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Original poster

How much should I offer for this house?

31 replies

Booyoo · 03/01/2020 09:14

I am about to buy my first house, so the whole process is new to me. I've viewed one that I really love for £135k. It is in good condition and only needs a bit of cosmetic work. How much should I offer?

OP posts:
Poetryinaction · 03/01/2020 09:17

What you can afford and what you think it is worth. If it has been on for a long time and you know they wanr to sell they may accept less.
Generally it is a bit insulting to offer more than 10% less than asking. They may not take the offer seriously.

Poetryinaction · 03/01/2020 09:18

So maybe offer 127, and say why it is under asking. Then expect the offer to be rejected, and try 128.5, or higher, depending on the reaction.

Perid0t · 03/01/2020 09:20

I would probably offer around 132-133. But it depends on how much interest it has.

For example my house sold 20 times at asking price in 24 hours and went to sealed bids.

Others have sold for considerably less.

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cheeseandcrackers · 03/01/2020 09:21

Go in at £125 but be prepared to go for full asking price if you really like it & can afford it. If it has been on the market a while you can probably get away with a lower offer than if it is new to the market. If others like it have been snapped up immediately at asking price then you might risk missing out if you don't put an offer in quickly

lovelyupnorth · 03/01/2020 09:22

If start at least 120 maybe less. What’s the market like, how long has it been on. What have any other houses on the street sold for? How much do you want it.

For context we are just buying a house for £285 that was listed at £350 originally had been reduced be we still stated at £260 as that what we thought it was worth. Had been on the market a while and they where keen to sell.

lovelyupnorth · 03/01/2020 09:24

Do some research so you know the market.

Another house we wanted was on for £325k we offered to 260 and went up to £295 which the rejected. Just seen it come up on house prices on right move they sold for £275 in the end.

Original poster
Booyoo · 03/01/2020 09:31

Thanks all. I can afford the asking price but obviously the cheaper I can get it the better, I love the house and don't want to be insulting with the offer!

OP posts:
Original poster
Booyoo · 03/01/2020 09:32

It has only been on the market for 3 weeks, other houses on the street have sold for between £90k-£145k depending on condition. Some are 2 bed and some are 3.

OP posts:
Original poster
Booyoo · 03/01/2020 09:32

Also there is no chain so that's appealing.

OP posts:
lovelyupnorth · 03/01/2020 09:33

How fast is stuff selling.

Not been on the market long enough to go to silly.

FamilyOfAliens · 03/01/2020 09:34

Have you got a link OP?

NaomifromMilshake · 03/01/2020 09:40

I always go in slightly above the minus 10% and then find my sweet spot.

This house was on for £250k twenty years ago, I really wanted it, we offered the full asking and six week completion, they were aghast, eh why ??? You put it on the market.

Anyhow, they paid our rent for six months and the survey dictated a new boiler further reduction of £5k in the end we got it for £230k

It was a homage to Laura Ashley, yes even in the kitchen.

Fireplaces blocked up, heathens...

The list is endless....

Anyhoo I digress, in answer to your question, go low and go up.

Original poster
Booyoo · 03/01/2020 09:41

I'm not sure how to post a link, is it easy to do?

OP posts:
Foxyloxy1plus1 · 03/01/2020 09:45

If it’s been on the market only a short time, a low offer might be regarded as a bit of an insult. Expectations are high when a house is new to the market.

If it’s a three bed, you’re looking at the higher end of the range you quoted. Do you know how much interest there has been in the property? If you really love it and really want it, I wouldn’t try a low offer, but perhaps around the £130k mark would be reasonable.

chamenanged · 03/01/2020 09:46

I know this isn't the usual advice but I think if you can afford the house and you love it I'd offer the asking. Even a 90% mortgage on a house of £135k is likely to be fairly affordable, I assume.

Davros · 03/01/2020 09:47

If you are going to offer lower than asking price then do it only once. I don't trust people who keep making offers, creeping up

Original poster
Booyoo · 03/01/2020 09:51

It is a 3 bed but marketed as a 2 because the third bedroom is an attic room. The bathroom is a bit tired and I'd probably replace it eventually but nothing unliveable.

Estate agent told me there is a lot of interest but apparently they always say that. Grin

I do really want the house.

OP posts:
NaomifromMilshake · 03/01/2020 09:55

I have never paid the asking price or close to it.

chamenanged · 03/01/2020 09:56

There probably will be a lot of interest if it's in decent nick and with three beds for that price. Offering lower wouldn't make much difference to your mortgage repayments if you got it, but it might be the difference between getting or not getting the house. That's how I'd look at it anyway.

FamilyOfAliens · 03/01/2020 10:01

Yes, just copy the URL of the website and paste it where you type your post.

User12879923378 · 03/01/2020 10:03

Where I am, even offering the asking price doesn't necessarily get you the house. I was a high earner with a strong credit rating and a 70% deposit and I was still rejected by a number of landlord owners because I was in a chain (despite the chain ending with my buyer) for first time buyers who had offered less than me but who would be ready to go immediately.

If you love it, go in at asking price, or only slightly below (and push the chain free thing if you are chain free). But think also about the fact that other similar houses have gone for £10K more in that area as they may already have priced it to sell quickly. I got very pissed off with people making stupid offers on my house, which did need a little cosmetic work and was already priced to reflect that. Even if they had come up they were very much cemented in my mind as people who were unlikely to stick to their revised offer and would be looking for excuses to knock the price down. See if the survey throws anything up that justifies a reduction.

Original poster
Booyoo · 03/01/2020 10:07

I'm not in a chain either as I'm in rented at the moment so would that work in my favour? I have a £60k deposit.

OP posts:
foxatthewindow · 03/01/2020 10:10

I never really understand this idea of ‘how cheap can I get it for’ if the house is reasonably priced and new to the market. We sold our last house in 3 days and had loads of silly offers, eventually achieving asking price. If you really like the house and it doesn’t actually need major work (i.e. it’s modern inside and you’re not looking at rewiring/refurb) then you need to offer close to asking. The price can always be revised at survey if there are genuine reasons

Blobby10 · 03/01/2020 10:12

If you REALLY want the house and are prepared to pay full price for it then offer full price but on the condition that its removed from marketing immediately and that you complete on x date.

If you'd like to get something off then offer a bit lower and see what happens.

starlingsintheslipstream · 03/01/2020 10:14

What Blobby10 said. Given you can afford to pay the asking price, do you really want to lose the house over a few thousand? I'd just offer asking price and be done with it.

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