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What to offer on a 400k house?

2

Comments

  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
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    Go in at 425k, that way you will be in with a good chance of getting it.
  • cloo
    cloo Posts: 1,291 Forumite
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    I think most properties are selling under asking price at the mo. The way I've done things in the past is to knock off about 10k each if it needs a new kitchen and/or bathroom. Decor doesn't count so much, so if it's otherwise averagely priced for the area, I'd offer 380-385k?
  • robatwork
    robatwork Posts: 7,087 Forumite
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    Care to name the town you're buying in.

    Just below your thread was one bemoaning the fact that every half decent house that comes up sells for asking price within 2-3 weeks.

    Your area may only sell one house every 3 months. So the answer is: Nobody here can really tell you anything useful.

    Crashy will probably give you the best advice on this one, which will tell you everything you need to know.
  • westernpromise
    westernpromise Posts: 4,833 Forumite
    Crashy_Time wrote: »
    Go in at 425k, that way you will be in with a good chance of getting it.

    Nah, bid them £0 and demand that they also leave £120,000 in the house in a brown envelope.

    This will be a 130% discount, which is what Crashy needs to recover from having sold up in 1996 and rented waiting for a crash ever since.
  • Crashy_Time
    Crashy_Time Posts: 13,386 Forumite
    First Anniversary First Post Name Dropper
    westernpromise wrote: »
    Nah, bid them £0 and demand that they also leave £120,000 in the house in a brown envelope.

    This will be a 130% discount, which is what Crashy needs to recover from having sold up in 1996 and rented waiting for a crash ever since.


    `96? Wasn`t that when you started spreading knowledge on property discussion forums? :)
  • westernpromise
    westernpromise Posts: 4,833 Forumite
    Crashy_Time wrote: »
    `96? Wasn`t that when you started spreading knowledge on property discussion forums? :)

    No, it's when you sold to rent, you utter, utter mug.
  • kingstreet
    kingstreet Posts: 38,750 Forumite
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    westernpromise wrote: »
    No, it's when you sold to rent, you utter, utter mug.
    Hm. Pithy. :D
    I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, 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. Please do not send PMs asking for one-to-one-advice, or representation.
  • gycraig_2
    gycraig_2 Posts: 533 Forumite
    ScorpiondeRooftrouser wrote: »
    You didn't quibble over a few percent on a £425K asking price.

    Your signature says you are trying to save £10K in 2018.

    I am sure you can see where I am going here.

    Problem is a few percent is still a Tiny amount when you figure it over an average mortgage life span.

    People haggle to death over 2k when it’s pennies on a mortgage
  • Reds-on-Sea
    Reds-on-Sea Posts: 428 Forumite
    I'm also interested in the OP's question, although my query is more what would you offer on a £400k house that's been on the market for:

    3 months?

    6 months?

    over a year?

    I suppose like someone mentioned earlier, vendors will only accept what they'll accept, whatever you offer, but surely somewhere that's been on the market 6months is purely overpriced (let alone a year). I'm looking in an area where houses seem to be on the market for a LONG time.

    Thankses!
  • pinklady21
    pinklady21 Posts: 870 Forumite
    You would offer what it is worth to you - and/or what you think the vendor might accept.
    So - could go in with a cheeky offer, see if they bite, and if not revise it upwards.
    Always the chance that the vendor won't play, and might be offended at the "cheeky" offer.
    Impossible to tell really..... and if they accept your first offer, will you think you went in too high? Will the vendor change their mind later and think they sold it too cheaply?
    In the grand scheme of things - is £5 - 10k either way really that much anyway?
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