FTB How to give offer for the selected property?

mazibee

Dear All,


We are the FTB and have viewed few properties in the last couple of days, liked few on them.

Can please someone suggest how to put an offer and what should be covered in the offer?

It should be over the phone, in email or in writing and what should be incuded in the offer letter?



One property advertised for £320K looked reasonable, but need bath and kitchen redoing any idea what price should we offer?


I will be extremely thankful for any sugestions.


Thanks in advance.

aries_163

Without knowing the location, property type, sold prices in that area etc, no one on here will be able to advise what you should offer unfortunately.
You say the property you like needs kitchen and bathroom doing, but has the property been priced to reflect this already or not? Look at recent sold prices for similar size properties in the area. Rightmove sold prices often have links to the listings so you can see the interior photos. How does your property compare to those sold prices and property condition at first glance?

mazibee

Thanks for replying


Here is the link of the property


https://www.zoopla.co.uk/for-sale/details/50754057


Also please can someone help me , how to check when the house was built and front wall is the single skin brick.


I was reading the forum and found many cases where the valuation survey failed.


Suggestions / help will be appreciated.

Thrugelmir

Ask the EA in the first instance regarding the property. A good EA will have an idea as to the construction of the properties in the area and likewise if there are particular issues.

Make your offer through the EA. No need to be overly specific. Though make reference to matters which you consider need to be addressed. If the bathroom is perfectly servicable, for example, and can be improved without a major overhaul. Don't expect the vendor to agree to fund the bathroom you'd like to install.

mazibee

Hi All,


Today I rang the EA to arrange the second viewing for the house advertised for £320k and was shocked as the EA told me hat someone else has put the offer and they are not arranging any further viewings.



I checked online and the house is still on the EA website, Zoopla and Right move.


EA told me that I can put an offer but was reluctant to tell me the other party offer price



I plan to email EA my offer but want experts suggestion on how can I time bound my offer as I have other viewings booked for tomorrow and Sunday.


Is there any validity of the offer submitted for eg 48 hours, 72 hours 1 or 2 working days during which EA need to reply back.


Here is draft I have made.

Re: Property Address

SUBJECT TO CONTRACT
We are First Time buyers in an excellent position to proceed quickly and can confirm that we have Mortgage agreed in principle. We can instruct our solicitors as soon our offer is accepted.
We would like to make an offer of £ xxx,xxx to buy xxxxxx Property as it requires a lot for modernisation (floors, heating system, bathroom etc)
Our offer is subject to surveyt and on the condition that I have an answer by (xxxxxxxx what should I write here) as there are other properties we are also interested in.


Further this property should be withdrawn from market on acceptance of my offer.



Hope to get reply at your earliest.


Kind regards


xxxxxx

Any suggetions will appreciated.


Thanks in advance


Mazi

letitbe90

I would call to make offers, not email. Adding so many restrictions at offer stage can make you appear as a higher risk purchaser. No need to state the obvious such as subject to survey and until you get to the negotiating stage with your offer, no need to justify your offer with “modernisation” etc - truthfully they already know what needs to be done to the house.

AnotherJoe

If the house has had an offer good enough they are not taking further viewings, I think you are on a loser if you propose to make a low offer with a host of restrictions.
The current offer must be very close to asking price or they wouldn't have stopped new viewings, so you would appear to have just been too late and most likely far too low if you are looking at taking offf what, £10-£20k for new bathroom and kitchen?
I doubt the vendors would have stopped new viewings for a £300k offer for example.
I suggest you make your best offer with no conditions and no comments on "needing" various replacements since either that's your personal taste, or if they are really ina state it's truly needed, then surely the property is already priced to allow for that?

P.s just looked at the photos, as far as I can see the house certainly doesn't need new bathroom/kitchen, it would be your preference to replace these, why would vendor pay for your personal choice?

Mrs36

It may not mean anything that the house is still on their website, rightmove, zoopla etc. Sometimes it can take a, while for them to check all the details of the offer before they mark it sold.

As AnotherJoe says I would be very careful with your wording regarding the work that you feel 'needs' doing. While they may not be to your taste if they are clean and functional then it is less of a need to change them and more of a want. If I were a seller with an offer already on the table if you started talking about what needed changing I'd lose interest in your offer very quickly.

mazibee

@letitbe
@AnotherJoe
@Mrs36


Thanks for the replies.


Unfortunately I emailed last night and habe no idea whether EA will respond or not.

RE: xxxxxxx Property address

SUBJECT TO CONTRACT

We are First Time Buyers in an excellent position to proceed quickly and can confirm that we have Mortgage agreed in principle. We can instruct our solicitors as soon our offer is accepted.

We would like to make an offer of £xxxxx to buy xxxxxxxx. We feel this offer reflects the value of the property in its current condition. In arriving at this offer we have taken into account the updating work that is needed.

Our offer is subject to survey and on the condition that I have an answer to this offer by April 09, 2019 as there are other properties we are also interested in.

Further that the property should be withdrawn from sale on acceptance of our offer.

We are happy to be flexible with regards to the vendors required completion date.

Full details for my mortgage broker and solicitor can be provided at your request.

We anticipate your earliest reply.

Yours sincerely

Just a question whether EA reply back and say that the offer has been rejected or to increase the offer.




Thanks in advance.

Mrs36

I think your email is a, little too demanding, personally, based purely on the fact that they have already had an offer and are taking no further viewings.

In this scenario if you have a hope of the vendor even considering your offer you need to get them to warm to you (yes, I appreciate that buying and selling houses is nothing more than a transaction but kind words and politeness goes a very long way, especially when you are competing with a buyer who has made an offer that the vendor has been happy to accept to the point of denying other viewings).

Additionally I would always make your offer by phone, you can always follow it up with an email. So much is lost in the written word and if I as a vendor read that email I would be really put off by all your conditions.

mazibee

@Mrs36,
Thanks again for your reply as tt was our first ever offer so I tried to do best as I can but look like it was not the best (lesson learnt) and will be bit more cautious in future with the wording as we few more viewings today.