Help with making offer!!

Saraann

Hi, I want to make an offer on a house I saw today, it was originally sold to someone else but they couldn't get the mortgage so it went back on the market. It's on for £165,000 but there's a bit of work to do as its plastered in artex and the kitchen and bathroom are clean but a little tired. I rang the estate agents after I'd seen the house to let them know we were interested in making an offer, and asked if I offered £150k would that be wishing the ballpark of what the original accepted offer was. The said no it wasn't and as they couldn't tell me what the original accepted offer was all the said was that the accepted offer was a 'fraction' below the asking price of £165k. So do I offer the max of £160k o can afford or offer £155k and hope they will take it? They have said there are other people waiting to view this week and I'm worried if I offer too low we will lose it. We have sold our house and the buyers mortgage has gone through so we are in a strong position. Help greatly appreciated, thank you!

Hoploz

How much is it worth to you? There's a lot of difference between 150 and 165. Is it better than other properties at that price level? Are similar houses ten a penny or is it uniquely suitable for you? Are you trying to get any old bargain and happy to walk away and find another when the seller tells the EA they aren't interested in dealing with you any more?

I said this to my EA once after someone offered 100k under asking price on mine and then proceeded to offer small increases. I told him I wouldn't trust him to go through at an agreed price even if he offered the full figure as he obvs didn't think it was worth it.

G_M

Why don't you simply

a) review your finance to ascertain what you can afford, and

b) research the local market to ascertain what seems a likely market value

If a) => b) then offer b)

If a) < b) then offer a)