FTB - help on what to offer

lil_miss_insanity

Hi, we've seen a house we really like and are seeing it for a second time tonight. We are thinking about putting in an offer on it, if it still looks okay on second viewing. Now, this is my first time offering on a property and I'm not sure what to go in at.

The agent indicated the buyers are keen to get moving, and we are in strong position as flexible FTBs.

It's a 3 bed semi with ensuite on a £199,950 and property bee shows it reduced from £209,950. They bought it for £180.5k in 2007, but I can't see any details of the state it was in when they got it. All houses on road are different styles and sizes so difficult to gauge sold prices - a larger 3 bed with 2 reception rooms (rather than the 1 here) and a larger kitchen sold last year for £205k. Most others are 2 beds and sold for £170-£180k.

We really need to get it for £190k or less, ideally. What do you think our opening offer should be? I can PM the rightmove to those that want, I just don't want to give the game away publicly.

dotdash79

Try starting 10% below asking price.

From the dates you have said they have bought at around the peak so your offer will be around what they have bought it for. It allows you a bit of wiggle room to come up as well.

have they said what work they have done to the house since they have bought it.

lil_miss_insanity

Thanks dotdash - I asked them yesterday and they put in the ensuite, new doors and windows and redecorated since they moved in. They've already found somewhere they want to move to, and the second agent echoed the "don't be afraid to put in a lower offer" given our strong position as FTBs.

I'm thinking of putting in an offer of £183k today - unless anyone thinks that's foolish.

Also, should I phone or email the agent to make the offer? Going in person isn't an option as I work out of the area.

lee111s

Go in at £180k. You just never know!

christopher1977

how long has it been up for sale?

could make a big difference:)

lil_miss_insanity

Vendor just rejected an offer of £185k from another buyer yesterday. Agent is finding out where the ball park is they would accept. Getting worried now - I think it may be a no go

lee111s

Were the other buyers FTB ready to go with a mortgage agreed in principle?

Being a FTB puts you at a great advantage. This could also be the EA trying to push you up.

Offer £180k stating the strong position you're in and that you can move quickly - if you've already got a solicitor lined up mention this too.

lil_miss_insanity

The agent knows exactly what position I'm in - it was him that encouraged me to offer below asking price in the first place. He hasn't called back yet so I reckon he's hedging his bets with today's viewings before coming back to me with a counter offer from the seller.

Should I chase if I don't hear by this afternoon, or would I look too desperate? I don't want another FTB to swoop in and steal my thunder.

lee111s

It all depends on what you're wanting to pay. You don't want to seem to eagre but you don't want to seem not interested.

If you really want the property and can afford 190k then offer that but state that it's the maximum you can go to and that if the offer is accepted you want the house taken off the market etc.

lil_miss_insanity

Turns out seller wanted near asking price after all, as previous agent had it on at inflated price of £235k to start. I've put my cards on table, offered £189,950 with no room for manoeuvre, re-emphasised my position as FTB, can move quickly and allow her to get the house she wants - subject to taking straight off market - just waiting on an answer now.

I'm fully expecting that to be rejected - at which point I'll just have to walk away as I can't stretch any more.

xmodz

lil_miss_insanity wrote: »

Turns out seller wanted near asking price after all, as previous agent had it on at inflated price of £235k to start. I've put my cards on table, offered £189,950 with no room for manoeuvre, re-emphasised my position as FTB, can move quickly and allow her to get the house she wants - subject to taking straight off market - just waiting on an answer now.

I'm fully expecting that to be rejected - at which point I'll just have to walk away as I can't stretch any more.

hope you get the house