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teabelly83
Posts: 5 Forumite
Hi guys,
I was hoping I can get a little help and advice on making bids as a first time buyer. Any help would be appreciated.
I have found a property that I like which I have been looking at for some time now and have had 2 viewings on it. The property is in a nice location, about 3 streets away from where I live now with parents, a good private garden that isn't overlooked at the back, 3 bedrooms with bags of potential to expand in the future if I were to stay there. It does need some TLC but mainly new windows and doors aswel as POSSIBLY a rewire being the main things we noticed, other than that the roof is new and everything else is cosmetic so is in great condition to live in as is.
On viewing the property the estate agent did tell us that there had been people living in the house upto a week or so ago before my last viewing which I found to be a little unusual as we drove past a few times a few weeks before that viewing and it appeared empty, and the house didn't seem as if it had been lived in recently. He also said that it had had 2 firm bids but couldn't confirm what or when those bids where offered, so we are not sure they have had offers either.
The house itself is in a good area, lots of potential and a great starter home, it is on the market for 109,950 but has been on the market since late July 2017. Me and my father agreed that the asking price was too much for what needs doing to it and so ive been looking to put a bid in for 90,000....is this too low or a fair bid considering the work, i.e. new windows and doors and a possible rewire...aswel as the fact its been on the market 8-9 months as of now?
As I said I am a first time buyer with a mortgage in place and a good deposit set aside so have been told from others I should have good bargaining power??
We are just alittle confused as to why it hasn't sold as yet, houses have sold in the area so we think its either got issues that we haven't seen until we have a surveyor in to check it out fully or that the sellers are not willing to move from the asking price of 109,950.
Is 90,00 a fair price and from what I have said, does it seem like I COULD be in a strong position to negotiate them down from the asking price?
thanks a lot
I was hoping I can get a little help and advice on making bids as a first time buyer. Any help would be appreciated.
I have found a property that I like which I have been looking at for some time now and have had 2 viewings on it. The property is in a nice location, about 3 streets away from where I live now with parents, a good private garden that isn't overlooked at the back, 3 bedrooms with bags of potential to expand in the future if I were to stay there. It does need some TLC but mainly new windows and doors aswel as POSSIBLY a rewire being the main things we noticed, other than that the roof is new and everything else is cosmetic so is in great condition to live in as is.
On viewing the property the estate agent did tell us that there had been people living in the house upto a week or so ago before my last viewing which I found to be a little unusual as we drove past a few times a few weeks before that viewing and it appeared empty, and the house didn't seem as if it had been lived in recently. He also said that it had had 2 firm bids but couldn't confirm what or when those bids where offered, so we are not sure they have had offers either.
The house itself is in a good area, lots of potential and a great starter home, it is on the market for 109,950 but has been on the market since late July 2017. Me and my father agreed that the asking price was too much for what needs doing to it and so ive been looking to put a bid in for 90,000....is this too low or a fair bid considering the work, i.e. new windows and doors and a possible rewire...aswel as the fact its been on the market 8-9 months as of now?
As I said I am a first time buyer with a mortgage in place and a good deposit set aside so have been told from others I should have good bargaining power??
We are just alittle confused as to why it hasn't sold as yet, houses have sold in the area so we think its either got issues that we haven't seen until we have a surveyor in to check it out fully or that the sellers are not willing to move from the asking price of 109,950.
Is 90,00 a fair price and from what I have said, does it seem like I COULD be in a strong position to negotiate them down from the asking price?
thanks a lot
0
Comments
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As we don!!!8217;t know the market you are buying in its hard to say wether the price is fair or not, you will know better there
If you think 90k is fair based on the work needed the. Offer that. The worst they could say is no. Remember the EA wants a sale so they will try to negotiate a deal not just say 90k is too low bye!
Remember though even if you offered asking, the valuation could come back lower then they either lower the price or no sale. So really you are just at a starting point here0 -
What do similar houses go for in that area? It could be that the asking price takes into account any work that needs doing.0
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teabelly83 wrote: »As I said I am a first time buyer with a mortgage in place and a good deposit set aside so have been told from others I should have good bargaining power??
Being a FTB doesn't necessarily put you in a better position.
FTB's tend to be nervous buyers with no experience of the house buying process that are more likely to pull out due to perceived issues with the property, and therefore need a lot more hand-holding than your average buyer.
I'd go for an experienced buyer over an FTB any day of the week.0 -
Well looking into the properties in the area, going by Zoopla's average prices paid for houses in the area the figure is roughly £87,974 for a terraced house in the last 12monthsAs we don!!!8217;t know the market you are buying in its hard to say wether the price is fair or not, you will know better there
If you think 90k is fair based on the work needed the. Offer that. The worst they could say is no. Remember the EA wants a sale so they will try to negotiate a deal not just say 90k is too low bye!
Remember though even if you offered asking, the valuation could come back lower then they either lower the price or no sale. So really you are just at a starting point hereWhat do similar houses go for in that area? It could be that the asking price takes into account any work that needs doing.0 -
I agree as a first time buyer I have no experience obviously but I am in no way nervous of the process, its more exciting to me. Also, as I said, the house I have been looking at for a long while does need work doing to it but its something I am happy to look at as I see the potential in it so again I have no intentions of pulling out if I were to have an offer accepted. Maybe that is a reason for others who have seen it though?Being a FTB doesn't necessarily put you in a better position.
FTB's tend to be nervous buyers with no experience of the house buying process that are more likely to pull out due to perceived issues with the property, and therefore need a lot more hand-holding than your average buyer.
I'd go for an experienced buyer over an FTB any day of the week.0 -
teabelly83 wrote: »Well looking into the properties in the area, going by Zoopla's average prices paid for houses in the area the figure is roughly £87,974 for a terraced house in the last 12months
Were they all 3 beds like the one you are looking at? If so, it sounds like you have a delusional vendor who thinks their property is worth 20%+ more than others in the street!0 -
Yes, all the houses listed sold in the area were 3 bedrooms. Also as I said in my original post, I think they need to relook at the asking price because its been on the market so long and obviously know one is willing to pay the asking price.
I am having another viewing Monday, if I still like it I am going to go ahead and put an offer in and just see what they say/come back with.Were they all 3 beds like the one you are looking at? If so, it sounds like you have a delusional vendor who thinks their property is worth 20%+ more than others in the street!0 -
teabelly83 wrote: »I am having another viewing Monday, if I still like it I am going to go ahead and put an offer in and just see what they say/come back with.
I think having three viewings before making even a single offer may make you come across as a bit of a ditherer....0 -
I see where your coming from but I don't see it that way, as you and everyone knows its a big step, anyone buying their first home wants to be sure its right for them as muc has someone with 'moving experience'. I think having 2 or 3 viewings on a property empty or not doesn't matter if you feel its the right one and want to be certain before a bid goes in. Ive know people to do it in the past so know im not alone in thinking this.p00hsticks wrote: »I think having three viewings before making even a single offer may make you come across as a bit of a ditherer....0
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So other recent comparable sales have averaged £88k yet this one is up for £110k and needs at least £15k spending on it from what you've said?
Sounds stupidly overpriced to me, with a greedy stubborn, deluded vendor.
I wouldn't even be offering £90k based on the info you've provided us with.0
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