Low offer catch 22

mrstinchcombe

I am a FTB considering buying a 2 bed flat thats on for £100,000.

I want to put an offer in and due to the strong situation I'm in and the current state of the market I'm thinking I should offer £85kish. Does this sound about right?

If I do offer this low and it gets accepted it will set me quite far back if I pay for solicitor fees, survey etc then get gazumpped so the moneys wasted.

So do I just offer asking price or gamble?

home_alone

mrstinchcombe wrote: »

I am a FTB considering buying a 2 bed flat thats on for £100,000.

I want to put an offer in and due to the strong situation I'm in and the current state of the market I'm thinking I should offer £85kish. Does this sound about right?

If I do offer this low and it gets accepted it will set me quite far back if I pay for solicitor fees, survey etc then get gazumpped so the moneys wasted.

So do I just offer asking price or gamble?

Make the offer, you can always raise it, more difficult to lower it. Speak to the EA he may be able to advise if the asking price is anywhere near realistic.

gary

eldowardo

you could get gazumped at most prices - its the risk you take buying a property. you put an offer in what YOU think the property is worth... after all ur going to be paying the mortgage in years to come

dolce_vita

Are there any similar flats for sale in the area?

If there are and you are patient, you should be able to pick one up for about 75k in the not-too-distant future.

see my stock reply #2

slipp_digby

mrstinchcombe wrote: »

I am a FTB considering buying a 2 bed flat thats on for £100,000.

I want to put an offer in and due to the strong situation I'm in and the current state of the market I'm thinking I should offer £85kish. Does this sound about right?

If I do offer this low and it gets accepted it will set me quite far back if I pay for solicitor fees, survey etc then get gazumpped so the moneys wasted.

So do I just offer asking price or gamble?

You can minimise the chance of being gazumped by asking for the vendor to take it off the market and not to accept any further viewings. It is still a real risk but for 10-15k probably worth it.

I would think unless circumstances are quite tight and the owner MUST sell your chances of getting your proposed 15% off asking are pretty slim, even in a slowing market.

But why not try it? you dont ask, you dont get

Be confident with your offer and make the vender aware of how quickly you are willing to move, you have a mortage agreement in principle in hand etc.

As long as your not cocky you wont offend anyone.

jonewer

Insist its taken off the market before you instruct a solicitor

mrstinchcombe

slipp_digby wrote: »

You can minimise the chance of being gazumped by asking for the vendor to take it off the market and not to accept any further viewings. It is still a real risk but for 10-15k probably worth it.

jonewer wrote: »

Insist its taken off the market before you instruct a solicitor

I didn't realise you could do that, exactly the advice I was looking for, thanks.

shelly

mrstinchcombe wrote: »

I didn't realise you could do that, exactly the advice I was looking for, thanks.

Be aware though that a vendor might not take it off the market until you have a survey booked or a solicitor appointed, that way they know you are serious.

slipp_digby

shelly wrote: »

Be aware though that a vendor might not take it off the market until you have a survey booked or a solicitor appointed, that way they know you are serious.

agree, progressing to the survey and appointment of the solicitors are pretty key to showing you are copmeltely serious. you could say in your offer you will appoint solicitors and arrange these with x amount of time after the offer is accepted.

once you are moving you can always get a friend to call into the estate agent and ask for the property details to see if they are actively marketing the property to chekc the vender has removed from market - we did

it is likely that internet adverts will persist and newspaper adverts are usually booked some time in advance.

good luck!!

Biggie

mrstinchcombe wrote: »

I didn't realise you could do that, exactly the advice I was looking for, thanks.

As i'm learning there no rules anything goes some requests may be considered cheeky others not some may offend certain people.

It's about negociation winner is normally the person who want to buy\sell the most.

bigjoe

Biggie wrote: »

As i'm learning there no rules anything goes some requests may be considered cheeky others not some may offend certain people.

It's about negociation winner is normally the person who want to buy\sell the most.

Yeah that's true - a cheeky offer to one person is a godsend to another.