Making offer on house
Discussion
So need some advise on the process on buying a house/making offers. I am new to this as the only house I bought was from my sister!
I'm an attractive buyer as there is no chain, have a mortgage approval and free to move ASAP.
I've seen a house at long last that ticks much of the boxes I like and more importantly feels right. It's guide is £350k, I think it's probably worth, at least to me around the £325k mark give or take. It's hard to be sure as it not a typical property than you can directly compare, converted barn etctec, but I'm pretty sure my estimation is good, my sister (life time right move addict) and mum (convayencer) are in agreement.
Unfortunately as we all know it's a bit of a game getting the house at the right price, and whilst Im happy to pay up to £325k, of course I want this to be final agreements! I think the house has limited appeal as at present not an ideal 'family' house, so I think in this price bracket where I live will only see a few potential buyers, thus I think time is on my side!
I know they bought the house in 2007 for 300k, but have spent big dosh on improvements, like a kitchen in the 30k plus mark, new bathrooms etctec.
I have placed an initial offer for £305k this week, it was rejected that day. I have said I will think about things for now as I want to wait before placing a higher offer, I don't want to rush back with say 315k as I think the vendor will try his luck.
Essentially can anybody give me their best advise on how to proceed or their own experiences. As said I think time is on my side so I don't need to rush offers in, and I am aware it's always a gamble if somebody stumps up more cash in the mean time.
I'm an attractive buyer as there is no chain, have a mortgage approval and free to move ASAP.
I've seen a house at long last that ticks much of the boxes I like and more importantly feels right. It's guide is £350k, I think it's probably worth, at least to me around the £325k mark give or take. It's hard to be sure as it not a typical property than you can directly compare, converted barn etctec, but I'm pretty sure my estimation is good, my sister (life time right move addict) and mum (convayencer) are in agreement.
Unfortunately as we all know it's a bit of a game getting the house at the right price, and whilst Im happy to pay up to £325k, of course I want this to be final agreements! I think the house has limited appeal as at present not an ideal 'family' house, so I think in this price bracket where I live will only see a few potential buyers, thus I think time is on my side!
I know they bought the house in 2007 for 300k, but have spent big dosh on improvements, like a kitchen in the 30k plus mark, new bathrooms etctec.
I have placed an initial offer for £305k this week, it was rejected that day. I have said I will think about things for now as I want to wait before placing a higher offer, I don't want to rush back with say 315k as I think the vendor will try his luck.
Essentially can anybody give me their best advise on how to proceed or their own experiences. As said I think time is on my side so I don't need to rush offers in, and I am aware it's always a gamble if somebody stumps up more cash in the mean time.
We just bought a house and managed to get £35k off the list price..
Like you I was anxious before making the offer and spent some time reading online "how to make offers" etc..
In the end I decided not to play any games, I set myself a price I thought the house was worth (after observing the market closely) and offered exactly that.
If it is a reasonable offer I don't think anyone will turn it down or try to be funny especially with how the market is now!
General guide if you want to play "the game" is to offer 10% below and settle at 5% below..
Also from some googling around most houses in the UK get sold 7.5% below list price
Like you I was anxious before making the offer and spent some time reading online "how to make offers" etc..
In the end I decided not to play any games, I set myself a price I thought the house was worth (after observing the market closely) and offered exactly that.
If it is a reasonable offer I don't think anyone will turn it down or try to be funny especially with how the market is now!
General guide if you want to play "the game" is to offer 10% below and settle at 5% below..
Also from some googling around most houses in the UK get sold 7.5% below list price
All depends on how desperate they are.
Sometimes you can arrange a second viewing and talk to the seller direct. Sometime just asking them outright what they want is the best approach. You can then negotiate around that.
The estate agent is there to get the best price (Actually proably not, they are there to sell houses and get a commission but i digress). If you offer a very low price then agents dont always pass on offer to the seller.
Sometimes you can arrange a second viewing and talk to the seller direct. Sometime just asking them outright what they want is the best approach. You can then negotiate around that.
The estate agent is there to get the best price (Actually proably not, they are there to sell houses and get a commission but i digress). If you offer a very low price then agents dont always pass on offer to the seller.
well Ive left it a week, spoke to estate agent to get some feeback today. She mentioned they are looking to negotiate, thne put out a figure around £335000, but its probably normal E.A bull!!
I said I would have a think over next few days and then I will put in an increased offer. I also mentioned that I had been looking at other houses and mentioned few of my reservation about the house.
Lets see how i get on with my next offer!
I can't speak to the vendor directly as they aren't in the house in the week when they allow viewings(live/work london in the week.
I said I would have a think over next few days and then I will put in an increased offer. I also mentioned that I had been looking at other houses and mentioned few of my reservation about the house.
Lets see how i get on with my next offer!
I can't speak to the vendor directly as they aren't in the house in the week when they allow viewings(live/work london in the week.
S10 GTA said:
Sounds like good tactics to me.
When coming up with my initial offer, I think of an offer that will offend, and then lower it.
This method only works if the seller is desperate. In different circumstances the seller may rather sell to anyone other than the person who tried to insult them with an offer.When coming up with my initial offer, I think of an offer that will offend, and then lower it.
S10 GTA said:
But I can always go up, never down.
Depends where you are in the country and as I said how desperate the sellers are. A friend refused to sell his house and I once refused to sell a car to buyers who made derisory offers. Even after they raised to (and in my friend's case, above) the ask price.The key to a good deal is that both sides are happy with it. If you insult someone from the off they may not want to deal with you unless, as I mentioned, they have to by necessity.
Right update. I offered 314 this week. They have counted with 330 if I'm willing too complete quickly as they want a quick sale.
I figure thus means they have 325 in their head too.
I think I would like to go back with meet half way at 322. However to make the financial burden smaller on me, I was tempted to say 326 with then paying half the stamp duty, effectively 322. I will stress that Im really stretched at this level.
What the advise?
Cheers Paul
I figure thus means they have 325 in their head too.
I think I would like to go back with meet half way at 322. However to make the financial burden smaller on me, I was tempted to say 326 with then paying half the stamp duty, effectively 322. I will stress that Im really stretched at this level.
What the advise?
Cheers Paul
So offered the 320 final offer line today, said bank conformed they can complete by end June as this is normally slowest part of completing.
Estate agent umm and erred, got voice mail this afternoon that the vendors were thinnking it over and should hear tomorrow, at least I know they are entertaining the offer so I can keep hard nosed. Time will tell!
Estate agent umm and erred, got voice mail this afternoon that the vendors were thinnking it over and should hear tomorrow, at least I know they are entertaining the offer so I can keep hard nosed. Time will tell!
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