What offer?

Grandmawild27

Hi all,
I’m a first time buyer and thinking of buying the below linked property:
https://www.rightmove.co.uk/properties/85556399#/

I’m thinking an initial offer of 220k, does this seem reasonable on a 90% mortgage?

Thanks for any help!

moneysavinghero

Your deposit percentage has no real relation to what you should offer - other than you will need 22k for the deposit (plus some more for moving costs).

Rightmove says that it was added to RM in October 2019, so well over a year ago. I would imagine they would snap your hands off at 10k below listed if they are genuine about wanting to sell it. Make sure to do your homework to check if there is a reason why it is taking so long to sell.

Have you actually viewed it yet?

Grandmawild27

Thanks for your reply, I viewed the property over the weekend and it is in good condition and ready to move into.  The owners do not live in the property and had been renting it out, but it is currently unoccupied.  The estate agent told me it had had a sale agreed which fell through for reasons unrelated to the property and was then taken off the market for a small refurb and then re-listed.

searchlight123

if it were me i would start the negotiation at £200k. it's much easier to up your offer than it is to decrease it later on. it's been on the market (on and off) for a while so depending on the vendor's circumstances they may be very tempted by your offer if you have nothing to sell or are chain free?

numbercruncher8

Don't know the area, but this house is more than these, which are under offer (which in turn maybe less than asking)
https://www.rightmove.co.uk/properties/72542985#/
https://www.rightmove.co.uk/properties/74760093#/

Unless there are some real good reasons I don't think a terraced 3-bed townhouse should be worth more than a 3-bed semi-detached. Despite having one less story I think these two houses are equal or larger in useable space and also have far better back gardens in my opinion.

MFWannabe

It’s been on the market since October 19 and it’s leasehold 
wouldn’t touch it! Would keep looking 

Crashy_Time

Yep, totally overpriced for what it is.

Getting_greyer

I agree with Crashy.  My first impression is one of depression.  Maybe the area has got loads going for it being near Manchester?