FTB - The Bargaining Process

Coeus

Hi all,

Hope all is well in your MSE adventures!

Good news is I got a DIP today and am looking to buy a house.

Only 2 have really caught my attention, though I'm not one for 'falling in love' with a house - good properties for the price.

I'm viewing one tomorrow, my more favourite of the two. If I like the house and would wish to make an offer could you advise on the natural process to do this? For example...


How long after viewing a property should an offer be made if your interested?


Should an offer be made after the first viewing or second?


Should the second viewing be kept as a bargaining position i.e. first offer rejected - we need a second viewing?


What discount is reasonable these days? Naturally you pay what you think the house is worth but I'm thinking 8% on asking? The house is on the market at £130,000 - I would offer £120,000 with settlement of close to £125,000 (so no stamp duty is paid).


I really appreciate any feedback!


Coeus.

G_M

If you need to view 2ce, or 3 times, before deciding, then don't make an offer till then.

If you're sure you want the place after 1 viewing, make an offer.

How much to offer? Well, how much do you like/want the place? Is it well-priced or over-priced? What can you afford?

There are no set 'rules'!

Gra76

You make the offer whenever you feel you're ready to. There is no specific timeframe set out for it.

If you view it and love it and you know it's 'the one' then get an offer in straight away. If you're not 100% sure, go back and look again.

We sold ours recently on the back of one viewing and we've bought our next one on the back of one viewing.

As for discount, it depends on the area, but it's a buyers market in the vast majority of areas so you should be able to knock a few quid off with relative ease.

We had ours up for £129,950 and eventually sold for £123,500. We were expecting a maximum of £125,000 due to the stamp duty threshold and weren't going to argue about £1,500 under that, although their first offer of £120,000 we rejected, as well as the second offer of £122,500.

hazyjo

As Gra76 says, don't automatically feel you have to hit that £125k figure. Don't underestimate just what £500 or £1k can get you! I also doubt the vendors would turn down £123-odd or £124k.

Also, compare against sold prices of similar nearby properties. They could well be overpricing in order to get an offer of £125k.

Jx

Kavanne

I recently had an offer accepted and I made my initial offer when I was at the property viewing.

ruggedtoast

There arent any rules. Too keen and you may pay more than you need. Too blase and you may lose the house to someone else.

The only person who knows what the middle ground is are the vendors, and they arent going to tell you.

Paully232000

I recently viewed a house once and had one drive round the area a few days later before making an offer. The offer was just less than 10% less than the offers in the region of. I may be willing to pay a bit more but we will see.