how much is acceptable to offer??

Tessibell

Have fallen in love with a property valued at £110,000 3bed 2rec.
Its rateable value is only £95,000 and other properties in the area with 3bed 1rec have sold between £75-85,000.

Would it be cheeky to only offer £95,000???

what would you expect to pay given this limited information?

monty-doggy

What have you got to lose?

andy69_2

Tessibell wrote: »

Have fallen in love with a property valued at £110,000 3bed 2rec.
Its rateable value is only £95,000 and other properties in the area with 3bed 1rec have sold between £75-85,000.

Would it be cheeky to only offer £95,000???

what would you expect to pay given this limited information?

Offer 90k to start with. Not cheeky....just the current climate.

Smith_007

If your first offer did not offend the vendor, it was too high.

ognum

Smith_007 wrote: »

If your first offer did not offend the vendor, it was too high.

This is great advice for some area, in others it is not good.

I have recently been looking for a new property, I am only interested in buying in an area I know and is likely to have fair to good capital growth as well as good rental potential.

Every property (6) I have offered on has gone above asking price, every property has had multiple offers, 4 properties have gone to sealed bids.

In an area (not London) where currently 30% of new build flats are sold off plan to overseas buyers insulting a vendor with a very low offer just doesn't work.

So before offering the advice it would be wise to know the area you are dealing with!

highguyuk

You've "fallen in love".

So, if someone was to offer £104k and be accepted and you didn't offer £105k and you could have, would you be gutted?

buzzyzoe

Tessibell wrote: »

Have fallen in love with a property valued at £110,000 3bed 2rec.
Its rateable value is only £95,000 and other properties in the area with 3bed 1rec have sold between £75-85,000.

Would it be cheeky to only offer £95,000???

what would you expect to pay given this limited information?

If other properties in the area with a similar spec have sold for £75-85000, what makes this property worth more? I would work from that point upwards, not from the asking price downwards.