what to offer

drummer_666 · 17 March 2012 at 9:35PM

The house is a 2/3 bed house (bathroom is off bedroom 3 but it also has shower room downstairs) up at £81,950 it needs modernising but is liveable as it is

Needs double glazing and prob boiler upgrading although it does have central heating

The average value of houses on the road is £107,000 and the latest sale in 2010 is now valued at approx 101,000

So I think it's valued about right. (I think it needs about 15k to make it into a nice modern house). I'd be ok to pay £80, ideally £78k

Thinking of going in at £74k

What do you think?

Baring in mind that houses in this area tend to be selling REALLY fast!

It's been on the market 3 weeks

go_cat · 17 March 2012 at 9:53PM

With the figures you have quoted it may be the sale price reflects the work needed doing to it already

drummer_666 · 17 March 2012 at 10:18PM

go_cat wrote: »

With the figures you have quoted it may be the sale price reflects the work needed doing to it already

yeah. although there are other houses that have sold in 2010 that are now valued at £74 and £88k too. guessing they needed modernising too.

it's also that someone who used to live their died and the people selling it don't live local

I'd be happy to be pay £80k, but obviously not going to go straight in with that, so thinking go in at £74?

motherofstudents · 17 March 2012 at 10:18PM

Go in at £74k and work your way up to what you think it is worth to you. You can always go higher if you think it is worth it. You could have two identical houses both on the market for £82k, one vendor will accept £75 for a quick sale, the other may want the full asking price. Each situation is different as each vendor's circumstances are different. The house doesn't have an intrinsic value per se but is only worth what someone is willing to sell it for.

drummer_666 · 19 March 2012 at 2:49PM

After looking at the figures again I decided to put an offer of £75k

Put that on half 9 this morn. Hopefully hear back by the end of the day

I've offered on a different house with this EA before and he got back in touch in about 4 hours, letting me know he'd put the offer to the vendor.

Also hoping that other person who was viewing on Sat doesn't put in an offer too!

EA said he'd get in touch with the vendor and be in touch shortly to try and tie things up.

So it's the waiting game again! This is the 3rd house I've put an offer on, so hopefully it be the last... *fingers crossed*

drummer_666 · 20 March 2012 at 1:28PM

hello.

My offer of £75k was put to the vendor yesterday. The EA phoned me this morning saying that the two brothers are considering my offer and they should phone back later today with their decision.

The EA then said about my financial standing. I've already told him 25% deposit, mortage in principle.

He then went on to say there are quite a few offers on the property, so wants to know my situation and would I consider going with their broker if it could save me money etc. I said no and I would email my agreement in principle if I got an offer accepted.

So firstly he says my offer is being considered, so that's sounds positive to me? Then he says, there are other offers on the house....

why would they consider my offer if there were any other offers higher than mine?

I need this house... I am being threatened with being evicted from my rental house. There are no other suitable houses on the market, I've been searching 3 months and lost out on a few. So even if I pay a bit more than I really want on this house it will save me financially and mentally if I can get it.

Guess I have to wait to hear back with counter offer. And keep my fingers crossed like hell!!

If they come back with a counter offer of £80k, should I just say yes to get it taken off the market? I would be ok to pay that to secure getting the house.

It all depends on if there are other offers on the house! Could I get a friend to ring up and to enquire about the house and ask if there are any offers on it and if they say yes ask how many? Do you think they would say?

Do you think he is lying about there being other offers. He never mentioned anything when I put the offer on yesterday. Although it is possible that someone else has offered since then.

fellwalker09 · 20 March 2012 at 1:45PM

Who knows -there may be other offers but for all you know they might be a little less than yours. Some estate agents do have strategies they employ -finding other bidders is one of them. They also all usually attempt you to go through their broker as it's commission to them etc. However, if you are happy with your decision in principle, then don't be pushed into it -it will possibly result in another credit search although they should inform you of that.
Try and be patient and wait until you hear back today. If it's a no, ask the EA what their clients will be likely to accept -they ought to know this. Meet them half way perhaps? Assuming you have no chain as you are renting, mortgage finance arranged as far as possible therefore you are in a strong position. Perhaps the other bidders were not in such good stead. Best of luck.

steve1980 · 20 March 2012 at 5:09PM

So you've decided that this particular property is the one for you, it's your dream home and there is nothing else available that you're interested in......offer £81,950

drummer_666 · 20 March 2012 at 6:24PM

no need for that

FIRST OFFER ACCEPTED!!

Need to email my agreement in principle and details of broker and then they will take it off the market

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