Needing advice on offers please

Scudy

Hi all

Im new to the site altho have floated around for a while so thought just as well join up.

After putting offers in on 2 houses which one was undervalued so ended up £1k down and 2nd house they chose friends even with me offering over asking price.

We have found a house which is at £240,000, its marketed as 5 bedroom but when we viewed they classed the "landing" area of the loft as a bedroom even tho the vendor didnt have it as a bedroom themselves, other than this the house ticked all the boxes for us.

Heres my issues, we need to sell our property which with my savings will give us around £50k deposit but i cant go the full 240000, would we be out of order offering £210000 ?
£215000 would be our max tbh and thats pushing it.

Would you offer lower than 210000 ? Not sure if the 5 bedroom is bumping the price because i dont think know one in their right mind would use the space as a bedroom so im looking at the house as a 4.
Its hard to explain the layout of the loft tbh.

Any help or advice would be great thanks.

Martin

Hoploz

I wouldn't go even lower than 210. I'd say it's doubtful even the 215 would be accepted unless its been on the market for a long time and they get desperate.

-taff

It doesn't matter if you wouldn't call it a bedroom, if the loft has been converted and passed building regs etc, they can market it as a 5 bed otherwise it would be marketed as a 4 bedroom with loft space.


And you're offering 30,000 less than they want so I can't imagine they'd agree unless it was wildly overpriced ot start with or they are truly desperate to move.

cns06

IME, at this price point, most vendors are looking for within £5-10k of their asking price.
If its on the market for a reasonable price that is. Quite often if the vendor is not in a rush they might put it on for £20-£30k over and then offer a big reduction after 6-12 months. So it all comes down to local market.

alchemist.1

cns06 wrote: »

IME, at this price point, most vendors are looking for within £5-10k of their asking price.
If its on the market for a reasonable price that is. Quite often if the vendor is not in a rush they might put it on for £20-£30k over and then offer a big reduction after 6-12 months. So it all comes down to local market.

10% seems to be the standard in most areas outside London and South East.

Scudy

We put an offer in at £210000 more than likely it will get refused but i suppose if you dont try you wont know.

Prices like this are what you guys normally pay around london etc but im from south wales and £210k is alot of money around my area so the cheaper and cheekier iam the better lol.

Thanks for the replys as well.

monkeyarms

back up a minute - you said you need to sell your property first? so until you've got an offer on your place, no offer you make is going to hold much water.

Scudy

We thought this also so we messaged the EA for the house we looked at and she told us told put an offer forward to see where we stand with our house, same ea valued our house before we viewed the other one, i know that dont make a difference but seemed did seem odd to us too.

ethank

If I was the seller, it would be a flat no! Going in with such a cheeky price when you are not even in a position to proceed. Very cheeky. The property would be staying on the market until your house was off the market and the mortgage survey was booked.

monkeyarms

I wouldn't get too attached to any particular property until you've got asking price for yours. You may get more than you were expecting (if several people are interested), you may get less. You won't know how cheeky you need to be until you know how much money you have to spend.

socmwils23

there is zero point offering on a property unless you have sold your own imo. all that will happen is you will get attached to the house you want to buy and in all likelihood someone who is in a position to move will come along and bid and get the house.

By all means go and have a look at houses in the estimated price range but you should not be bidding until you have sold.