Offer Advice

CarrieVS

I'm keen to put in an offer on a house ASAP lest I lose out to another buyer, but struggling to decide what to offer.

I'm buying in Newcastle upon Tyne - I'd rather not be more specific.

They're asking £135k, which is about par for the type of property and location, based on Zoopla/Rightmove (par in terms of asking prices, i.e. a little higher than most sellers expect to get.) I could afford the asking price, but I don't think this property is quite worth it - and I doubt the seller really does either. I'm just not certain how much lower I should start at.

Property was bought in 2018 for under £110k, but has been completely redecorated since, new kitchen, carpets, bathroom, etc. Interior is immaculate, and I plan to ask for the (nearly-new) appliances to be included. Exterior has not been shown quite as much love: the roof will at least need some loose slates repairing soon, and - accounting for the age of the property and the fact that at least half the neighbours have clearly had new roofs - will probably want a complete retile in the not too distant future.

The market in Newcastle isn't exactly brisk. This one's been on Rightmove since October, and several others in the same and surrounding streets have been put up for sale between then and now (admittedly, between then and now has been mostly the Christmas lull.)

I'm a first time buyer, flexible on completion date, and in an excellent financial position (no DIP although I may have one in the next 24 hours, but 45% deposit.) The property is currently vacant (I believe it was a BTL that the seller's decided to get rid of after what must have been quite a brief tenancy - I'm not 100% sure it actually was let) so I expect them to be keen on a quick sale, but probably hoping to recoup renovation costs.

Any advice? I've heard 5-10% less than asking is a good start, but where would you aim in that bracket between the interior needing zero work other than to put furniture in, vs the roof needing work, strong buying position, etc?

Also, is asking to take the property off the market standard or is it asking a lot? I've read conflicting advice here.

I've just this minute heard from the agent that another offer's been made (but not accepted and buyer is not proceed-able.) I told them I would probably make an offer but still deciding and I'd get back to them this afternoon.


(I don't want to link to the advert or give specific location details, because I'd prefer not to advertise my potential future address quite so publicly.)

Lespaul1960

I would probably offer £120k and be prepared to go up a little. If I really wanted the property, depending weather there is anything else that interests you or not. The question really, is would you be kicking yourself if you missed out, or would you just say, oh well plenty more pebbles on the beach.

CarrieVS

I just offered 124. The agent initially tried to push me for "best and final" - so clearly the other offer is higher - but after I explained my buying position (DIP came through just in time!) they said they'd put my initial offer to the vendor. Waiting anxiously now...

Lespaul1960

Good Luck, these things have a way of working out, possibly leave the offer on the table, if they say no. I wouldn't be in too much of a rush to increase it just now. Crucial vote tomorrow in parliament.!!

CarrieVS

Well with another higher offer on the table, when they came back with a no I upped it a few k. Response was much more promising, but there's another co-owner of the house apparently and the seller is supposedly consulting them. I am expecting to hear tomorrow.
Thank you for the advice.

diggingdude

Good luck with it. I hope you get it for a good price

CarrieVS

Well, my best and final offer was the lowest the sellers would go, but I have it! Now that my offer's been accepted I can admit that I'd set my heart on this one.

Subject to all the usual things of course, and a very long way from completion, but in theory it should be a straightforward sale as there's no chain in either direction and I shouldn't have any difficulty with the finances. Only possible issues are gazumping or something untoward on the survey.

Thank you guys for the help and well-wishes.

zacepi

CarrieVS wrote: »

Well, my best and final offer was the lowest the sellers would go, but I have it! Now that my offer's been accepted I can admit that I'd set my heart on this one.

Thank you guys for the help and well-wishes.

Have you discussed the appliances yet - were they included in your offer? I guess a few new appliances would be worth £2k or so

CarrieVS

zacepi wrote: »

Have you discussed the appliances yet - were they included in your offer? I guess a few new appliances would be worth £2k or so

They are included. I mean, I'd hoped to get them in the lower offer, but frankly it wasn't about the price so much as a couple less bulky and complicated items to buy and install before the place is liveable, being as the only stick of furniture I currently own is a single bookcase.

CarrieVS

So, I made it a condition of my offer that the property be taken off the market, and as soon as I'd shown some evidence of my finances the agent marked their advert as sold subject to contract.

However, I had known about a second advert for it with another estate agent, and as of this evening that one is still active. How long did I ought to give it before mentioning this to the agent I'm buying through? Or would it be inappropriate to mention it at all? Do I just have to put up with it?

I don't feel like I can object until I've got my solicitors sorted (no need to tell me I ought to have found one before making an offer but I didn't) as they're badgering me for that, but obviously all the time it's still on the market I'm more afraid of being gazumped.

Tridentmorph

Get the agent your purchasing through to call the seller to get the other agents marketing to stop asap. To be honest the agent you are dealing with will want this to happen straight away too to make sure there rival doesn't nick the sale (and more importantly their fee) from them now they have you tied up on the property.