making an offer how to?

cleofish

Wondering if anyone has any advice:

We have decided we will go through and possibly put an offer on a property after having another viewing yesterday.

The property is on for 114, 950, we have been shown around now by the vendor, she seems lovely, they need to move on quickly as they already have another property to go to, we are ftb and she has also said she is open to negotiations.

She has said that they have priced the property lower for a quick sale and other properties in the road have been priced at 125, 000, however we know from research that a similar house but with a built garage has recently gone for 118, 000, and zoopla shows this house we are looking to put an offer in was bought in 2010 for 97, 500. She did tell us that she has had an offer previously that was 'riducolus and insulting' when we asked she told us this was 100, 000.

She told us she had re done the kitchen, added an conservatory and front porch and the housr is in a lovely condition and all the intergrated appliances in the kitchen are staying, however it does have a car port that is nearly falling down, and i wouldnt want to risk so that would need to come down and drive/back entrance gates that would need changing.

Partner would like to offer 108, 950 and use the need to remove the car port and driveway as the reason for difference to 114, 950.

Does this sound a reasonable offer would you think? Especially after she callled 100, 000 insulting? Im assuming this was because they bought for 97, 500 and have added conservatory etc.

Also if we do go ahead and offer what is the best way to say/get across to the agent....we are offering x amount (under asking price) because of the reasons ive said above? Or would you not give reasons?

Dan-Dan

Dont give reasons , they will play you like a fiddle , the fact the lady has added these features , in most cases just keeps the propertys value current and increases saleability, rather than ADDING value itself

Paully232000

I would just give an offer of what you think it is worth based on all the things you have said and then put in a lower offer than that. If i were you and thought it was worth 114 (or willing to pay that), offering 108, or even as low as 100-105 seems reasonable. But then I wouldnt say why, just tell the EA what your offer is and leave it at that. Noone else needs (or wants to be honest) your reasons for offering what you do.

Doesnt matter what she thinks is insulting, she is not your friend so if you even want to offer 100 then do it.

Also think about the positives in selling to you, she wants to move quickly, and as FTB you can as no chain involved. Is a bonus for you as well of course.

Most important thing is what you think it is worth and what you are willing to pay and never think an offer is too low (within reason) as you can always go up, going down is harder:).

If you want post up the house and people will be able to give you a better idea of what is worth.

motherofstudents

Yes I agree with the above. Just tell the EA you want to make an offer of £x and if they ask why(unlikely) then say that is what the house is worth to you. You need to decide how much you want to pay so if you think it is worth £108k make an opening offer of £105k and if that is rejected say you will think about it. Go back to the EA in a couple of days and say you have decided to increase your offer.

Of course the vendor is going to say things to put you off making a low offer. She wants to sell for as much as possible but you are in a good position and she needs you so that she can move on. If you don't want to offer "an insulting and ridiculous amount" start at £102k, as pointed out above, you can always go higher.

cleofish

Thanks everyone for your advice, we made an offer this morning with the ea over the phone, I played it cool hopefully and just said we would offer 108, 950 give no reasons and just asked to let them know again we are ftb with mortgage in place.
Very scary stuff but first move made!!

Fully expect her to come back as a no, but like someone had said least we have room to move up then.

Will let you know!

Paully232000

Good luck, hopefully you get it for what you want.
Just as an aside, I like it when people tell how their question ends, gives closure to the story:)

cleofish

Hi, just an update.

The ea came back in regards to our 108, 950 offer to say that they were looking for a little more towards asking price, i said I would talk to my partner and would get back.
Left it for a couple of hours and called back saying we could only go up to 110,000, they called us straight back to say they have accepted the offer!
Really pleased!! :j

Started application properly with lender now, been credit checked and given all info in and valuation has already been booked for the 21st! Instructed our solictor and passed details onto ea.

The vendors are going to put an offer in on a property today, so there is a chain their side but we arent in a huge rush at the moment to move on, but its good to know things are starting to get sorted, hopefully fingers crossed things will go smoothly.

Thanks for all your help and advice!

DaiBach

Congrats Cleofish! Fingers crossed that it all goes well all the way through.

Dan-Dan

dafty ducks advice strikes again!

christopher1977

cleofish wrote: »

Hi, just an update.

The ea came back in regards to our 108, 950 offer to say that they were looking for a little more towards asking price

they will always say this! the trick is to say NO!

however, if you can afford it and your happy then congratulations:beer:

DaftyDuck

Dan-Dan wrote: »

dafty ducks advice strikes again!

Hang on Dan-Dan.... I didn't even comment on this thread :eek: :D

Congrats to cleofish, I do like a good bargainer... Hope the sale proceeds smoothly and swiftly!