First Offer help!

tigerfeet123

Hi I know theres lots of these questions floating about, so sorry for yet another one!

My partner and i have found a house we really like and are off today to meet a mortgage broker to discuss mortgages available to us.
The hose we like is for sale at 120k (well, 119, 950) and has only been for sale for a week. We liked it instantly and think anyone else who views will too. I have managed to find out from the EA that there has been interest but no other viewings other than us.

When we viewed, the sellers said they had not found a property to go to and wanted to generate interest in their own house before seriously looking.

With respect to the fact that its only been for sale for a week, and we reeeeeally like it (and actually think its worth its asking price) anyone have any suggestions for a first offer if todays mortgage stuff goes well?

Xiderpunk

Firstly, try and establish if the property is valued about right. Check sale prices on zoopla of neighbouring properties which had sold recently.

If the vendor has only been on a week it is likely they will want to test the market for awhile as the house is worth what people are prepared to pay for it. Therefore offers could very well be refused. Whilst you really like the house, have you been looking for long? One thing I have learnt over the years is there is nearly always something better that will come on the market if your patient. If you have been looking for awhile and you are convinced this is the 'one' then I would try an offer around 110k and leave it sitting on the table for a week or two before increasing. Try also to get some dispassionate opinions on the house and value. Perhaps send some friends the rightmove link and get their thoughts.

Also one last point, there is nothing wrong with paying asking price, in some senses it can remove some worry over being gazzumped.

Good luck!