What to offer

Kirstyb1987

Hi guys,

I went to view a property yesterday and I am really really interested in putting in an offer.
The house is currently up for £75,000 but needs work. I personally think that the house in its current condition is over priced.
I am going for a second viewing on Saturday to just go and have another look but I am confused with what to offer.
I was thinking of putting in an offer of £65,000 but think this is to low and I have read that putting in an offer which is to low can put the seller off, even potentially insult them, or this can make you look like a non serious buyer. I am not willing to pay over £70,000 for this property.
Any help would be really appreciated.

Kirsty

Foxy-Stoat_3

Go somewhere in the middle and expect to be declined, then raise a thousand or two and see where you go.

Is it overpriced compared to other similar properties? How long has it been on the market for?

Kirstyb1987

It's been on the market with the current estate agency for 4 weeks but I know for definite that it was on the market with another agent for a much longer period of time, but don't have exact times.

I have £7,000 deposit so can go up to £70,000 with 10% but ideally would like it for £67-68... But that's in an ideal world.

Also, my mortgage in principle is for £60,000 but if I make an offer it may be for £63,000. Will they reject my offer potentially based on this?

Thanks
Kirsty

Foxy-Stoat_3

If you have additional cash for fees and moving costs then offer £65K, you can always go another £1-2K.

Are there other properties that your looking at?

Kirstyb1987

I do have another £5,000 but was hoping to keep this for the work that is needed.

I have been to view a few properties but non of them where as suitable as this property. It's ticked all the boxes for area, size ect... Really do have my heart set on it.

Stevie_Palimo

I would be cheeky and offer the lower end here and say that you have another property in mind and would therefore like a quick answer, If needs be then increase slightly.

midnight_child

Do an internet search for "property bee" and download this as an add on for your firefox browser.

Then go to rightmove website and you should be able to see if it has genuinely only been on for 4 weeks, or if the property has been delisted and then put up for sale again. It will also show any changes to the description, or if the price has come down. I found it handy for when the agent tries to pull the wool over your eyes!!

Personally, I would be tempted to start lower and see what they say. Have you indicated to the agent/vendor how much you like the property? They may be less inclined to barter if they know you really want that one.

I guess it comes down to the lesser of two evils. Would you rather pay more than its worth, or offer a true value and risk losing out to a higher bid?

Good luck
MC

rl926

Have you discussed with the Estate Agent the sellers position? I'm not sure if they're supposed to but sometimes they will give you little hints about how desperate the person selling is to get the property off their hands and how likely they are to accept low offers. Good luck!

Kirstyb1987

Thank you to you both.

I have actually told them that I was viewing other properties and tried to seem like I am not that keen. I rang and asked for a second viewing just so I could check on a few things. My partner also told a fib and said that we couldn't decide on whether to move to this area or another 30 miles away, where he is from.

I am going to also take the tip above about telling them that I am also interested in another property.

I will download the property bee, thank you. I didn't know this existed to will be a brilliant facility to look at.

I think I will offer the lower offer, they can only say no.

I did ask about the seller and the only information I got was "they don't live here, they don't live around here". My boyfriend seems to think they may possibly live abroad which I think could work either for or against us. Perhaps they aren't bothered about selling until they get the right price or perhaps they want rid as soon as possible to save on council tax ect.

The property is completely chain free and we are first time buyers, do you think I mention this or would it not really matter?

Again thanks for all your help. This is helping clarify things alot.

Kirsty

Rmphotography

Kirstyb1987 wrote: »

The property is completely chain free and we are first time buyers, do you think I mention this or would it not really matter?

Yes mention this!!! This is a big plus for you and might lead you to being able to put in a lower offer (lower offer on the basis that you have no chain and no waiting around)

When we came to look at our house that we are buying the estate agent had mentioned that there was already another potential bidder having a second viewing lined up later in the week but they hadn't put an offer in yet as they still had to sell their house.
We viewed the house, fell in love, told them we were in no chain as we had sold our house, and they accepted our offer there and then.

Kirstyb1987

Excellent. Thank you so much. I will do this.

To be honest the estate agent did ask me twice "so you don't have a property to sell" and "you are a first time buyer". She seemed quite interested in this fact so perhaps this will go in our favour with regards to the price.

Good luck with the completion of your house and if you can think of any more tips please share them with me ☺