FTB - Making An Offer - Very Low Offer

AndyT678

Bart1 wrote: »

Business is business, a vendor can accept or refuse any offer. Absolutely no reason to take offence

Someone who is selling their home is not running a business and is likely to be emotionally invested in it.

You may not mean to cause offence or think that they have a right to be offended but you should consider the possibility that they will be and think about how it could affect you.

In this case it doesn't matter because OP will walk away if rejected.

itGuyUK80

DRP wrote: »

Are you genuine , or are trying to play it cool?

Genuine, personally trying to keep cool to ensure I make the right decision.. So all the research and understanding the market is to make sure my head keeps the heart under control.

ognum

itGuyUK80 wrote: »

Genuine, personally trying to keep cool to ensure I make the right decision.. So all the research and understanding the market is to make sure my head keeps the heart under control.

We'll done on all your research. What you may find is that sellers don't want to understand the market the way you do but eventually you may find someone who will accept your low ball offer, let's hope it's the house you want.

DRP

itGuyUK80 wrote: »

Genuine, personally trying to keep cool to ensure I make the right decision.. So all the research and understanding the market is to make sure my head keeps the heart under control.

It is definitely worth getting to know the market well in your target area, but sometimes you do just have to go for it in order to secure a place.

itGuyUK80

ognum wrote: »

We'll done on all your research. What you may find is that sellers don't want to understand the market the way you do but eventually you may find someone who will accept your low ball offer, let's hope it's the house you want.

Thanks... A friend said me this morning I need to be careful I am not thinking too much like an investor rather than some where to live and remain for least a decade or so...

ognum

itGuyUK80 wrote: »

Thanks... A friend said me this morning I need to be careful I am not thinking too much like an investor rather than some where to live and remain for least a decade or so...

Well buying a home is slightly different from investing in property. I own a few BTLs I can honestly say that I would live in any of them myself, my criteria for buying has always been that I would be happy for my kids to live there!

But, when investing I look at how easy they will be to let, what the rental return is, how much the upkeep would be, these are all things you need to consider but they are all 'head' purchases. Buying a home is a head/heart purchase, that's slightly different.

itGuyUK80

Update: Just made an offer £112,500 (10% of asking price) on the property I viewed on Sunday... Just waiting to see what happens now..

itGuyUK80

itGuyUK80 wrote: »

Update: Just made an offer £112,500 (10% of asking price) on the property I viewed on Sunday... Just waiting to see what happens now..

REJECTED... Vendor want above £118K as EA advised that already rejected an offer at £118K previously..

Asking price is well within my budget, but I cannot justify the spend after doing my research on current property prices £110K is the max and that if the area is demand...

Moving on...

Armorica

You should also consider whether prices are going up e.g. is the data already out of date? By the time you eventually get 10% under the asking price accepted that will be higher than the current cost?

How confident are you that you do understand the local market?

Hoploz

How long are you planning on staying in this property? If it is a long term purchase then a few thousand is neither here nor there as in 10 or 20 years it will make absolutely no significant difference, and the difference in monthly payments is virtually zilch. You are thinking far too much about the figures and far too little about the long term. Or perhaps there are so many properties at your price level which you would like to live in that one or another makes no difference.

You could well end up being one of those people who tries their luck to start with, then the market begins to rise and you end up paying even more for the same sort of thing you are grumbling over a couple of grand on now.

I've seen this happen to two friends of mine. Both waited so long they ended up with a 20% higher budget, looking at the same kind of houses they wished they'd bought the year before.

?