Offer on a house etiquette

Terrace

I have viewed few houses and I liked one. I am very FTB so do not have idea how do I go about making an offer. 

It is lovely house. But I think it is overpriced. It has been on the market only couple of days though. 

Guide price of 350k

I have noticed few small things which would cost money to rectify but would only be about 5k

I would not even think about it and would have snapped it if it would be on for 300k. I am thinking on offering 320-325k and wouldn’t go above 335k.

Do I just ring EA and offer 325k and see where it takes me? Do I have to say why I am offering this amount? Do I point things I think will cost me money? Do I say nice things about the house too? 

I have never offered on a house before and I don’t want to come across rude or not serious buyer. 

Thank you for your help.

AdrianC

Whatever you say, however you dress it, the only thing the vendor will really care about is "£325k".

It's only been on the market for a couple of days, so it's an ambitious offer. If you're happy to leave it on the table, then maybe they'll come back to you in a month or three when they realise that's the best that's coming... or maybe somebody else will pay £350k.

Countrysider

In this market i don't think they'll accept £30,000 - £25,000 off the asking price only a few days after listing. Even your top budget of £15,000 off is unlikely to be accepted so soon after listing in these boom times.

That's not to say they won't accept an offer this low ever though. Others may say to offer what you can but i would personally wait the seller out. If they can't sell within x months then they're likely to be more openminded to low offers. It's a gamble though as you could lose the house, but it's a theoretical gamble as you can't / won't pay the full asking price anyway. 

Irishpearce26

What are the things that you feel need to be rectified?

Redwino222

Don’t worry about being rude or how it is taken.  It’s a business transaction.  Just offer what you think it’s worth.  They may well say no.  That’s okay.  

I didn’t get any offers under asking price, it’s a fast moving market where I am and houses are going for well over asking price.

But you r market may be different, and this house maybe priced a bit high - I have no idea!!  Try your luck, see what they say.

Terrace

Irishpearce26 said:

What are the things that you feel need to be rectified?

Two bedrooms upstairs have had radiators removed. As apparently owners use open fire in the lounge and these two bedrooms are warm from it anyway.  I would not use open fire anyway. Hate the smell of it...

Squeaky floor in one are in the dinning room.
Bathroom floor is not tiled it has got cover looking like fake tiles. Almost caught me


I probably sound picky
But I am buying house not a dress.





 

lesalanos

Strange to be for sale with a guide price if not an auction property isn't it 

Terrace

Thank you!
I am not going to pay 350k for it.
I can leave my offer on the table and keep looking. 
I haven’t got a chain behind me and not in a massive rush either. 

purplebutterfly

lesalanos said:

Strange to be for sale with a guide price if not an auction property isn't it 

There is at least one online estate agent that uses guide prices. 
My sister bought through them last year, her house had a guide price of £110k - £115k and she got it for £102k.   When we saw a house for sale with the same agent, we went to see it, fell in love and have agreed a sale price of £3K less than the minimum on the guide price. 

Both houses were up for 6 months previously with different estate agents and didn't sell because they were originally listed MUCH higher (the house we are buying was listed £25K more than we are paying). 

So it definitely doesn't have to be an auction property to have a guide price. 

Terrace

This what I do not know.

As there are houses advertised for offers over - I would not dream of offering less then minimum price.
there are also houses offers in a region of - then I think owner wants to achieve asking price or close to it.
Hence I thought if house is advertised as guide price - price must be for negotiation or ambitious

as I haven’t got an experience - I might be getting it wrong.

sst1234

In this market, it’s almost impossible that any vendor would even consider your low offer so soon after listing your property. Unless it’s a very niche house in a not very desirable location, they may reduce the price later. Without knowing anything about the house, all anyone can say based on your low offer is that you won’t be taken seriously. Perhaps if you share a link?