FTB - Making An Offer - Very Low Offer

itGuyUK80

Armorica wrote: »

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

About 90% as I use various data sources and perform anaylsis to get and understanding of the house prices; including any changes in the area that me be happening over time.

I was considering to increase my offer, but could not justify it plus still be under £118. So, I will just move on.

nubbins

Hoploz wrote: »

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.

?

I agree. I know someone who started looking around Sept 2013, budget 300k, kept trying to read the market and always thought they were paying too much, offered on a few and got a survey done on one, pulled out because it needed 5k worth of worth and seller wouldnt budge.That house was back on the market in May for 355k and sold in a few weeks. Not saying it will happen like that again but there is a chance you could find properties a lot higher early next year.

Argghhh

it is impossible to analyse fully when there are so many variables in the mix. Low offers are okay but you have to accept that each vendor will have aims with what he is going to do with the money - buy bigger house/invest etc, lots will be in negative equity. People do not react well to being told their home is only worth 86.43333333333 recurring % of the valuation based on someone analysing the market. Estate agents with far more experience than yourself will also have done their homework and although they want highest price normally, some are fixed rates so they are trying to sell to earn their commission, no point in pricing themselves out of the market
I wish you all the luck, be prepared to be waiting a while until you drop lucky, or the market drops off - maybe you will get llucky if you offer nearer end of year when noone else is looking

suelizab

itguyuk80 Sorry, but are you not the guy who lives in the northwest who has been offered a £30 000 job in London, and so looking to buy a house there for £240 000 ?? A 4 bedroom house for you, your wife and 3 children . Are you still living in La La Land .

itGuyUK80

suelizab wrote: »

itguyuk80 Sorry, but are you not the guy who lives in the northwest who has been offered a £30 000 job in London, and so looking to buy a house there for £240 000 ?? A 4 bedroom house for you, your wife and 3 children . Are you still living in La La Land .

Nope not that guy.. Never or will work in London, plus not married with 3 kids either...