Help - first time of buying/selling!!

Ames1983

This is th first time I’ve been in the position of selling a home and buying another. Apologies if there are hundreds of posts already on the forum like this one.

Interested in a house which has been reduced from 170000 to OIRO 165000.

I have no idea where to go in with my offer. Garden needs some work doing to it and the kitchen is a little dated.

Help! Where do I start with offers? At the 155k mark??

Help and advice appreciated!!

buggy_boy

The fact its been reduced if you really like it I would start around 150k with a view to going up to 155k then if need be 157.5k. I would guess as they have reduced it they have had trouble selling, a 5k dip is unlikely to gain much more excitement in the property so the OIRO is an invite to offer below...

Try to give your reason why your offer is low, try looking at other prices sold (use rightmove to find sold prices in the area).

BTW im not giving any advice as to if the property is worth that amount as there is no information just strategy to buying. Don't be too quick to raise the offer and try to make out to estate agents that there are a couple of other properties you are also looking at, basically your aim is to try to make them think your initial bid is as good as you are going to go and if they reject you will walk away. Its a horrible game but it is just that a game.

G_M

£163,256 ?

Gwendo40

Far too little info for anyone to offer you any meaningful advice...

Is the current asking price in line with recent sold prices of other local, comparable properties?

Davesnave

Gwendo40 wrote: »

Is the current asking price in line with recent sold prices of other local, comparable properties?

Spending time on researching this today will do you more good than asking the folks here to speculate on the info you've supplied.

Bossypants

Have you got a proceedable offer on your current place? You will need this before you can make a serious offer on the place you like, regardless of amount.

Ames1983

Thanks for your advice. It’s currently empty, I think the price is reduced as the guy just wants a quick sale, which I’m hoping works in our favour! Other properties in the area vary in range, and for the style of home it is, 160k is a good price, more recent homes in the area have gone for between 179-189k, although these are homes of a higher spec and with additions such as conservatories, loft conversions, well designed gardens etc.

Ames1983

Sorry, typo : other homes are on for or have recently sold for 170-189k

Need_a_name

Ames1983 wrote: »

Thanks for your advice. It’s currently empty, I think the price is reduced as the guy just wants a quick sale, which I’m hoping works in our favour! Other properties in the area vary in range, and for the style of home it is, 160k is a good price, more recent homes in the area have gone for between 179-189k, although these are homes of a higher spec and with additions such as conservatories, loft conversions, well designed gardens etc.

Could you provide a link to the property? This would allow for more useful advice