How much to offer...

mcnelms

Making an offer on a 145k house tomorrow. Property has only been put up for sale a week ago and we were the first people to view, but it's perfect for us so want to act quickly.

Any tactics or strategies about how to approach this and try to get a slightly better deal?

jimpix12

Is it a new build, how old is it ,does it need any work, are there similar properties nearby for sale/sold, what are their sold prices on Land Registry? You can make a low offer but it's better to back it up with a reason why you are offering X amount, eg. I am offering X because Y, as opposed to just offering it for the sake of it.

Paulaviki

It depends on lots of factors like what the housing market is like in your area, what is your budget, how much so you want it etc.

Is there really much if a deal to be had, will someone else offer the asking price? How gutted would you be if you missed out for the sake of a couple of grand? All things to consider.

We are in the process of buying and ended up offering at the top of our budget but we'd already lost a couple of houses trying to spend less. But then where I live houses are selling within days.

robatwork

London: £150,000
Anywhere else: £100,000 to £149,999

hope this helps

w00519772

robatwork wrote: »

London: £150,000
Anywhere else: £100,000 to £149,999

hope this helps

I am a first time buyer in the process of buying. If you offer too low then estate agents and vendors will not take you seriously and probably will not trust you. Don't just offer a silly figure. If you were selling a car for 7000, then what would you think if someone offered 4000?

Look at what prices sold for recently. I find the Price comparison report on Rightmove useful.

jenmac_85

It can be helpful to add a slightly odd figure to the end of it, such as 145,335 rather than a straight offer of 145,000. I have heard that being the tipping point for a sale.

Are you in a chain or free to be a bit more flexible?

Echo the comments regarding if the property needs work. We have recently put an offer which has been accepted for a property. We went in a bit lower than the asking price due to the work that it required

Swafe

London 250k

North East 50p

kinger101

Is there any recent sales history for similar properties. You can use these to find out if this price is reasonable for the street (subject to condition) etc.

When you make an offer, you can state your not in a chain. I assume you have also been preapproved for a mortgage?

It's not just about what you offer, but your ability to actually proceed with the sale quickly. Your first offer needn't be your final, but if you go too low, they won't think you're a serious buyer.