My first offer

nataliek5

Hi everyone, I'm new to the board and this is my first post. Would really appreciate some advice.

My partner and I are both 23 and work full time. We're hoping to buy our first property in the North West of England using the Help To Buy Mortgage Guarantee Scheme with a 5% deposit. I've obtained a Mortgage in Principal for £65,000.

We have found our perfect house, a little terraced property with 2 large bedrooms and ample space downstairs for what we need, with an extension at the rear (for the kitchen and bathroom - it has a flat roof?!) and 2 reception rooms. There is a small garden to the back of the property and ample space to park in a little dedicated street behind that. There is also a decent size front lawn with hedges and front gate. The house also comes with an oven and fridge/freezer. The decor is fine to move in to straight away although we would obviously want to decorate to our taste and to modernise it a bit. We know the area well as it is close to our parents homes and it is close to good anemities including the motorway network which I will use for commuting to work. We do really like the house and would like to make an offer.

The house is currently on the market for £61,950 and the estate agent has informed us that the seller is willing to negotiate on this price. It has been on the market since the end of January 2015, so about 3 weeks now. We viewed it on Monday and it had only had one previous viewing. The property next door sold for £58,000 in January 2014, and properties on the same road are up for sale for around £62-75,000 at the moment. The property itself last sold for £82,000 in May 2005.

Just wondering if anyone has any tips for making an offer and negotiating on the price. We're thinking of going in at £58,000.

Thanks in advance!

jonathanrolande

Pay what you’re happy with but this seems fair. Budget for fees too, surveys and moving costs etc. Best of luck.

Hoploz

Sounds like a good start to me. You can afford to up it later if declined.

Wow I wish you could get on the ladder around here for that kind of money

Good luck

Babbawah

ANY house that's on the market for £62k is not the sort of property that decent and respectable people would want to live in.

What aren't you being honest with us about I wonder?

If this property had ANYTHING going for it then it would be snapped up as a BTL.

Jackanory.

LeoTLion

Babbawah wrote: »

ANY house that's on the market for £62k is not the sort of property that decent and respectable people would want to live in.

What aren't you being honest with us about I wonder?

If this property had ANYTHING going for it then it would be snapped up as a BTL.

Jackanory.

Judgemental, unpleasant and condescending, all in one post.


Well done you.

PixelPound

We are in a similar position and chatting with EA advisors when looking at properties has provided some insight. Properties of this value do tend to be by mostly FTB and the BTL market. Nothing wrong with that.

As to the offer, its only 5% below the asking price, so not totally unreasonable. If you put it in a letter along with your justification (what other houses have gone for) and your FTB status (the no-chain implications of FTB & BTL investors appeal to many) it may be accepted, you may get a counter offer which you can then think about. If its rejected because they don't want lower offers you have a choice up to the asking or walk away.

Marvel1

Babbawah wrote: »

ANY house that's on the market for £62k is not the sort of property that decent and respectable people would want to live in.

What aren't you being honest with us about I wonder?

If this property had ANYTHING going for it then it would be snapped up as a BTL.

Jackanory.

Never heard of location.