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Making an offer - advice pls!

2

Comments

  • always_sunny
    always_sunny Posts: 8,314 Forumite
    Thank you all for you help so far! What about the asking price? Should I ask something lower or is it okay to put an offer for just that?

    I checked online and similar properties etc, have been sold at that price and I think/feel it is a fair price.

    Bad idea?
    EU expat working in London
  • alchemist.1
    alchemist.1 Posts: 860 Forumite
    always_sunny wrote: »
    Thank you all for you help so far! What about the asking price? Should I ask something lower or is it okay to put an offer for just that?

    I checked online and similar properties etc, have been sold at that price and I think/feel it is a fair price.

    Bad idea?

    Depends on the area
    If properties are being sold within days then i would pay the asking price. If they are hanging around for weeks/months then I would be offering less.
  • ellie27
    ellie27 Posts: 1,097 Forumite
    Ninth Anniversary 500 Posts Combo Breaker
    Assuming you have done all the looking into what past/recent sales were and do believe the asking price is what it is worth...... I would expect to get my first offer refused, so dont go all in with the max you can offer. Offer a little below that so that you can then offer your max next.

    Questions....how long has it been on the market? Do the sellers have a place in mind to buy themselves? Has it had any offers? These are all things you can easily find out.
  • always_sunny
    always_sunny Posts: 8,314 Forumite
    ellie27 wrote: »
    Assuming you have done all the looking into what past/recent sales were and do believe the asking price is what it is worth...... I would expect to get my first offer refused, so dont go all in with the max you can offer. Offer a little below that so that you can then offer your max next.

    Questions....how long has it been on the market? Do the sellers have a place in mind to buy themselves? Has it had any offers? These are all things you can easily find out.

    Places seem to go quickly - this flat has been on the market just this week (I have managed to see it already). Other flats in similar conditions/style/etc seem to go pretty quickly, less than a month. It is offered with no chain... so I am hopeful for a short turn around!

    I went to see another flat which I like too, though it has been on the market over a month and it has been reduced recently - I wouldn't be offering the asking price for that one!

    This one I feel the price is fair, I was going to offer slightly less (less than 1%) just to poke assuming it will go then to the asking price.
    EU expat working in London
  • ellie27
    ellie27 Posts: 1,097 Forumite
    Ninth Anniversary 500 Posts Combo Breaker
    always_sunny wrote: »
    Places seem to go quickly - this flat has been on the market just this week (I have managed to see it already). Other flats in similar conditions/style/etc seem to go pretty quickly, less than a month. It is offered with no chain... so I am hopeful for a short turn around!

    I went to see another flat which I like too, though it has been on the market over a month and it has been reduced recently - I wouldn't be offering the asking price for that one!

    This one I feel the price is fair, I was going to offer slightly less (less than 1%) just to poke assuming it will go then to the asking price.

    Best be quick then, if similar properties are going within a month then hurry! Could be sold already
  • always_sunny
    always_sunny Posts: 8,314 Forumite
    ellie27 wrote: »
    Best be quick then, if similar properties are going within a month then hurry! Could be sold already

    I admit - I have no idea about the 'English way' of buying real estate! I am used to the boring way: it has a price, that is it... it's agreed, it's binding.
    I find this hokey pokey of making offers having rejected to make another to the asking price, then weeks to get the mortgage done whilst the seller can change their mind (or me too I guess) all vey scary! :( but I guess when in Rome...
    EU expat working in London
  • csgohan4
    csgohan4 Posts: 10,602 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    always_sunny wrote: »
    I admit - I have no idea about the 'English way' of buying real estate! I am used to the boring way: it has a price, that is it... it's agreed, it's binding.
    I find this hokey pokey of making offers having rejected to make another to the asking price, then weeks to get the mortgage done whilst the seller can change their mind (or me too I guess) all vey scary! :( but I guess when in Rome...



    Welcome to England.. It's much worse in London a separate Country of their own for property
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
  • ellie27
    ellie27 Posts: 1,097 Forumite
    Ninth Anniversary 500 Posts Combo Breaker
    always_sunny wrote: »
    I admit - I have no idea about the 'English way' of buying real estate! I am used to the boring way: it has a price, that is it... it's agreed, it's binding.
    I find this hokey pokey of making offers having rejected to make another to the asking price, then weeks to get the mortgage done whilst the seller can change their mind (or me too I guess) all vey scary! :( but I guess when in Rome...

    Where are you from? Rome?
  • Chocho
    Chocho Posts: 15 Forumite
    Fifth Anniversary Combo Breaker
    csgohan4 wrote: »
    Welcome to England.. It's much worse in London a separate Country of their own for property


    Hiya, I am also a FTB on the London market at that - not an easy place to start! What do you mean by the above? It would be very helpful to have some tips on the buying / selling micro culture and customs
  • elverson
    elverson Posts: 808 Forumite
    There isn't a microculture as such, but in most areas of London demand exceeds supply which means the process is competitive.
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