Putting in a low offer

Gavin83

lookstraightahead said:

Slithery said:

[Deleted User] said:

It probably won't work in this market but I'd like to pitch it as best I can. FTB with no chain, mortgage approved in principle

Being a FTB is a disadvantage, not an advantage. I'd just say that you are 'chain-free' instead.

It depends how you look at it. Someone had to be bottom of the chain. 

I don't see FTB as anything different from chain free. 

Some people don't like FTB, some do. Some people don't like cash buyers, some do. Some people don't like those in a chain selling a house of their own, some do. Ultimately like most things in life people have different preferences. To say outright that being a FTB is a disadvantage is a sweeping generalisation though and I expect most vendors would still consider it an advantage. Most vendors don't read MSE after all!

LAD917

If the property has been on the market for a week, you probably don't stand a chance, though no harm in calling the agent to double-check.  You could always leave your details in the event the property goes through a price reduction.  In (rare) cases, I've been the vendor who has mispriced / overvalued a property, and it usually takes me four weeks before I'm willing to budge.

I generally won't offer unless I think the offer has some chance of success.  The EAs love to shop offers, tell buyers "the owner has received offers," etc. (of course never disclosing that it's a lowball).  Where my final price is more than 5% or 50k (whichever is smaller) off the ask price, I usually don't offer unless the agent gives me some indication that the vendor is open to it.  Instead, I leave my details and say to get in touch if the vendors become open to offers in the "neighbourhood" of something slightly lower than I'm willing to pay.  A few times, they have called back weeks or even months later.

I've honestly never heard of anyone getting a property for 10+% off ask price in the first week of marketing, except maybe in estate sales where the heirs are desperate to dump property at any price.

caprikid1

Personally as has been said, I can see no point in low offering at the distance you are in this market.

I will go a step further that you could put yourself in less than positive light with the agent also. In this market offering on a property at your limit 20K off asking is almost never going to be accepted.

Moving and renting is a great option if you are to get to understand the local market correctly and get the right property at a fair price.

If you want to be taken as a serious buyer you need to act like one, offering 20K under on a property that you have not seen looks like someone throwing offers around and seeing what sticks.

It could even end up worse that you could be viewed as a timewaster by the estate agent and get ignored on future properties.

MysteryMe

I would spend a long weekend up in the area to get a feel for it and go into estate agents personally.  Trying to buy a property and all that it entails from a long distance away seems madness.  To echo others, I don't think an offer without viewing would be entertained. If you did view, I don't think you have anything to lose by offering £280k, it's not so low to be considered a pee take.

Crashy_Time

With the SDH over you will find more and more sellers not getting the offers they want, so good luck!

Ashworks

We're buying in a sought after area and got ours for 5% under asking as the sellers needed a quick sale and we were about to be chain free. So its worth a go, but I agree with others that I wouldnt have even considered an offer from someone who hadn't viewed. How do they know you wont change your mind? And then in the meantime they may have missed out on offers from committed buyers.

Crashy_Time

MysteryMe said:

I would spend a long weekend up in the area to get a feel for it and go into estate agents personally.  Trying to buy a property and all that it entails from a long distance away seems madness.  To echo others, I don't think an offer without viewing would be entertained. If you did view, I don't think you have anything to lose by offering £280k, it's not so low to be considered a pee take.

Depends how desperate they are I suppose?

jimbog

[Deleted User] said:

It's been on the market about a week. These days they don't hang around.

It's hard to go see things but anything we can afford is at least 3 hours drive away. I'll make it clear that if the vendor accepts and wants to move quickly we will view just to make sure we are happy.

Any updates OP?

Crashy_Time

Greymug said:

[Deleted User] said:

Other thing is we haven't seen it and it's an 8 hour round trip so don't really want to go unless that are considering us.

Apart from the house, have you even seen the area given it's 4 hours away?

Buying a house you have never seen in an area you've never been to is a recipe for disaster.

Yep...very risky IMO.

SavingPennies_2

Your have a decent budget that is 30K above the current average house price and you're a first time buyer (so typically not buying an "average" priced house). you don't mention which area of the country your in but I find it really hard to believe there is "nothing" within a 3 hour drive. Are you sure you don't need to modify (lower) your expectations? You don't say what your property criteria is but for example consider one less bedroom, yard instead of garden, slightly less desirable area, etc etc,. There must be something for 280K if you are willing to compromise, which for most FTB, and indeed most buyers, is necessary if they want to buy a home. I get the market is hard and frustrating, I live on my own in an expensive area and cant afford the house "I want" so adjusted my criteria and expectations accordingly. Moving abroad or 4 hours away seems like a knee jerk reaction. I'd take a step back, change the settings on the rightmove search, and see what is actually available within your budget, you might not find the perfect house but I'm sure there will be something you like, and it doesn't have to be forever.

Also, regarding the offer you mentioned, I wouldn't entertain an offer from a FTB who lives 4 hours away and has never viewed the house. I also think it you pulled out from the previous sale for some cracks and damp (neither of which may have been be a big deal) then its quite possible you'll waste your own time with this place if it turns out to have similar issues.