FTB - What to offer?

xemmax

Hi

I'm a first time buyer and have just found a house i'm very much wanting to put an offer on. I'm just not really sure what to offer.

It is on for £120k (was put on market in March for £127,500 but has been reduced twice). It was sold a couple of weeks ago but the other buyer couldn't get her mortgage so has now come back up for sale.

It does need a bit of work but not too much. Couple of new windows, new boiler and some bathroom work as shower is in a cupboard (?!).

What would be best to offer? I would probably pay the £120k but of course wouldn't want to pay full asking price if I can help it, but I don't want to seem too cheeky.

cattie

Not sure if you're in a fast moving market or not, but as house has already been reduced twice, it doesn't sound as if you are.

I think I'd start at £115k to see where that got me & explain that your offer is due to cost of new boiler, windows etc. The buyer might come back with a counter offer & then you'll know exactly what price they are hoping to achieve.

As they have just lost a buyer, chances are they will be happy to secure a new buyer pretty quickly, especially if they already have their eye on a new property. But due to 2 reductions in a short time,they might feel that the house is already priced to sell. You won't know until you try, so good luck!

Wanton

Don't worry about being cheeky, the worst they can do is refuse your offer. I know of people who thought they were being cheeky and then had the offer accepted, but more likely is the EA will come back with a lower figure than the asking price.

I currently have my house on the market and wouldn't mind having low offers at all, I wouldn't accept them but its a starting point for negotiation.

w00519772

Wanton wrote: »

Don't worry about being cheeky, the worst they can do is refuse your offer. I know of people who thought they were being cheeky and then had the offer accepted, but more likely is the EA will come back with a lower figure than the asking price.

I currently have my house on the market and wouldn't mind having low offers at all, I wouldn't accept them but its a starting point for negotiation.

i am a first time buyer. Can you advise what these cheeky offers were eg ten per cent off asking price?

GalaxyStar

Our house was on for 108,950, on a street that they go for 120+, because it needs modernising. We thought we'd be cheeky and offer 100, and got it. It doesn't hurt to be cheeky, but as they had an offer from someone else and lost it, say the previous persons offer was 120, they may decide they want 120 again as they got it before, ive seen it happen on here. It's up to you what to offer, start a bit under your ideal, they say no you can always up it, but stick to your budget and preferred price don't be tempted to go over or you may regret it

xemmax

Great advice, thanks. The EA has hinted the seller is open to offers and she has said I am a buyer's dream because I have a sizeable deposit for my mortgage and I have no chain (currently living in my parent's house).

The seller also has no chain because it is an ex-student let.

Wanton

w00519772 wrote: »

i am a first time buyer. Can you advise what these cheeky offers were eg ten per cent off asking price?

No offers as of yet as only been on three weeks. We're on the market at just under £148k, wouldn't find £130k cheeky to be honest. Whatever someone offers it won't affect the lowest amount we'd go to, and it won't put me off accepting an offer of that amount just because they offered lower first of all.

Mallotum_X

All depends on the speed of your market. But based on the info provided Id start at about £110k, highlight anything positive about your offer - eg agreement in principal in place, solicitor, surveyor already lined up etc.

When you make the offer I would suggest telling the agent you like the property, but there are issues, and talk about them briefly , before giving your offer.

Even if it ends up coming across as cheeky it shows you have thought about the offer and explained it.

When they call you back (usually to reject this first one) dont let the agent just say they want more. Ask what figure they would agree on.

This counter offer is just trying to get them to suggest a price lower than asking, shows that they will move. If the agent wont commit, ask him to speak to his client about what is the best they can go to.

When you do get an offer back, I would then look to get something in the middle of your first offer and their counter offer.

However, this would not be my tactic in a fast moving market.

xemmax

Yeah I'm not sure what sort of market to be honest. I know I shouldn't sit on it for too long though, as the seller has just this week put in a new double glazed bay window that was old and rotten before and the feedback from other viewings was echoing the problem with it.

Also, the next viewing on it is this Saturday, should this spur me into making an offer before then? i.e. if they were to decide to put an offer in too potentially I could enter into a bidding war. I am viewing another one at the weekend but I feel like I'm not going to like it as much as this one, and even if I did I could always back out right?

xemmax

I've just made an offer of £114k, currently pending, eek!

Wanton

Good luck, let us know the outcome.