decided on a middle offer and took it from there to get to our final offer.
In our case, because the market wasn't in free fall, we only made the three offers, as more would have dragged the whole process out and we would have jeopardised the sale.
Today I'd look to be making 4-5 offers in total.
I guess it depends on your feel for the situation with the EA and HO.

ILW

What would the house be worth once all the work is done?

Atomic_guy

ILW wrote: »

What would the house be worth once all the work is done?

I am not too sure to be honest. But from what I can gather, Lot of work
is involved, kitchen, bathroom, lounge and decoration also
extension to the kitchen and new roof work, then I think the house may
go up in value considering the house price is sliding down.
That is if spend about 20-30K to get the house to tip-top state!

Neil_in_Bristol

Atomic_guy wrote: »

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.

'A bit higher' sounds like you're getting close. If it were me, I'd try £130,000 next.

Have you decided on your upper limit yet?

Atomic_guy

I put my second offer of 127K about a week ago. But not heard from
the EA.

Is this bad? or are they thinking about the offer and will get back to me?

I feel I am in a limbo here. Not sure what to do, should I contact the EA or
just wait for the EA to contact me?