Opening Offer

Fionaanne141

So, i’ve had my mortgage in principle agreed and i’m ready to make an offer on the below property i’ve mentioned a couple times. Will ring them this morning!

What’s a good / realistic opening offer but equally fair given the property will suffer from building noise from a development behind it soon. I know the owners so don’t want to make too cheeky an offer but equally I need to save every penny I can.

Any opening offer suggestions?

Ivel Road, Shefford, SG17

https://www.rightmove.co.uk/property-for-sale/property-83465089.html

HummingBird76

Have you instructed a solicitor yet?  They might be able to advise.  I'm in Scotland where its a whole different ball game when it comes to offering so really can't offer any advice.  Its a beaut house though!

getmore4less

If you know them ask them what they really want.

I did not do any comparison but there are more negatives than just being next to a building site. 

Access shared narrow drive, east facing garden.

The key is guessing what others will be willing to pay given the housing association development. 

RelievedSheff

It is really difficult to put a price on that property given that there is nothing else in the street that is an equivalent property and it last appeared on the land registry in 2005.

I personally wouldn't buy it. You could end up stuck with an expensive mistake there what with the new social housing estate being built next door.

The east facing garden wouldn't put us off. We have an east facing garden at the moment and it is currently bathed in sunshine. What would put us off though is the loss of the hedge which currently screens the property from the adjacent land. The shared driveway would also put us off, these cause nothing but arguments over the years.

If you were determined to buy it, then the opening offer IMO wants to be well short of the £700k asking price. If you know the current owners why don't you approach them and see what they are looking to achieve from the sale?

Fionaanne141

Thanks all! Really good points! Going back one last time and to speak to vendor direct 

adrian84

One estate agent which proved very smart once suggested we should start offering around 9 10% under the asking price and come to a more realistic achievable 5 6% discount on the final offer. Also he told me  that he is obliged to tell the seller the offer and if 2 are declined  from you then the seller should provide his final price that wants to achieve. Also he mentioned that offering more than 10% under can annoy the seller and put him off selling to you.
I used his advice and generally offered on houses that were at least couple of months on the market and was successful with this. If it is just new on the market then the seller would wait more to see if anyone offers more. Also it is worth finding out the situation of the seller, if he is in chain and if he already found something or maybe he wants to get rid of an investment very fast or he is just testing the water and didn.t found yet another house that he really wants it and cannot afford to wait more because if maybe loosing that house.

Working out the value might help if you check similar houses in the area and just divide selling price on square meters and see how much is the sqm and multiply with the sqm on this property. You can see the sqm on the floor plans. I noticed for example in my town the price works out at 4000gbp/ on sqm.

getmore4less

10% off asking as a guide is poor advice because it depends on how well price a place is to start with..

If overpriced 15%  you have to start at 25%

NameUnavailable

If any seller gets so annoyed about a low offer that they won't then sell to you they're not worth trying to buy from! They'll be trouble and probably the sort that will suddenly decide not to move just as you're about to exchange!