Putting an offer in on a house

Miss_$

Hi all.

My boyfriend and I have found a house we really like. Its up for £149,950 3 bed detatched. We have already put a cheeky offer in for £130,000 and we knew it would get rejected.

We are next going to try £135,000 then if not we are going to goto £140,000 what does everyone think the likely hood of an offer being accepted at £140,000?

There are some points we have considered, it needs a new bathroom, the double glazing seals on some windows have gone so need replacing, the wood on the conservatory is begninng to rot, and the central heating boiler will need replacing.

Thanks, Sarah

DannyboyMidlands

How long has it been on the market?
When was it last bought? For how much?
What have similar places nearby recently sold for?

Your initial offer was only 14% under asking price so far from cheeky. I think that they would be mad not to accept £140k and that you would be mad to offer it.

somethingcorporate

your first offer was nowhere near cheeky! I think I'd wait a week and go up in SMALL (£1-2k) increments at such a level in the market.

RedfordML

I would def wait till after Xmas, I too also feel that you should be able to secure (if you have a keen vendor) the property for less than £137,500 based on all the above factors regarding area, how long on the market etc...

Let the vendor and agent sweat a little then say you have looked at your figures and can stretch to.... And make it your final offer, no need for 2 or 3 offers IMO!!

Good luck...

NeverAgain_2

From the vendor's point of view, £10K is a substantial reduction, and he/she might think it sufficient to cover the cost of the repairs and updating.

Are you renting?

If you lose this house, the cost to you could be another four or five months rent, plus the cost of the survey if you've had one done.

And the sooner you start paying off the mortgage, the sooner you'll be hanging out with mortgage free wannabes on here.

While it's natural to want to buy the house as cheaply as possible, you are buying a house, not a deal.

In a few years' time you'll probably not be able to remember if you paid £135K or £140K for it.

Miss_$

DannyboyMidlands wrote: »

How long has it been on the market?
When was it last bought? For how much?
What have similar places nearby recently sold for?

Your initial offer was only 14% under asking price so far from cheeky. I think that they would be mad not to accept £140k and that you would be mad to offer it.

It has been on the market since beginning of September 2011

It last sold for £66,500 in November 1998.

Miss_$

NeverAgain wrote: »

From the vendor's point of view, £10K is a substantial reduction, and he/she might think it sufficient to cover the cost of the repairs and updating.

Are you renting?

If you lose this house, the cost to you could be another four or five months rent, plus the cost of the survey if you've had one done.

And the sooner you start paying off the mortgage, the sooner you'll be hanging out with mortgage free wannabes on here.

While it's natural to want to buy the house as cheaply as possible, you are buying a house, not a deal.

In a few years' time you'll probably not be able to remember if you paid £135K or £140K for it.

No we are not renting, it's our first house so we are first time buyers.

spadoosh

Proper makes me irate this and not looking forward to ever selling my house. Why o why are we in a situation were everyone thinks they have to offer on a house?!?! Whats wrong with the seller saying this is how much i want, pay that or go away. When buying my own house 6 months ago i looked at the property thought of a value that i believed to be fair and put in my offer. irrespective of valuers etc. (obv when it came to the mortgage their opinion counted a bit more) it was a simple transaction with me asking for a £1000 reduction due to drainage works/ and tree issues that hadnt come about from the original valuation and the vendor wasnt aware about. she agreed and now were in our house. You obviously like the house and the £149000 price doesnt put you off otherwise you would never have looked at it.

Put it an offer that is fair and what you would expect to pay, dont listen to the 'not cheeky enough offer' people because i for one would certainly not want to deal with you had you offered nearly 15% below my asking price and as such would refuse any offer.

Miss_$

spadoosh wrote: »

Proper makes me irate this and not looking forward to ever selling my house. Why o why are we in a situation were everyone thinks they have to offer on a house?!?! Whats wrong with the seller saying this is how much i want, pay that or go away. When buying my own house 6 months ago i looked at the property thought of a value that i believed to be fair and put in my offer. irrespective of valuers etc. (obv when it came to the mortgage their opinion counted a bit more) it was a simple transaction with me asking for a £1000 reduction due to drainage works/ and tree issues that hadnt come about from the original valuation and the vendor wasnt aware about. she agreed and now were in our house. You obviously like the house and the £149000 price doesnt put you off otherwise you would never have looked at it.

Put it an offer that is fair and what you would expect to pay, dont listen to the 'not cheeky enough offer' people because i for one would certainly not want to deal with you had you offered nearly 15% below my asking price and as such would refuse any offer.

Beacause its very rare you get a vendor saying i want to sell my house for this much, infact they don't tell you very much about price when you put offers in. It's not them that value their house its the estate agent!!

MOST people put their house on the market and expect to have offers below the asking price! Its rare i bet someone would look at a house and say yes im going to pay the asking price.

Good luck in selling your house in the future if your not open to offers then i doubt you will sell any house!

Rant over!

DannyboyMidlands

spadoosh wrote: »

Proper makes me irate this and not looking forward to ever selling my house. Why o why are we in a situation were everyone thinks they have to offer on a house?!?! Whats wrong with the seller saying this is how much i want, pay that or go away. When buying my own house 6 months ago i looked at the property thought of a value that i believed to be fair and put in my offer. irrespective of valuers etc. (obv when it came to the mortgage their opinion counted a bit more) it was a simple transaction with me asking for a £1000 reduction due to drainage works/ and tree issues that hadnt come about from the original valuation and the vendor wasnt aware about. she agreed and now were in our house. You obviously like the house and the £149000 price doesnt put you off otherwise you would never have looked at it.

Put it an offer that is fair and what you would expect to pay, dont listen to the 'not cheeky enough offer' people because i for one would certainly not want to deal with you had you offered nearly 15% below my asking price and as such would refuse any offer.

I don't think that you should get so worked-up about it. I make offers on lots of things. Houses, used cars, I bought a 2nd hand bed frame the other day for my offer price. All simple transactions with me asking for a reduction cos I wanted to pay less.

If people don't like the offer then fair enough, they can reject it. But some WILL like the offer, sell it to you and save you thousands of pounds on the asking price.

Sounds like you overpaid for your place.

DannyboyMidlands

sarah.roberts25 wrote: »

It has been on the market since beginning of September 2011

It last sold for £66,500 in November 1998.

Ok, so it's been on the market for 4 months and nobody thinks it's worth £149k. that's good for you and further reason to keep your offers low.

What have similar places sold for recently?