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Help me work out what to offer?

(44 Posts)
Muddywellyboots Mon 04-Apr-16 08:41:17

We're moving out of the area we have lived in for 15 years. We've sold out house and don't know what to offer on a new one we've found. Reason being the markets are so different. Our current area is very 'hot'. Sealed bids etc and things going for 20%+ asking price. It's rural where we are going. Things are slower but nice stuff does go. Do you go in 10% below the asking price and see how it goes??

Muddywellyboots Mon 04-Apr-16 08:44:37

Should also say that we've done as much research as possible on previous house sales etc but it's a small village with diverse houses that don't come on to the market very often so it's hard to find a comparison!

glorious Mon 04-Apr-16 08:48:42

Tricky. Do you know how much interest there's been? I am generally of the view that a first offer just needs to show you are serious as if there are several offers you will generally have a chance to increase it if necessary. You are in a strong position having sold your own house.

But it depends how much you love it and how keen you are to find somewhere quickly.

I think the percentage can depend a bit on the purchase price as well.

Good luck!

Muddywellyboots Mon 04-Apr-16 08:55:36

Thanks glorious! I'm going to ask the question as the person showing us around on Sat didn't know much! She did say she thought there was 'room to manoeuvre' on the asking price and we think it is slightly over priced. We do love it but also don't want to over stretch ourselves to get it. Do you think a first offer of 10% below sounds serious?

SansaClegane Mon 04-Apr-16 09:18:53

I think 10% below is a good starting offer, no one should be seriously offended at that, especially if the agent has let on that there's room to manoeuvre. Good luck!

CodyKing Mon 04-Apr-16 09:25:49

Offer 10 less but expect them to take 5 less - keep talking -

Say - yes we've sold we are really interested - it was a wonderful property - here's our offer -

Muddywellyboots Mon 04-Apr-16 09:57:09

Spoke to the agent and they said that £25k below the asking price would secure it. They are keen to go and want someone proceedable! We're going back tomorrow for another look and will probable start with an offer 10% below the original asking price.

Muddywellyboots Mon 04-Apr-16 10:15:32

Spoke to the agent and they said that £25k below the asking price would secure it. They are keen to go and want someone proceedable! We're going back tomorrow for another look and will probable start with an offer 10% below the original asking price.

glorious Mon 04-Apr-16 13:27:53

Ooh exciting, let us know how you get on.

bearbehind Mon 04-Apr-16 13:33:35

What percentage of the asking price is £25k?

Muddywellyboots Mon 04-Apr-16 13:51:59

It's on for £575k but they would accept £550k so 4%.

bearbehind Mon 04-Apr-16 14:47:51

I'd probably start at £50k under rather than 10% then you'll just be negotiating about the difference between that and the vendors £25k they are prepared for.

Muddywellyboots Tue 05-Apr-16 21:14:17

So we went for a 2nd viewing today and loved it more! Offered £530k but it got rejected (unsurprisingly) and the EA has asked for our full and final offer. Eeek!

glorious Tue 05-Apr-16 22:02:10

Ooh! What are you thinking?

glorious Tue 05-Apr-16 22:02:26

P.s. Can we see it?!

Muddywellyboots Wed 06-Apr-16 06:28:18

The EA said it had to be a minimum of £550k. That's our absolute top budget anyway so we're just going to offer that and hope it's enough (and we can pay the mortgage confused)! It feels like it should be enough as they only bought it for £480k a year ago but they have had a lot of interest/viewings (no other offers though) but as its been on for 2 weeks they are willing to hold out sad.

Perfect village location in Burrington

Did that work?

glorious Wed 06-Apr-16 07:22:14

It's lovely! I can see why you like it, it's beautiful. And not far from where I grew up smile

Muddywellyboots Wed 06-Apr-16 07:55:08

Small world! Where did you grow up?

ThroughThickAndThin01 Wed 06-Apr-16 08:00:17

Oh that's lovely OP. Don't compare it now to what they paid and feel resentful, it's a different market now. Although don't pay more than you can afford if there's a crash or something!

Why are they moving after only a year though?

Muddywellyboots Wed 06-Apr-16 08:09:00

We've been through all our budgets and can afford it but it's tight for the year before our son goes to school and we loose the hideous nursery bill! After that things will be a lot easier.

They are moving because they have 2 small children and want her Mum to look after them when she's at work so they are moving nearer her. I met her and she seemed genuine.

bearbehind Wed 06-Apr-16 08:12:59

I know I'm very cynical but surely they knew they had 2 small children a year ago? hmm

It's probably the truth but I'd look very carefully at the planning websites etc just to make sure there's nothing more sinister going on.

glorious Wed 06-Apr-16 08:19:49

Bristol. So quite different but I had friends much closer to that village and have good memories of walks. It's a beautiful area.

Muddywellyboots Wed 06-Apr-16 08:33:40

We've double checked all the planning and done a good reci. I think he has a long commute too so he's not seeing the kids much. But yes I'm a bit cynical too but trying to think what's right for us.

We live in Bristol now. Have done for 15 years so it's a big change for us to go out! But we both grew up in the countryside and want our kids the same sort of village school experience etc. Oh and an actual garden would be nice wink

ThroughThickAndThin01 Wed 06-Apr-16 09:33:46

Good luck, I hope you get it. There is something very charming about it.

check out the neighbours a bit if you can.

(Their reasons for moving sound legitimate though, especially if they've made money on the house)

CodyKing Wed 06-Apr-16 09:41:15

I'd say it's only worth what someone is willing to pay - it's a lovely house and nothing of that standard on the market - so price is subjective -

Personably my kids would wreck it and it would never look that good!

Stand firm - I doubt many are in a good position to buy or have the money - lots of nosey people about when selling houses

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