We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Things that could/should be mentioned in offer letter
Options

epm-84
Posts: 2,746 Forumite


One property I'm looking at has an asking price of around £15k more than an almost identical property recently sold for, just around the corner. There's obviously reasons why estate agents and buyers might do that.
If I was to consider making an offer I would follow the usual advice of including my selling points e.g. no property to sell before I move.
Say I was to make an offer of around £13k below the asking price, I was wondering that people think about saying something along the lines of - I believe this is a competitive price for a 2 bed house with x, y and z, based on properties a and b recently selling for slightly less than that.
If I was to consider making an offer I would follow the usual advice of including my selling points e.g. no property to sell before I move.
Say I was to make an offer of around £13k below the asking price, I was wondering that people think about saying something along the lines of - I believe this is a competitive price for a 2 bed house with x, y and z, based on properties a and b recently selling for slightly less than that.
0
Comments
-
Personally I would go in a bit higher and stress that you really want the house.
0 bonus saver
35 NS&I
290 credit union
Credit card 1 2218
Credit card 2 499
Overdraft 2100 -
How comparable is the house around the corner?0
-
epm-84 said:One property I'm looking at has an asking price of around £15k more than an almost identical property recently sold for, just around the corner. There's obviously reasons why estate agents and buyers might do that.
If I was to consider making an offer I would follow the usual advice of including my selling points e.g. no property to sell before I move.
Say I was to make an offer of around £13k below the asking price, I was wondering that people think about saying something along the lines of - I believe this is a competitive price for a 2 bed house with x, y and z, based on properties a and b recently selling for slightly less than that.
I am massive fan of set your own value and negotiate based upon that rather than simply matching what they hope to achieve but if the reasons are obvious why are you contesting?
If it is affordability then why should the vendor reduce their price to sell to you?0 -
Herzlos said:How comparable is the house around the corner?
There's only been one 2 bed house that's sold in that area for close to the asking price, and based on Right Move pictures that one had a brand new kitchen and bathroom.
The house I'm looking at only sold two years ago and it sounds like the current owner is planning to move in with her partner, so the asking price is an optimistic level based on her getting back what she paid, plus covering her moving costs.
2 -
BikingBud said:epm-84 said:One property I'm looking at has an asking price of around £15k more than an almost identical property recently sold for, just around the corner. There's obviously reasons why estate agents and buyers might do that.
If I was to consider making an offer I would follow the usual advice of including my selling points e.g. no property to sell before I move.
Say I was to make an offer of around £13k below the asking price, I was wondering that people think about saying something along the lines of - I believe this is a competitive price for a 2 bed house with x, y and z, based on properties a and b recently selling for slightly less than that.
I would say there's a potential selling point in high deposit value in relation to the proposed sale price increases options for mortgages. I have heard about a few nearby being advertised as SSTC and then going back on the market because the potential buyer's decision in principle didn't turn into a suitable mortgage offer.0 -
It sounds to me as if you can make a reaslistic (not derisory) offer based on the comparables, and your language sounds simple and straightforward. I wouldn't include the word 'slightly' in front of 'less than that'. I'm assuming that £15k is less than 10% less than asking.
The EA and seller shouldn't be offended by your offer. Note: 'shouldn't'. Doesn't guarantee they won't be, or won't pretend to be.
One thing to possibly consider is to mention the end of the stamp duty holiday. Sales are recovering, but are still down after its end. But, only if the house is expensive enough that stamp duty will be paid.
1 -
Deposit isn't an issue the seller cares about since presumably you've got a mortgage Agreement In Principle (AIP) already lined up so you're clear to proceed?
I'd keep the offer simple. "I offer £ _____ for the property at ______. I have a mortgage AIP in place and are ready to proceed / not part of a chain / etc".
Are you doing it yourself or are you getting the solicitor to submit the offer?0 -
I did not think it was normal to actually send an initial offer in letter form?
Of course nothing to stop you, but usually initial offers are made verbally to the EA, then you can gauge the reaction better, and maybe extract a bit of useful info from them about the vendors position.
Are you doing it yourself or are you getting the solicitor to submit the offer?
I thought in England at least, solicitors prefer to keep out of the price negotiation process?1 -
epm-84 said:RHemmings said:I'm assuming that £15k is less than 10% less than asking.
Stamp duty would be payable if I wasn't a first time buyer i.e. between £125,000 to £300,000
I've not been clear in my post. I meant that offering £15 less than asking is an offer greater than (or equal to) 90% of the asking price.
So, £15k is 10% or less off asking. People often give a rough rule of thumb that a 10% less offer is a reasonable starting point. That depends on other factors of course. E.g. how it's priced compared to 'the market'. But, you've looked into comparables already.
0
Confirm your email address to Create Threads and Reply

Categories
- All Categories
- 350.9K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 243.9K Work, Benefits & Business
- 598.8K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards