FTB negotiating price

delboy2405

Hi,

i've been looking at a house that is in an area that my partner and myself like. On market in scotland for 125k fixed price. Its around 12yr old (Built 2000) home value report was done in 2009 for 140k.

The kitchen and bathroom are not very nice but there appears to be nothing wrong with them boiler again looks like a 12 year old boiler but still functional.

The last 2 houses in the area when for 100k and 118k, the 100k one was a repo and unfortunately for us we did not have deposit then.

What do you guys think should offer, we feel that 125k is too expensive as we feel it needs a new kitchen and bathroom within next few years, also compared to the previous 2 which were in the same state

Note - house has been on for at least 2 years according to zoopla and no one currently living in it.

delboy2405

Just thought I would bump this up to see if anyone is around today who may have some advise

cheers

beefturnmail

I can't comment on the specifics as only you know the details and have seen the house, but broadly here is what I would do (and did when buying a house)

Come up with 2 values:

1) The maximum price you would pay for the house - if you had to pay any more than this you would walk away

2) A price you would pay, which would make you think you had got an amazing steal, but is obviously not so low to be ridiculous (i.e. make sure it is justifiable).

Somewhere between these 2 values is what would be (in your mind) a 'fair' price.

Put in an initial offer at the second value. If it's accepted, you're laughing. If not, increase incrementally in stages until you get to the first price. If you get to the first price and the offer is rejected - walk away.