House offer

[Everyoneherehands2]

Long time user here!

Feel like I can hardly think straight the house search has gone on for so long.

Finally found a good one, a few issues but on the whole good. It is a new build, by a small local builder. He would like 550k for it - what would you offer? Obviously we would like to spend as little as possible but without being cheeky. Just so you know our positions, we have sold our house to cash buyers and both ourselves and our buyers can move asap.

Thanks in advance.

How long has it been on the market for? How many are on the development?

Often these guys have enough scale to sit on a property till they get thr price they want. Plus by dropping yours it can impact the rest of his sale prices negatively if he is still selling when the land registry publish what he sold for.

What do similar style but old builds go for?
£520 as a start seeing as you are in a good position? His response will prob be no but you'll get a feel for how high he wants to go?

@Bluntness100 very good points

Thanks for your replies. It is just one he is building!

Oh and sorry it isnt really on the market yet! Which I know makes our position wanting to make an offer challenging ...

If it's not even on the market, I'd offer full asking price and request it is never marketed. You've been searching a long time, you want to live in the house, why would you try and under cut him and risk losing it completely?

In your area do houses sell quickly?
Are they sold for near the asking price?
Is it worth £550?
How much do you want it?

I mean... we do want it. And I'm sure we would be happy there. But partly wonder if I mainly want it to get the house search over!

Houses in the area do sell but ones around this price have been taking about a month or two.

A month or 2 isn’t long, work out what you are willing to pay, what you think a good deal would be and work back from there. I put on offer in recently, which they rejected and then put in another and said this was my final offer (which I meant) any more and I would have felt like a mug and the I’d been ripped off, so work from what’s your biggest offer and work back wards

Thanks all for your responses! Handy to know your thoughts

He's unlikely to accept an offer below asking to be honest before he's even marketed it. He may however do a deal on fixtures and fittings. Reduce the price if you put your own in etc, that's more likely.

But he'd be a bit daft to not even try to market it, and he's likely very happy to sit on it for a couple of months or much longer to get thr price he wants.

There may also be others interested. Decide if you want it. Your max offer ie what it's worth to you and make it.

Don't offer 520. He's going to tell you to fack off and think you're a time waster.

I strongly suspect at this stage he won't be willing to go less than asking. But as said he may do a deal on something else Ie you do your own flooring or fixtures and fittings and he will reduce the price.