How to make a proper offer?

ggyyree

Hi all,

I am pretty new to this forum and I may ask a very hard question that how to make a 'good and realistic' offer when I want to buy a house?

The asking price of the house is £400,000 and I searched the houses nearby; however, there is no similar ones around. For example, I found a 3 bedroom has been sold for £371,000 nearby, but what I am interested in is a 4 bedroom house.

I also find some thread online that saying we can make an offer with 5%-10% lower than the asking price but I really want to know what other clever people think about this.

Thanks. :T
Aaronne.

Daisy70

What is your position? Are you selling a property, do you have a mortgage? Do you have a buyer lined up for your property?

The stronger your position, the more likely you're going to be able to bargain a little. I'd start with an offer around £385k and go from there.

go_cat

Start lower so you have room to manoeuvre but set a maximum price and don't go over it

cattie

How long has the house been on the market? The longer it's up for sale, the better chance you have of them considering a low offer.

In my area, an extra decent sized bedroom adds anywhere between £20k-£30k on a similar, one bedroom less place.

sirmosh

You've done the right thing by trying to find a real market value for the property. Make sure you decide what you're willing to pay, go in a bit under that for room to negotiate, it may sound silly but I would almost ignore the asking price and offer based on what you think the house is actually worth (unless the asking price happens to be less than that, in which case you'll be getting a good deal no matter what).

You may find the vendors want an unrealistic price in which case you've got the choice of paying too much or moving on.

ggyyree

Cool, guys! Lot's of fast repies.

Yes, I believe that my position is quite 'strong':-)

I am a first time buyer and I would like to pay cash directly that means I don't need any mortgage.

However, I am not sure if the vendor is on chain or not but will find out.

From the picture of the property, I could say that the house need some kind of modernisation but I really not sure what will be a good start point to negotiate. I would like to try to start with 370k :-)

Anyways, thanks very very much for all your replies and suggestions. :T

cattie

ggyyree wrote: »

Yes, I believe that my position is quite 'strong':-)

I am a first time buyer and I would like to pay cash directly that means I don't need any mortgage.

A cash buyer indeed! Wonderful I've got a choice of two propositions for you.
1) That you may like to buy my house
2) If you are a male and available that you come to live with me, we can either get married or live in sin and live happily ever after mortgage free. :rotfl::rotfl::rotfl:

telfordwhite

ggyyree wrote: »

Cool, guys! Lot's of fast repies.

Yes, I believe that my position is quite 'strong':-)

I am a first time buyer and I would like to pay cash directly that means I don't need any mortgage.

However, I am not sure if the vendor is on chain or not but will find out.

From the picture of the property, I could say that the house need some kind of modernisation but I really not sure what will be a good start point to negotiate. I would like to try to start with 370k :-)

Anyways, thanks very very much for all your replies and suggestions. :T

Don't be too hasty!

You are in an incredibly strong position but it does depend on how desperate the vendor is to move.

Questions like:
How long has it been on the market?
Do they have somewhere to go to?

are important and you may be able to gauge this on viewing.

If they have a house lined up that is subject to selling theirs they won't want to lose it by struggling to find a buyer and you could be a godsend to them.

Just remember, once you have put in your first offer it is difficult to go lower and you can use the potential work required as a negotiating point.

Good luck.