Making an offer - advice for FTB

Mrs_W_4

Hi,
We are first time buyers and would really appreciate some advice on making an offer on a house. We viewed a house yesterday which we really liked but it needs alot of updating. It is a 4 bedroom house with an asking price of £250k which is at the top end of our budget. It has been on the market for a few weeks with 3 different agents. Not sure if there has been any other offers on it as we forgot to ask. I think it is currently owned by a building company who got the house in a part exchange deal so the house is empty and there would be no chain. We're just unsure about what our initial offer should be. The house was built around 20 years ago and nothing appears to have been updated since so we would need to replace the windows, doors, kitchen, bathroom etc. Similar size houses in nearby roads are on the market for around £265 - 280k but they don't need as much work doing to them. We have discussed making an initial offer at £220k and walking away at £235k. Does this sound realistic or should we consider going lower/higher? Any feedback would be much appreciated.

dorset_nurse

I would offer a price under what you are willing to pay in view to your next offer being your limit.
I offered 20% under the asking price on my current home and came back with 14% under which was accepted. I wouldn't usually go so low but the state of the property and the hurry the vendor was in meant he wanted a quick sale.
It is also useful knowing the history of the property- it was being let and had been on the market for a long time. The tennants were obstructive to viewing and actively tried to put viewers off. I know on my viewing there was only what can be described as beard hair in the kitchen sink!
Anyway, make sure you are happy with the whole package before offering and don't let the EA's bully you when you make your first offer- get them to put it to the vendor there and then. When I made my first bid they went on about an offer someone else had made which was more blah blah. Turned out everyone else was in a chain and I had an approved mortgage already so the vendor bit my hand off.

brit1234

Have you a right move link, so we can check its property bee history and better advise you.

Mrs_W_4

Unfortunately the reply function won't allow me to attach a link because I'm new

terrierlady

look on rightmove for actual sold prices not what its on the market for,the surrounding property in the street will be listed and also what the vendor paid for the property when they brought it, the price at which property sells could be around 10% less depends what the vendor took