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opinions on level of offer
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homefromhome69
Posts: 19 Forumite

House has been on the market for c2 years, was reduced to offers in excess of £299,900 about 18 months ago. Would you think £270,000 is a bit low - its over 90% of the asking price or should I go in a bit higher? £280,000 is as much as I'd like to spend, could push it to 285 if I had to. I'm in a good position, in rented, got my finances sorted. I don't want to be insulting, but given it's been on the market for a while I thought I'd go and look, and well it's a really nice house.
I know no one knows, but just asking for opinions; I've never bought before so it's a bit daunting.
thank you
I know no one knows, but just asking for opinions; I've never bought before so it's a bit daunting.
thank you
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Comments
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If it's been on the market so long, then there's either something wrong with it or the seller is refusing to budge on price.0
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There's certainly nothing obvious wrong, but of course you never know; oh well, if they are set on £300,000, it won't be off me!0
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If you offered £265,000 what is the worse that can happen?I am a Mortgage Broker
You should note that this site doesn't check my status as a Mortgage Broker, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.2 -
amnblog said:If you offered £265,000 what is the worse that can happen?
Yeah when you put it like that...
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homefromhome69 said:amnblog said:If you offered £265,000 what is the worse that can happen?
Yeah when you put it like that...My suggestion would be to speak to your solicitor / estate agent / their solicitor to see if you can get an indication of what they would be willing to accept.The other option is to see if you can arrange to speak directly to the seller and get a deal agreed - but estate agents usually don't like that...1 -
fergie_ said:The risk is you rub the seller up the wrong way and they refuse to sell to you, even if you offer £500k...
My suggestion would be to speak to your solicitor / estate agent / their solicitor to see if you can get an indication of what they would be willing to accept. The other option is to see if you can arrange to speak directly to the seller and get a deal agreed - but estate agents usually don't like that...0 -
I'd put whatever I think the property is worth. I wouldn't try to be unfair to anyone. One day I'd sell my property, I don't need karma coming after me 🤔If you think it's genuinely woth 270k then go ahead. But it sounds like you think it's an unfair value hence the 280k. Whatever it is, I'm sure they'll negotiate even if they end up refusing counteroffers from you.Note:I'm FTB, not an expert, all my comments are from personal experience and not a professional advice.Mortgage debt start date = 25/10/2024 = 175k (5.44% interest rate, 20 year term)
Q4/2024 = 139.3k (5.19% interest rate)
Q1/2025 = 125.3k (interest rate dropped from 5.19% - 4.69%)
Q2/2025 = 109.2K (interest rate 4.44%)0 -
Also consider the recent comps in the area as even if you can agree a price with the vendor you still have to get a mortgage valuer to agree, unless you are a cash buyer?
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The house we purchased was on the market for 18 months and when we viewed it and liked it we put an offer in 20k lower than their already reduced price and it was accepted straight away. We had nothing to sell and were in rented too and they obviously liked the position we were in as buyers and it helped them make their minds up pretty quickly.
HTH
Edwink*3.36 kWp solar panel system,10 x Ultima & 4 x Panasonic solar panels, Solaredge Inverter *Biomass boiler stove for cooking, hot water & heating *2000ltr Rainwater harvesting system for loo flushing *Hybrid Toyota Auris car *RIP Pingu, Hoppy, Ginger & Biscuit *Hens & Ducks* chat thread. http://forums.moneysavingexpert.com/showthread.php?t=52822091 -
Do you know anything much about the seller's position?
If it's a property they are living in and they are looking to buy somewhere else they might have negotiating room there which allows them to take a cheaper offer.
However, if it's inheritance or they are currently renting it out they might be less likely to consider an offer.
Ultimately it's all a bit of luck, but the flat I bought was originally listed at 295, I went in at 265, got knocked back offered an increase to 270 which they felt was insulting, 4 months later they reduced the asking price to 275 and I went in at full asking.1
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