Urgent help wanted!

Simon0601

We went to view a property yesterday. It was just what we are looking for, apart from needing a little updating which i will do myself for a cost of around. 1,500 pounds. The listed price is 177,500. I was thinking of making the following offers.

Start at 170,000

Second offer if first refused 173,000

Third 175,000

Final 177,000

We are not in a chain at our end, our mortgage is arranged and ready, and we have a solicitor who is also ready to get started.

Do you think our offers are about right?


Thanks in advance


Simon

space_rider

I would start by knocking a straight 10,000, they probably expecting to end up with around 170,000. When I sold my property the estate agents said to put it up for 89,950 and expect to get 85,000 which is what I did get. The first offer was 80,000.

icklejulez

It all depends on how much interest the property has had, what position you and the vendor are in. For example Im interested in a property on at 148500. I know the vendor wants a quick sale, I am almost exchanging and have a 35% deposit and the house has an ugly frontage which has put people off. I know the work wont cost too much and put an opening offer in at 135000 thinking it would be rejected straight away and the vendors are actually considering it! So i'd speak to the EA ask about the position of the vendor and try and put your case forward as to why your in a good position. Then make sure the EA knows your not too keen and still looking at other properties even if it means viewing a random property during negotiations. Only then can you judge what price you may get it for. Remeber if there is a lot of interest and you are really keen on the house you will have to pay almost top whack. The last property I saw was on at 139950 and to secure it I had to offer 3k over the asking price. Unfortunatly the survey came back and only valued it at 135000 so I pulled out. Remember a survey will give you a valuation and you can always adjust your offer if you have a reasonable reason for oding so!

icklejulez

I always think 8-10% lower working your way up to 5% below AP.

owned_by_2_Siamese

How long has it been on the market?

Leave time between the offers - or they will just keep saying no as you keep going back!

Put your final offer in writing - say its full and final and make sure you tell them you are in a good position - enclose a copy of the mortgage agreement in principle, fax/email it and hold tight!

they may be waiting fo roffers from any other weekend viewers! Monday id usually offer day as I understand it!

Good Luck

space_rider

Oh just noticed Simon, I`m in notts too and depending on where you looking no one is paying the asking price. Have a look at right move to see what other houses nearby have sold for. The house I am living in was up for 149950 and I paid 145,000.

space_rider

I offered 158,00 on a property that was up for 164950. The vendor refused all my offers as he wanted full asking price. I made a final offer of 162000 which he still said no to as there was alot of interest in it. A week later EA rang to say he will accept my final offer. I said too late as I had already put in an offer on this property. Now 4 months later it is still on the market. Right now you can`t be too greedy as a vendor if you really want your house to sell.