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How do you know what to offer on house?
Soldierearth54
Posts: 231 Forumite
We are considering making an offer on a secondary 4 bed detached property (3 years old).
Property is advertised as offers over £170k but we are struggling with how much to offer as our first offer.
What factors should we take into consideration to help us with this decision?
Neither ourselves nor the vendor are in a chain.
Property is advertised as offers over £170k but we are struggling with how much to offer as our first offer.
What factors should we take into consideration to help us with this decision?
Neither ourselves nor the vendor are in a chain.
0
Comments
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How much do YOU think it's worth?
What have similar properties in a 1/4 mile radius sold for?
How long has it been on the market?
What position are you in...cash buyer or do you require a mortgage?
All of these play a big factor really. It's only worth what someone will pay for it.0 -
We installed propertybee to help us decide on how much to offer..
Some factors are:
How long has it been on the market?
How much interest has been on the property?
Has it been reduced in price since it's been on the market?
What's the area like?
Are there other local factors (e.g. flood plain, fraking, new train lines..)
Why are they selling (i.e. how urgent is it) ?
On a 3 year old 4 bed detached, i'm going to go out on a limb and suggest it's a divorce, and they'll want as much money as possible since it's going to be split. BUT.. they'll want the money ASAP0 -
What's a "secondary 4 bed detached property"?
In order to know what the property is "worth", you need to have a very good idea of what similar properties in the same neighbourhood have actualy sold for in the last few months. Have you done any such research? Still, if it's worth £170k to you, give that as your first and final offer. Or, alternatively go in at £149,9990 -
Ignorecthe offers in excess of bit unless you're in Scotland. It's a marketing ploy0
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How much do YOU think it's worth?
What have similar properties in a 1/4 mile radius sold for?
How long has it been on the market?
What position are you in...cash buyer or do you require a mortgage?
All of these play a big factor really. It's only worth what someone will pay for it.
If I knew what I thought it was worth I wouldn't be asking for advice.
Similar properties are difficult to find as zoopla etc give me the sold price but not size of house.
Been on market for 3 weeks
Mortgage required.
It only being worth what someone will pay for it, although it is true, seems to be a throw away mantra.0 -
ringo_24601 wrote: »We installed propertybee to help us decide on how much to offer..
Some factors are:
How long has it been on the market?
How much interest has been on the property?
Has it been reduced in price since it's been on the market?
What's the area like?
Are there other local factors (e.g. flood plain, fraking, new train lines..)
Why are they selling (i.e. how urgent is it) ?
On a 3 year old 4 bed detached, i'm going to go out on a limb and suggest it's a divorce, and they'll want as much money as possible since it's going to be split. BUT.. they'll want the money ASAP
3 other viewings only it's still early.
Area wise it is the area we desire.
It has a new train line.
Not sure about the split. They said it was due to change of jobs.0 -
BitterAndTwisted wrote: »What's a "secondary 4 bed detached property"?
In order to know what the property is "worth", you need to have a very good idea of what similar properties in the same neighbourhood have actualy sold for in the last few months. Have you done any such research? Still, if it's worth £170k to you, give that as your first and final offer. Or, alternatively go in at £149,999
A secondary property is any other property that isn't a new build.
We have a rough idea of other sales but nothing concrete as the house sizes vary in the area.
£149 sounds good!!0 -
ConfusedofYorkshire wrote: »Ignorecthe offers in excess of bit unless you're in Scotland. It's a marketing ploy
It is in Scotland. Isn't it still a marketing ploy in Scotland?0 -
Now, if it's a change of job that requires relocation; they'll probably be getting a relocation allowance and they may need to move quickly..
Have you checked out how much they paid for it ? Check Zoopla0 -
Similar properties are difficult to find as zoopla etc give me the sold price but not size of house
So, you pick yourself up from in front of your computer screen, and drive/walk/cycle to the property, and look at those around it.
You compile a list of those which match it exactly, those which look close to it, and those which are far larger/smaller. You then match this list to the Zoopla sold prices.
If it's a recent build, since 2000 or so, you may find the planning application for the development on the local council's website, and this will tell you the rooms in each house style.
Recent planning apps will also tell you which houses have approval for extensions, so you know which to look at to see if extensions have been built.
What's the Home Report valuation? How much spare cash do you have that would allow you to bid over this figure? This is the amount your lender will lend up to, so unless you have significantly more than the mortgage deposit in hand, that valuation will determine the level of your offer. This will also apply to everyone else who will need a mortgage on the property, so offers will tend to be around the HR valuation.
Have you hired a solicitor local to the area in which you're buying?0
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