Making an offer on a property

(21 Posts)
Noappointmentnecessary Mon 29-Aug-16 21:39:09

Just wondering when making an offer on a property how low did you go below asking price and did you succeed? Thank you x

PurpleDaisies Mon 29-Aug-16 21:42:12

We started at about 10% under the asking price and had to come up. Where we are buying is a fast moving market and we were worried about someone else getting it, so we ended up agreeing at £340k when the asking price was £345k.

Believeitornot Mon 29-Aug-16 21:43:04

It doesn't matter. Just go in below what you would pay. Worst that happens is they decline and you up the price.

GoldFishFingerz Mon 29-Aug-16 21:44:22

What do you think it's worth?

How much real work needs doing?

What do others on the street sell for?

Crispsheets Mon 29-Aug-16 21:45:31

I've just bought for £375,000.... was on at 385,000. I was a cash buyer and they accepted. I'd have paid the asking.

Noappointmentnecessary Mon 29-Aug-16 21:58:29

House is on for £450k - it's owned by an elderly couple who are moving into a retirement home. We can move into the house but drastically needs updating and modernisation as well as a new boiler system. We are going to put in offer of £400k and see what happens. What do you think?

MiracletoCome Mon 29-Aug-16 22:03:49

It depends how long the house has been on the market, do they want a quick sale. Are you ready to go or have you got to sell a house.

PurpleDaisies Mon 29-Aug-16 22:04:03

What do similar houses go for in the area?

Is £400k as high as you can go? If not I'd start lower.

MiracletoCome Mon 29-Aug-16 22:05:09

Also is the 450 taking in account the updating needed.

Noappointmentnecessary Mon 29-Aug-16 22:06:02

The retirement home is holding a property for them for 2 weeks so they need to sell quick. We have sold to a cash buyer.

Noappointmentnecessary Mon 29-Aug-16 22:06:31

we can go to 405k

PurpleDaisies Mon 29-Aug-16 22:07:07

It sounds like you haven't got anything to lose by starting at £400k. Good luck!

PurpleDaisies Mon 29-Aug-16 22:08:26

Cross posted...
If you can only go to £405k maybe you should start a bit lower. You're in a good position with your cash buyer.

Do you know if there's any other interest?

MiracletoCome Mon 29-Aug-16 22:09:46

I would go for it then.

Noappointmentnecessary Mon 29-Aug-16 22:30:01

Apparently there is another buyer who wants to buy for investment purposes - the couple
Do not want to sell to him. They actually met us at the viewing and loved us. I think they like the whol
Family
Thing, young children and looks
Like they see us as a good fit. I'm keeping everything crossed, we just fell in love with it x

PurpleDaisies Mon 29-Aug-16 22:35:20

Apparently there is another buyer who wants to buy for investment purposes - the couple do not want to sell to him

While that may be true, I'd try and prepare yourself for losing out if they can offer more. We had an offer from a guy I really disliked but would have accepted it if it was the best one. Luckily we had a better offer from a couple we really liked, but if they get an offer much higher than yours (£405k is quite a big reduction off £450 when someone else wants it too).

You might be lucky, and I hope you are, but try not to get too excited just yet.

wowfudge Mon 29-Aug-16 22:38:40

I think you need to make it clear when you make your offer why you have pitched it where you have. If they accept the place needs updating they'll be more understanding. Don't forget it may need rewiring if they've been there a long time. Saying you honestly cannot go higher may be enough to secure it.

Noappointmentnecessary Mon 29-Aug-16 22:46:51

Yes we have done that as we had to fill in a form. The agency will pick it up via e-mail tomorrow. Apparently this gets handed to the sellers to make their decision. I know if we don't get it then it wasn't meant to be x

PurpleDaisies Mon 29-Aug-16 22:47:34

Are you in Scotland? I don't remember filling in any forms when we made our offers.

MiracletoCome Tue 30-Aug-16 05:19:26

I am selling DM's house at the moment which is probably in a similar condition, I would much rather sell to a family than an investment buyer but that type of house does attract investment buyers. Though I bet they wouldn't want to pay top whack either to get a good return on their money.

If an investor offered more though I would have to go with the highest offer though sad.

Also be prepared that you may not get the full amount of mortgage on it if a lot of stuff comes up on the survey, is the investor a cash buyer.

Good luck.

Noappointmentnecessary Tue 30-Aug-16 14:29:52

I think he is prob a cash buyer - he sent his brother to look at the House as he lives abroad!! He isn't going to be living in it!!

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