Is this a good idea?

[Tulips78]

Mortgage approved for 120, 000 and deposit up to 150, 000. Found house I love for 265 so if offered and accepted at asking then would have only 5 grand for anything urgent that comes up on survey. Have 5 grand separately saved for survey, solicitor, moving fees etc. Earn okay but nothing amazing, rarely have anything left at end of month.
Would you make a cheeky offer of maybe 255? FTB in North West. Please be kind, I'm doing this alone with no one who can advise me.

Have you already offered and had £265K accepted? If it's already been accepted then it's a bit tricky to change.

If you've not offered yet, then of course offer £255K and see where it takes you.

What is the wording of the advert? Offers in the region, offers over or something else?

it depends on your market but anything from 240k up isn’t cheeky.

Plus how does it compare with what else is available at that price bracket in the area? How long has it been on for sale.

It could be overpriced and been sitting there for months, or it could have gone on for offers over £265k yesterday and you've no chance of a lower offer been accepted.

Start with lower offer and if rejected then you can go back in to offer a bit more.

If you rarely have anything left over
and you’re on Your own

then this house is too expensive for you

@Thenewnewme offers in access of

@Thenewnewme *excess

I'm not sure how long it's been on the market, this info isn't on rightmove as it's been reduced in the last few days and not on zoopla. Is the only way of finding that out asking the estate agent?

If it’s been reduced - it’s been on there some time

You cant lose anything for trying.
It depends how desperate they are to sell. However if it has just been reduced and it states on the advert "offers in excess of" then its possibly not likely to be accepted

It’s all very well buying somewhere that clears you out aside from £5k BUT at the end of each month - there’s zero left over IF you are buying with someone

but op… you’re not. This is very risky.

Have you factored In buildings Insurance, constants, boiler servicing etc

do you have any idea of the cost of utilities for the property

if you have nothing left over each month op - you are so vulnerable

Yes if reduced its been there a while. I would make the offer of 255 and they may come back with a counter offer. You can always offer more.
Depending on your situation, eg if you have nothing to sell and ready to go, they may well accept the lower offer especially if they are in a hurry to sell.

Ours was OIO 300K back when we bought it, having been reduced from 375 and then OIO 350K, it needed completely gutting and had been on the market for nine months already, we offered 290 and it was accepted, seven years later and a lot of renovation it's worth £450-500k
The offer you're considering isn't outrageous, they can only say no.

If you don't ask you won't get.

@SgtJuneAckland what does OIO mean?

Id be amazed if anyone offered me full ask at the start! I'd offer 250 see how it goes and max out at 260! Unless the area is hot or you are desperate I'd never go in at full ask.

@Tulips78 offers in excess of