What would you offer?

dave76

Just started looking around houses (FTB) and seen one we like - not sure where you would come in with an opening offer though. We still have other places to view yet so might see somewhere better.

This particular place is owned by a retired woman who doesnt live in the place. Its up for about 150k - given the market and the place needs some work (although is entirely liveable) I guess it could be got for 140. Just a bit unsure whether the vendor would be willing to wait for more as they dont need to sell in order to buy somewhere else, or if they would willingly accept less just to be rid of it.


Would a starting offer of 130 seem about right?

merlinthehappypig

Dave. It depends where you are and what the market is like in your area. In most places outside London things are very slow. Like you I am considering buying again. At present I would offer no more than 80% of the asking price, which is £120000 in your case. The two houses I have made an offer on recently, both have come back several times reducing the price, one by over 20%, the other by over 10% so far.

The worst that can happen is that they say no.

mr.broderick

Ive offered £153k for a house on for offers over £169k today, they're considering it. 3 bed semi in orrell lancs, next door is up also, (bearing in mind it has 4 beds, this one i have offered on as 3) for £194k!,

amanda221

HI Dave

On all the house programs it recommends to offer 10% below asking and work from there, that would make it 135k.

If i were you i would go in as Chris says, as alot of the houses i have been viewing around me in DEVON have drop by 10k if not more. Bearing that in mind 120k would nt seem too unreasonable as a starting point you never know, also you havent mentioned your position, obviously if you are a cash buyer you carry far more weight than someone in a chain.

Good luck and let us know how you get on

dave76

I am FTB, renting at the moment (with rolling 1 month contract) - just waiting on some deposit money to come through from an inherited house that is in the process of being sold but that should be in the next couple of weeks (fingers crossed!)

Gillianh2

Dave,
You are in a very strong position so start low and make sure that you stress to estate agent that you are a FTB with a mortgage in place and therefore no chain. Remember all houses for sale ar at an "Asking Price" Thats what the vendor is asking for doesnt mean hes gonna get it.

Good luck.

Peartree

How long has it been on the market? How much interest has there been? What are other houses going for in the area? How desperate is the seller? How quickly are houses are going for in your area? Are you a cash buyer? Do you have your mortgage organised, etc, etc. Presumably it has already been priced on the basis of the local market and the work it requires.

Put yourself in the vendor's position in the market in your area, if it were your house, would you sell for £20K less on a £150K house?

At the end of the day, though, how much do you love that house and want to live there. Whatever you see on the boards and on TV from the buy to letters and the property speculators (unless that is what you want to be) you are purchasing a home not a commodity. If you love the house, the worst that can happen is not that they will say 'no' to your first offer, it is that they will say 'yes' to someone else.

Have a chat with the estate agent - don't believe a word, of course - but read between the lines!

dave76

thanks all - lots of things to think about :cool: