How Do I Make An Offer On Property And How Much

lilaclily

Hiya, I am cosidering putting an offer forward for a property i saw but i dont know how to and how much

Property is advertised at £239.000

Thanks in advance

BrixMorta

It depends on the property, how much you want it, how sensibly its priced it is & whether it’s a buyers or sellers market in your area.

lilaclily

i want it for 225.000 as area is ok and house does need a bit of work

wolvoman

lilaclily wrote: »

i want it for 225.000 as area is ok and house does need a bit of work

Go in at about £212/215 (around 10% below asking) - if they want a quickl sale they will be interested in your offer but will likely reject it to find out if you can go higher.

Ask the agent what sort of figure they would be happy to accept. They should get back to with a figure a bit below asking (unless the market is very hot or they are deluded).

Then take that figure, and your original offer and offer just under half way between, and make it a 'take it or leave it, final offer'.


So you offer £212K. They come back to say they want at least £230K. You reply saying you will meet halfway at £221 but that is your final offer.

If they still don't accept then if you like the place, up your offer by 1% of asking price, saying that you've borrowed the extra from your parents.

Then walk away.

murrayd_2

With regards to “how you make an offer on a property”, you communicate the amount you’re willing to pay to the seller’s estate agent. They then pass it on to the seller who decides whether or not to accept or reject it, with their answer coming back to you via the estate agent. This haggling process goes on until you can agree a price (or not as the case may be) – that price is typically somewhere between your opening offer and the seller’s idea of what they want for their property. Make sure the seller’s estate agent provides you with a written copy of the amount(s) you have offered.


As to price, as wolvoman says, 10% below asking price is not untypical as an opening offer, but it really depends on how ‘hot’ the demand is for the property, which can be difficult to gauge, especially as an estate agent may exaggerate the true level of interest to get you to offer a higher price! Remember, the agent is acting for the seller, not you. The price you offer also depends on how badly you want the property. If you are in competition with someone else, it may be necessary to go at or close to the asking price fairly quickly.


Finally, as it's directly relevant, I hope you won't mind me suggesting that in addition to making your offers to the estate agent, you also ‘register’ each offer you make at www.offerregister.co.uk – this gives you a way to guarantee the property seller gets to know about your offer(s) without risk of estate agency interference – poorly handled offers are one of the biggest gripes about estate agents, as this article shows: http://www.thisismoney.co.uk/mortgages/article.html?in_article_id=420225&in_page_id=8


Hope this helps.