Just moved to the UK and I am confused as to what offer to submit on a house

um85

I have been looking at houses recently, having just moved to the UK, and have been reading up a lot on the process. Im at the point where I believe I've found a few houses that I would like to put an offer in to but not sure what to offer as there are so many opinions online.

It seems like people are saying offer 10-12% less than the price listed. But looking at houses that are around £365,000 that would make the offer £328,500 which seems drastically low. I was thinking around £10,000 under the asking price.

Just looking for some advice as to what I should put in my offer letter to the agents for these houses.

Alter_ego

If your offer doesn't seem cheeky, it's too high! Not sure about London though.
You can always increase it, but don't try decreasing

marksoton

Assuming you need one have you approached a broker about a mortgage? It's not always easy for someone to find a lender when they haven't been in the country long.

As for the rest it's off to library and a good book on house buying.

um85

Alter_ego wrote: »

If your offer doesn't seem cheeky, it's too high! Not sure about London though.
You can always increase it, but don't try decreasing

Thats an interesting way to put it, i've only ever bought new build back home so i didn't want to offend the sellers and risk losing the chance at the property.

marksoton wrote: »

Assuming you need one have you approached a broker about a mortgage? It's not always easy for someone to find a lender when they haven't been in the country long.

As for the rest it's off to library and a good book on house buying.

Yes i've already got an AIP and all the other details sorted out via my broker, I'm literally at the point where i just need to find a house. But reading up on the range that people submit offers has been really the only part where I am a little uncertain. The house is within the M25 closer to the border if that makes a difference. Im not really asking if the price of the house is right, more along the lines of what people recommend for a first offer.

emsywoo123

um85 wrote: »

Thats an interesting way to put it, i've only ever bought new build back home so i didn't want to offend the sellers and risk losing the chance at the property.



Yes i've already got an AIP and all the other details sorted out via my broker, I'm literally at the point where i just need to find a house. But reading up on the range that people submit offers has been really the only part where I am a little uncertain. The house is within the M25 closer to the border if that makes a difference. Im not really asking if the price of the house is right, more along the lines of what people recommend for a first offer.

If you can put the RM link on here, people might be able to help? Not sure if that is allowed?

um85

Edit: duplicate post

um85

A little hesitant to do that as don't want to tip my hand at all as the seller could potentially also be online. Do people actually offer 10% less, or would say going in at 350/355 be a better option. The houses were both only on the market for a day and were fully booked for viewings. They are nice places and I can see people putting in offered for sure.

Edit: I wouldn't mind PM'ing with someone who has been on the board a while. If they would be willing to offer some advice

Hoploz

In a busy market (location & time of year) a seller is unlikely to accept an offer of 10% under asking price.

You need to watch the market closely, go to many viewings, and get to know the estate agents personally - this will help you find out whether things are selling fast and how much for, in terms of at, below, or above asking price.

A seller will only accept an offer that far below if the house has been on the market for a while, viewings have dried up, and they need to sell. So if you don't think it's worth the AP by all means offer, but you'll prob need to play the waiting game.

And prob miss out on a few good houses while you hang around to pick up a 'bargain'. (Meanwhile, prices are likely to be rising)

glasgowdan

Houses around north Glasgow are selling for 10% over the asking price, I'd have no chance with that!

Thrugelmir

um85 wrote: »

Just looking for some advice as to what I should put in my offer letter to the agents for these houses.

Why a letter? A phone call will suffice.

How long has the property been on the market? How popular is the area i.e, schools? How many other properties are on sale in the vinicity and how does the price compare? Many factors will determine what the vendor will ultimately sell the property for.

Make an offer and take it forward from there.

um85

Hoploz wrote: »

In a busy market (location & time of year) a seller is unlikely to accept an offer of 10% under asking price.

You need to watch the market closely, go to many viewings, and get to know the estate agents personally - this will help you find out whether things are selling fast and how much for, in terms of at, below, or above asking price.

A seller will only accept an offer that far below if the house has been on the market for a while, viewings have dried up, and they need to sell. So if you don't think it's worth the AP by all means offer, but you'll prob need to play the waiting game.

And prob miss out on a few good houses while you hang around to pick up a 'bargain'. (Meanwhile, prices are likely to be rising)

Yes, thanks for confirming that. Both houses have only just been put on the market and had fully booked open houses. Im not looking to score a bargain in the sense of scoring a house under its market value. Im happy to pay asking price if the house is worth it and within my budget. I just assume when theyre selling their house they raised the price a bit more as most people might come in with a lower offer initially. Rather work up to the asking price, then up from the asking price

Thrugelmir wrote: »

Why a letter? A phone call will suffice.

How long has the property been on the market? How popular is the area i.e, schools? How many other properties are on sale in the vinicity and how does the price compare? Many factors will determine what the vendor will ultimately sell the property for.

Make an offer and take it forward from there.

Thanks, as mentioned both properties have only just been put on the market and all the schools in the area are ofsted Good or Excellent rated. There are no similar houses for sale in the area, the only one i can see was from a year ago which sold at just over £10k less than this current one.

Just wondering if i make an offer at 10k less than their asking price, or just go 5k less?