Would you reduce offer in this current climate

Daniellewilson1987

I have posted on another site.

I am a nervous buyer and question myself often.

My limit is £70,000. There is a beautiful house for £75,000 with lots of work needed but not inhabitable whilst the work is being done. House was listed as a 2 bed last week, now listed as 1 bed (possibly due to issues with the loft room)

A House on the same row of terraces and in a similar state but listed as 2 bed was listed at offers in excess of £60,000 in april this year and currently STC, another one in the row reduced in November for £65,000 now also STC.

Question is, in this current market would you put in a lower offer? Was thinking £68,000. Not much is put up for sale in that area, generally older people, most property sold was at least 15+ years ago.

Because I have such a small budget I'm worried about waiting too long and eventually being priced out. I also worry about not being taken seriously by the EA if the offer is too low and 10% seems cheeky to me considering how low it already is?

Mac_70_

I would start at sixty-five, you can always go up. The others where two bed, and you say this is a one bed.

Greymug

What do you mean with "in this current market"?

House prices have been rising like never before this year so, if anything, you'd have to up your offer based on the current market.

Daniellewilson1987

Yes thats what I mean, is it even worth risking lowering an offer in this current market

steve866

Start at 65 and it gives you some wiggle room for them to counter offer.

74jax

If do 65 with the hope of meeting half way. 

Are you a ftb / cash buyer - anything to help push it through as a good deal? 

Daniellewilson1987

Not first time buyer, not cash buyer either, have a mip for double the amount (but realistically with my second mortgage 70,000 is the max we could afford monthly), deposit all ready and waiting.

Daniellewilson1987

I was also wondering is it better to email with the offer and reasons why or through phone, I feel my anxiety may make me babble over the phone but over email I can clearly explain my reasons for the lower offer and where I stand

Racky_Roo

Is the house definitely mortgageable? If it's in that bad a state it might not be and so you'd need to be a cash buyer anyway

Reginald74

Offers can be revised. I think you're overthinking it, to be honest. You can't really second-guess the buyer's thought process and circumstances/thresholds easily.

If you are worried about getting it wrong verbally then email something simple:

"After some consideration I would like to make an offer of £65k. Would you be good enough to confirm receipt of this offer by return email."

Daniellewilson1987

Thanks. 
I believe it is mortgageable, bathroom is in place as well as kitchen, mostly cosmetic and some clear damp, also the issue with there being a loft that is being used as a bedroom but it not being classed as a bedroom, it was before a 2 bed with bathroom downstairs, they put the bathroom in one bedroom and used the loft as a bedroom so now classed as a 1 bed. Old sturdy house but my partner works for various landlords fixing up properties so not much is too scary when it comes to work needed.