What would a fair offer be???

mrdogcat

Hi I'm a first-time buyer with no chains. I've recently viewed a house which at the minute looks like it's the one I'll most likely put an offer in for.

===A bit about the property

It's a 2 bed semi around 15 years old and is on an estate with a few other similar houses for sale between 140K - 147k

It's been on the market since September and just recently (end of December) dropped it's price from 149K to 145K.

======

My maximum budget is about 143k which to me doesn't sound bad as an offer in itself but as I said that's my max and would make it harder for me to fill the house with furniture etc. when I move in.

As I said earlier, I'm a first-time buyer so I'm a little wet behind the ears with all this property buying malarkey and when it comes to knowing how much less I can offer for a house, so I was wondering what kind of offer you guys would suggest?

Thanks for your help.

selectcase

Offer in the reigon of 7 - 8% less so bacically 135k. Thats an absolutley fair offer that should offend on-one. My house was on the market for 8 weeks odd and i took an offer of 7% below asking as it was a ftb. you could go for more but i doubt you would get more discount at present.

You are in a good position as you have no chain

dolce_vita

First of all, don't worry about offending anyone.

Start of at 130k and take it from there.

mrdogcat

WOW 130K?! Can you really go that low?!

I'm not at all worried about offending anyone - this is business after all - I'm more concerned with giving my financial status away and/or my eagerness to buy and move into a property as soon as I can. Kind of like a pokerface.

If I went as low as 130K could they either simply outright refuse and not make a follow up offer or take a long time think about it, in which case someone could come along and buy it from under my nose. What do you think?

Biggie

All comes down to how badly you want the house or if there's alternatives.

dolce_vita

mrdogcat wrote: »

WOW 130K?! Can you really go that low?!

I'm not at all worried about offending anyone - this is business after all - I'm more concerned with giving my financial status away and/or my eagerness to buy and move into a property as soon as I can. Kind of like a pokerface.

If I went as low as 130K could they either simply outright refuse and not make a follow up offer or take a long time think about it, in which case someone could come along and buy it from under my nose. What do you think?

As Biggie says, it depends how much you want the house and what else is available.

The fact that you are an FTB is in your favour.
But at this stage of the cycle, your greatest weapon is PATIENCE.

Do not worry about "missing the boat" - another one will be along.

See my stock reply #2 and good luck

pink_muppet

and at the end of the day, an offer on a house is not a reflection on your financial status, just what you are willing to pay for the house and what you feel it is worth to you