Help please! FTB needs to know what to offer

heraldic

Hi there

I am looking to buy a property originally marketed at 219,950, now marketed at 209,950. The agent said that the vendors were considering an offer at 'just under 200,000'. I am a first-time buyer, and the agent has said that the vendors want to move soon.

What do you think I should offer given that I am a First Time Buyer?

Thanks!

crankup

Everyone needs an FTB in their chain - take the stance that you hold the trump cards. If they wanna move fast then its gonna have to suit you. I really dont wanna give a figure, it really is down to how much you like the house and what you can afford. As you are a sough-after FTB you can come in low and if they say "No" then edge it up a bit.
Have you checked http://www.nethouseprices.com to see what other houses in the same area have actually sold for?
Good luck in striking a deal!

Crankup

Pegleg2001

Check out https://www.housepricecrash.co.uk for tips on this. You will note that the wisdom is not to buy in this market. Property is priced 30-40% over historical norms.

deemy2004

heraldic wrote:

Hi there

I am looking to buy a property originally marketed at 219,950, now marketed at 209,950. The agent said that the vendors were considering an offer at 'just under 200,000'. I am a first-time buyer, and the agent has said that the vendors want to move soon.

What do you think I should offer given that I am a First Time Buyer?

Thanks!

If you really, really want the house offer them £180k - no negotiations, be prepared to walk away as they will probably say no... the good point is that it will probably still be on the market in a years time with offers around 180k........

PS.
Don't believe a word the estate agent says, probably there IS no offer at £200k.

mandi

hi.

I Agree, offer low .. I think you should start at 195k.. see what happens then..dont increase by more than £500 at a time..makes the sellers interested... Honest it will work for you

Best of luck

NB PM me if you want advice hate to tell you but im an ex Estate agent..now sell homes privately

theGrinch

offer what you think its worth and you can afford

meanmachine_2

Wow, a first time buyer able to afford £200K!!! I envy you.

You must be on at least £50K per annum to afford that.

And I agree with other posters. In the present climate, there probably won't be any other buyers around, so you can name your price.

Originally on the market at £219K. Probably bought in 2000 for £119K. I'd pick somewwere in the middle as an opening gambit, say £170K.

Make the EA aware that you're registered with other agents and you're actively looking at a number of properties and a range of areas.

As a FTBer you're a rare commodity these days. Gives you the whiphand, but you're also rare because most BTLers and FTBers are waiting for a market correction of around 30% before even looking at the market.

GingeG

heraldic

I hope we aint competing for the same house mate!

That is almost identical to my story except I am now at the 205k stage and they have said they want 207500. It is asking price of 219950, I am not prepared to go a penny more now interstingly they are now (thru their agent) asking if our deal is still on the table.

I am minded to offer less now after all the knock backs they gave us, I am a first time buyer and I tell you this I hope to be a last time buyer its a crap game!!

meanmachine_2

GingeG wrote:

heraldic

I hope we aint competing for the same house mate!

That is almost identical to my story except I am now at the 205k stage and they have said they want 207500. It is asking price of 219950, I am not prepared to go a penny more now interstingly they are now (thru their agent) asking if our deal is still on the table.

I am minded to offer less now after all the knock backs they gave us, I am a first time buyer and I tell you this I hope to be a last time buyer its a crap game!!

After 10 years' of almost constant rises, you can forgive sellers for thinking they're still in charge. They're not. I'd defo go back with a reduced offer of £195K. And even then you're probably paying £100K more than they bought the property for. Greedy s*ds.

GingeG

LOL

I am mate they bought it for 120K in 2002. If they want my money I may well reduce my offer now.

meanmachine_2

GingeG wrote:

LOL

I am mate they bought it for 120K in 2002. If they want my money I may well reduce my offer now.

Makes you want to weep doesn't it?

A 100K "profit" for doing s*d all.

Time to !!!!!! this pointless property bubble methinks.