What to offer on a house.

Keely_lewis

We sold our house to a FTB the same week it went up for sale and we have spent the week looking at houses to buy. We have only found one that we really like. It has been up for sale since the end of June , requires a lot of work to get it up to any standard we would be happy with and is up for OIEO 185,000. Everything I have read says that we should be ok to make an offer between 5 to 10/ lower than the asking price but because it says OIEO does this still count? We are thinking of offering about 170,000 but don't want to offend or look stupid? Any views would be appreciated .

LeoTLion

You could try speaking to the agent and see if the vendor has indicated they'd be willing to consider offers.

The standard advice is that you should offer what you think the property is worth or however much you can afford without over stretching your finances.

It's not practical to always offer 5-10k below asking as situations vary from sale to sale. You mention it requires work, by this do you mean it needs work to get it how you'd want it, or it needs work to be habitable?

Most people's opinions here on OIEO are that it's largely pointless as buyers will offer what they want to and not what a seller tells them to.

If I were in your shoes I'd make an offer, very doubtful you will cause offence, more likely it will simply be refused. At least it gives you a starting point for further negotiations.

Keely_lewis

Thanks for that. I will speak to EA and as it has been on a few months hopefully the offer will at least open negotiations. Thanks for the reassurance. It's a unnerving time buying and selling houses.

LeoTLion

Comparing it to others on the market locally and also sold prices would help you work out a reasonable purchase price, but unfortunately is more art than science as there are so many variables.

Quite often houses go on the market initially at an optimistic price only to be dropped to a more realistic level after a few months.

Don't forget the agents job is to get as much for the house as possible, but they also want it sold so they get their commission.

Gama

We recently had our flat on offers over, first offer was £15k under, we gave a slightly more polite response since they phoned my wife and not me, but in essence it was 'get lost'.

The next offer was 5k under, we had no problem with that, no insult taken (although Im pleased to say that it was pushed up between two potential buyers to well over asking in the end), and we are selling to the bidder who came in at 5 under initially.

Keely_lewis

I'm hoping the fact it's been up for sale a few months and does need work will mean they are a bit more open to negotiations that someone who's only just put on the market but we ll see. We ve got 1 more to see that is just round the corner that would need at lot less spending on it and is 5,000 less so we may wait a couple of days till we've seen that. At least then we know if it really is the only one we like we ll have to pay whatever they want or forget about it.

Thanks for your help. .

Keely_lewis

Spoke to estate agent today and they didn't seem to think 10 weeks was a long time to be on the market, I know most other house on this estate have gone straight away so I was a bit confused by this. I tried to test the water in terms of whether it was worth making an offer below the 185 but they were just as vague about whether there have been any other offers , whether the want full asking etc . Very strange phone call. Anyway we have seen another this evening that we like a little less but is is also for sale for less so we feel more confident offering on the 185 knowing we have an alternative if this isn't received well. Think we are going to start at 172 and see what happens. Wish us luck :-) and thanks again for the advice.

undetterred

Keely_lewis wrote: »

We sold our house to a FTB the same week it went up for sale and we have spent the week looking at houses to buy. We have only found one that we really like. It has been up for sale since the end of June , requires a lot of work to get it up to any standard we would be happy with and is up for OIEO 185,000. Everything I have read says that we should be ok to make an offer between 5 to 10/ lower than the asking price but because it says OIEO does this still count? We are thinking of offering about 170,000 but don't want to offend or look stupid? Any views would be appreciated .

Work to a standard you are happy with???


If its perfectly serviceable kitchen,bathroom,decoration etc but not to your taste? you may struggle to get a low offer through.

Keely_lewis

After a few days of back and forth we have agreed on £180. So lower than asking but slightly more than we originally anticipated. Now for all the budgeting for kitchen/ family room extension and bathroom. May have to leave the ensuite for a year or two but we re happy ��

Propertyauthor

Congrats on getting your offer accepted. Here's my guidance on how to make an offer: http://www.propertychecklists.co.uk/articles/what-to-offer-on-a-house

At the end of the day, a property is worth what you are willing to pay and they are willing to accept. Sometimes I've got cheeky offers accepted, other times I had to overpay initially to get what the property I wanted.

bigfreddiel

I made a lowest offer on the house we are in now, the vendor came back with a very small reduction, and I said get lost.

A week later he came back to me and accepted my lower offer - result!

And he was a builder, needed the money to complete his next project I think. Also next door house which was very similar had been on the market at less and for quite some time!

fj