Help! FTB - What to offer...

HappyMJ

stardust2000_uk wrote: »

Hi,

Found this house on RM. Asking price is £335k but I reckon it's only worth about £280k.

Here's my logic... All other houses on the street in the last few years sold for the RM market trend average price of the wider area (M33). Assuming then that this is an 'average' street it would value this property at £271k in April '15 and prices in last few years have bounced up and down but never above £280k. Yes it's 3 double bedrooms and it has a cellar and period features but needs a new kitchen and bathroom so I figure they cancel out?

Presuming I'm not completely off base, I'm just not sure how to start the negotiation! If I want to end up paying £280ish then what should I go in with an initial offer of without being laughed at?

Some background: The seller has already found an unoccupied property to buy with the same EA so I'm presuming they want a fast sale to get both sets of commission. We're first time buyers in a strong financial position and happy to get going quickly.

I'm not a great negotiator, much more of a 'that's a fair offer, please just accept it!' sort of person so any tips are much appreciated :beer:

You posted a few days back so hopefully you've made your offer.

I would have gone in at £270K expecting the vendor to say no how about £300K (meeting you half way) then keep counter offering £275K (vendor might say no again last chance how about £290K) then put in a final offer £280K then keep quiet for a week or so.

I'd also ask the EA about other properties they have on their books just to make it look like you are serious about buying something.

skintpaul

£270k MAX, unless there's a hidden pool, etc! way above averages.

jacko74

skintpaul wrote: »

£270k MAX, unless there's a hidden pool, etc! way above averages.

I agree, but I get the feeling the op has got 'emotionally attached' to this one.

skintpaul

Sneaky way to get bid accepted- ask some friends to show interest, and make very low offers.. then make an offer for what YOU think it's worth (and can afford?)

LottieLou

What happened Jacko74? (I am not the vendor by the way):rotfl: if I was I wouldnt be selling!

I had a look at the latest land reg sold prices, where they are on the road and they layout/decor etc etc and I still stand by my initial thought of 300k. Even though it seems more (10k above the last sold price I think), sale is getting more expensive by the month. The southerners seem to be moving in which says it all I think.

You are in a good position though so I hope you put an offer in, I have seen its sold STC now so I hope its you that had your offer accepted!!!