Making a resonable offer

bankburner

What would a reasonable opening offer be?
Ive seen a two bed semi, its is up for oiro £112,000, i have seen other simular house up for sale and sell for around 90k in a simular area, is this house over valued and what 1st offer would b reasonable to put forward?

holly_hobby

The price the property is being marketed at, is not necessarily the same figure, as what a surveyor will value the property at for mortgage purposes.

Is the property you are looking at of a similar spec to the comparibles you have found ?

Is the vendor eager to sell ?

Are you in a good position i.e FTB with mge already in place, or a 2nd time buyer with your exisitng propery already sold ? (both strong positions from which to bargin)

I can only say, offer what you believe to be a fair price - the vendor can accept or decline.

Remember, at what ever price you primarily agree (subject to survey) - there may be further room for negotation following the results of the property survey. i.e if the surveyor down values from the agreed purchase price, you are in a position to hopefully drive the price down further (although the vendor may not necessarily agree to a reduction to the price agreed)

But remember, it is someones home .. so be gentle when negotiating !!

My advice would be ANY offer you make, is made "subject to survey" - ensure you make that clear with any offer made (which will give you leave to negotiate if the survey doesn't value up)

Hope this helps

Holly

bankburner

Im a ftb we had a moetgage promise a few months ago but that has since expired but should have another agreement at the weekend hopefully, the comparible properties are all very simular just in slightly different locations, not sure if they are desperate to sell but they are looking fr bigger property

Thanks for the advise