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The 1st Offer - any tips?
alipops1986
Posts: 697 Forumite
Hello All,
My OH and I are going for a 2nd viewing on a house we are particularly keen on later today. It was on for £230k but has been reduced to just under £220k.
It's a 4 bed detached, with study and double garage. Cul-de-sac location. Good sized plot. Very modern and in excellent decorative order. The owners are also happy to move into rented if necessary. We spoke to the EA - the house has been on the market for 9 months and had no offers during this time, it's in a village about 20 mins from the city so not everyone's preferred choice.
We explained we liked the property but only wanted to view again, if there was room for negotiation on the price as it's at the very top of our budget. (Not 100% true).
My OH and I have discussed potential offers and where to start. We do genuinely love the house and have looked at others in the surrounding villages which are alot more and not necessarily as good a plot. We were thinking of starting negotations at £205k.
We've sold our small starter home to a FTB and we're moving in with family so hoping to complete on that within the next 6-7wks.
Where would you start negotiations? I know it's difficult to say without seeing the property but any thoughts would be helpful.
Alipops x
My OH and I are going for a 2nd viewing on a house we are particularly keen on later today. It was on for £230k but has been reduced to just under £220k.
It's a 4 bed detached, with study and double garage. Cul-de-sac location. Good sized plot. Very modern and in excellent decorative order. The owners are also happy to move into rented if necessary. We spoke to the EA - the house has been on the market for 9 months and had no offers during this time, it's in a village about 20 mins from the city so not everyone's preferred choice.
We explained we liked the property but only wanted to view again, if there was room for negotiation on the price as it's at the very top of our budget. (Not 100% true).
My OH and I have discussed potential offers and where to start. We do genuinely love the house and have looked at others in the surrounding villages which are alot more and not necessarily as good a plot. We were thinking of starting negotations at £205k.
We've sold our small starter home to a FTB and we're moving in with family so hoping to complete on that within the next 6-7wks.
Where would you start negotiations? I know it's difficult to say without seeing the property but any thoughts would be helpful.
Alipops x
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Comments
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Is it on Rightmove - you can post the link.
But that's by the by, a common tactic is to offer 10-15% under the asking price as a starting offer. I would say that you have a sensible figure in mind, perhaps strting at either 195 or 200k isnt out of the question. Lower than that and you re risking the sellers feeling alienated or concerned about last minute reductions.
At the end of the day offer the amount you would just barely accept if you were selling that house
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Think of a number you'd be shamed and embarrassed to offer to the vendors face-to-face, then knock £5k off that.0
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alipops1986 wrote: »Hello All,
We explained we liked the property but only wanted to view again, if there was room for negotiation on the price as it's at the very top of our budget. (Not 100% true).
Alipops x
Good start!
Don't ever tell the EA your top of course - well not at this stage anyway.
What have other similar houses in the road/estate sold for? That's really your only guide. Given 9 months with no offer 205 is a reasonable start, and perhaps you will go in 2 increments to 210 as a final offer. Of course 220 may be excellent value - nobody here can possibly know that.....0 -
No idea. You have not told us the price at which you will walk away. You need to know that before your first offer.alipops1986 wrote: ».... Where would you start negotiations?You might as well ask the Wizard of Oz to give you a big number as pay a Credit Referencing Agency for a so-called 'credit-score'0 -
Thanks for the advice everyone.
We're going to wait for the EA to phone us, then offer 200k. Our absoloute maximum is 210k, if we need to go that far.
I have looked into the history of sales in the area, last sale of a similar house was in 2011 for just over 220k.0 -
Do you reckon it's worth £220k?
I'd just go in at £200k. That'll more than likely be refused (if not BARGAIN). Then go up to £205k and depending what happens £207.5k or £210k.
Don't fixate on getting a bargain. If you love it do your damnest to buy it!0
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