First house offer

Ste171

Is there a general rule of thumb? I've viewed a house I'm interested in and it's up for sale at 105000, speaking to the current owners they are selling as have a lack of room( 4 kids with 5th on way!) they can't extend the house so they are looking for a bigger place.

I currently have an offer in principle, decent deposit and no chain (first time buyer).......any advice or should a just offer something crazy low and see what happens

cheers

ste

spadoosh

lets turn this one, how much would you pay for the house?!

Ste171

I suppose if it came down to it I'd pay the asking price

spadoosh

do you feel its good value at that price, what have surveys, lenders and estate agents said about the price?!

If you know the vendor is in dire straight and needs to move urgently then you could go with a 'cheeky' bid.

If there just on the market and havent even found a new property they will be in no uber rush to sell and as such would likely refuse a cheeky bid and it would be more wise to put a sensible and serious bid in.

jackyann

Look at as many similar houses as you can, and look at other houses ion the area: you'll soon get a feel for the price range. Definitely ask the estate agent what the vendors are likely to accept.

mgmgrand1

I have just bought and thought the place was bargain considering the area and asking prices of other houses in the area. I offered the asking price as I wanted the estate agent to see me as a serious bidder. It was immediately accepted. Should I have gone in with a 'cheeky' bid? If so what percentage under the asking price do you go in at? 1% under? 5%under?

Just trying to learn a few lessons.

harvey115

It all depends on the asking price usually.

Over the past few months almost all the properties I went in to see were vastly overpriced. So, I offered what I considered to be reasonable amount. I did my research on both mouseprice and zupla to make sure I am not talking stupid amounts.

Estate agents may help you in the process but it all depends on their personality some are very arrogant and some understand your perspective and give you good information and reasoning on the reasonable price accepted for both the parties.

One house I saw was so overpriced I offered 20% less but the estate agent said he will first find out how low the seller can go low and then if reasonable tell them my offer. It turned out the seller did not want to go down at all. I researched the sales and had made my mind up that I am not going to pay more then 90% of the asking price, but the seller did want to sell it that low. So I walked off!

Sorry for the rumbling, but you decide what you think you would like to pay for the property.

TDPIX

mgmgrand1 wrote: »

I have just bought and thought the place was bargain considering the area and asking prices of other houses in the area. I offered the asking price as I wanted the estate agent to see me as a serious bidder. It was immediately accepted. Should I have gone in with a 'cheeky' bid? If so what percentage under the asking price do you go in at? 1% under? 5%under?

Just trying to learn a few lessons.

It depends on the circumstances. I.e. the area, asking prices of other areas, plus the situation the vendor is in (do they need to sell quickly? Or are they simply a LL who's offloading a home and can thus wait a while to sell?).

If the local housing market was a bit slow and I knew the vendor was in a rush to sell, I'd start at 10-15% and go up from there. It varies though.

If the house you bought is in a good area where houses are doing okay, then offering at the asking price straight away isn't necessarily a bad thing.