pritesh Posted September 30, 2007 Report Share Posted September 30, 2007 Hey all, I have finally found a house I like after searching for 10 months. Being a first time buyer...I want to make an offer on this place but I dont want go in too low. Can anyone here tell me what is a reasonable amount to go in under from the asking price? Is it 10% less than the asking price or more? Any thoughts would be welcome. cheers P Link to comment Share on other sites More sharing options...
Bounce Posted September 30, 2007 Report Share Posted September 30, 2007 it would help to know what the asking price is. Link to comment Share on other sites More sharing options...
pritesh Posted September 30, 2007 Author Report Share Posted September 30, 2007 £300,000 Link to comment Share on other sites More sharing options...
bazza_g Posted September 30, 2007 Report Share Posted September 30, 2007 do you know how long the property has been on the market for? Link to comment Share on other sites More sharing options...
pritesh Posted September 30, 2007 Author Report Share Posted September 30, 2007 about 4-5 Months...I orignally saw it back it april on the market...Its being sold cos the couple are splitting up and are just going to move out right away as soon as its sold. Link to comment Share on other sites More sharing options...
Cupramax Posted September 30, 2007 Report Share Posted September 30, 2007 First time buyer and £300k house hope thats not all on the mortgage Link to comment Share on other sites More sharing options...
bazza_g Posted September 30, 2007 Report Share Posted September 30, 2007 The fact that its been on the market for that long it perhaps an indication that the asking price is too high - as for how low to go in for an offer, what are similar properties in the street/area going for and does any work need doing to it? For a property thats been on the market that long I reckon you can be as cheeky as you like with the offer Link to comment Share on other sites More sharing options...
Bounce Posted September 30, 2007 Report Share Posted September 30, 2007 i'd try my luck and offer 250k. Link to comment Share on other sites More sharing options...
pritesh Posted September 30, 2007 Author Report Share Posted September 30, 2007 lol...no its not all on a mortage...250K is a bit cheeky I think...but now that you mention it, I guess it is worth a try... Link to comment Share on other sites More sharing options...
sportsman Posted September 30, 2007 Report Share Posted September 30, 2007 Me thinks get a few your mates to look at it and put a couple of lower than 300k bids then offer above them. Worked for me. Link to comment Share on other sites More sharing options...
pritesh Posted September 30, 2007 Author Report Share Posted September 30, 2007 ahh now that is a good idea! ... cheers fella! Link to comment Share on other sites More sharing options...
ashleyadam Posted September 30, 2007 Report Share Posted September 30, 2007 Make what offer you want after being on the market for so long, have you asked estate agents about any know problems? Link to comment Share on other sites More sharing options...
pritesh Posted September 30, 2007 Author Report Share Posted September 30, 2007 The Estate Agent said that there is nothing wrong with the house...there are a few things that need doing but that nothing that I cant handle with my old man. Link to comment Share on other sites More sharing options...
Bounce Posted September 30, 2007 Report Share Posted September 30, 2007 [ QUOTE ] 250K is a bit cheeky I think...but now that you mention it, I guess it is worth a try... [/ QUOTE ] they can only and probably will only say no. its certainly worth a try if only to get an idea of the reaction of the agent. Link to comment Share on other sites More sharing options...
Ari Posted September 30, 2007 Report Share Posted September 30, 2007 Always remember, you can always up your offer if they say no, but if you went in at (say) £270K and they bit your hand off you can't go down... All indications seem to be that it's a buyers market right now, the fact it's been up for sale for months would also back that up. Plus you've got no chain, nothing to sell, you're the best sort of buyer there is. Link to comment Share on other sites More sharing options...
Ian_C Posted September 30, 2007 Report Share Posted September 30, 2007 If they need a quick sale and you are a cash buyer with nothing to sell, nothing wrong with a cheeky offer. 250 is low, but you have no idea how desperate they are. That would mean just £2500 stamp duty, whereas paying the asking price would mean a painful £9000 to the government. Ian Link to comment Share on other sites More sharing options...
Ari Posted September 30, 2007 Report Share Posted September 30, 2007 Thing is, how do you know it's a cheeky offer? Might well be all it's worth, impossible to know with the info above. It's easy to assume the asking price is sensible and bids much under it are "cheeky", might be that £250K is sensible, and £300K hopelessly optimistic. Impossible to say without knowing what it is and what else is on offer. Bottom line, it's worth as much as anyone is willing to pay. That could be £300K, could be £200K, could be somewhere inbetween. Link to comment Share on other sites More sharing options...
Mort Posted October 1, 2007 Report Share Posted October 1, 2007 Estate agents will often inflate the true value of a house. Its a buyers market at the moment. Link to comment Share on other sites More sharing options...
Soapsuds Posted October 1, 2007 Report Share Posted October 1, 2007 the market is shot at the moment. Few houses selling and the market just isnt refreshing. We have just taken an offer in on ours (representing a 7.5% drop from asking price) and we have had an offer accepted on a property to buy at 15% off asking price. Both properties had been on the market for 3 months - not mega long...... It depends where the property is, market in that specific area / road etc. £250k is a pi55 take, but you never know Try and get some signals from the Estate Agent...... Oh and good luck - you'll need it. Its a stressful bloody time Link to comment Share on other sites More sharing options...
mb Posted October 1, 2007 Report Share Posted October 1, 2007 I'd go 250 & say you will look sympathetically at the fix/fittings & not be looking for them to rectify any faults that come up on the survey & will only walk away if there is something "terrible" on the survey, you have the funds in place when were they looking to move out as you can be completely flexible but you need a deal sorted out this week - you will have their complete attention Also make sure you make appointments for other houses as keeps vendors/EA on their toes & these things often go wrong Link to comment Share on other sites More sharing options...
Ari Posted October 1, 2007 Report Share Posted October 1, 2007 [ QUOTE ] £250k is a pi55 take, but you never know Try and get some signals from the Estate Agent...... [/ QUOTE ] How do you know it's a pisstake? Maybe £300K is a piss take and £250K entirely reasonable. Or maybe £300K is a bargain and £290K would be a pisstake. Point is, judging what is or isn't a fair offer based purely on asking price is the wrong way to approach it. Also bear in mind that the estate agent is working for one person and one person only, the vendor... Link to comment Share on other sites More sharing options...
CabGirl Posted October 1, 2007 Report Share Posted October 1, 2007 [ QUOTE ] Also bear in mind that the estate agent is working for one person and one person only, the vendor... [/ QUOTE ] But he'll only make his money if the house sells.... If someone offered me 20% less than the asking price I'd probably tell them to take a hike! Link to comment Share on other sites More sharing options...
Chelsea Mick Posted October 1, 2007 Report Share Posted October 1, 2007 [ QUOTE ] But he'll only make his money if the house sells.... [/ QUOTE ] And the more it sells for the more the agent gets Link to comment Share on other sites More sharing options...
Soapsuds Posted October 1, 2007 Report Share Posted October 1, 2007 [ QUOTE ] [ QUOTE ] £250k is a pi55 take, but you never know Try and get some signals from the Estate Agent...... [/ QUOTE ] How do you know it's a pisstake? Maybe £300K is a piss take and £250K entirely reasonable. Or maybe £300K is a bargain and £290K would be a pisstake. Point is, judging what is or isn't a fair offer based purely on asking price is the wrong way to approach it. Also bear in mind that the estate agent is working for one person and one person only, the vendor... [/ QUOTE ] becuase our house was on the market for an identical price and if someone offered me that, i'd take it as a pi55 take. I havent seen the house / area etc. so i cant comment on the asking price! But the initial post sounds like he is not making an offer as he thinks the house is simply not worth £300k, he is making an offer becuase he wants the house and is exploring what you can get away with..... Link to comment Share on other sites More sharing options...
Rich_Bee Posted October 1, 2007 Report Share Posted October 1, 2007 Have a look at this site, it is a few months out usually but will tell you what the houses in the area have been going for. Prices aren't moving that fast at the moment so it may be fairly accurate to the current situation House Sold Prices Link to comment Share on other sites More sharing options...
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