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FTB - what to offer on house?

7 replies

tablecrumbs · 28/01/2024 22:29

I am a first time buyer and have a second viewing on a house this week. If I still like it after second viewing, I am considering making an offer.

I can afford to pay the asking price, however should I go straight in and offer it, or should I offer less? If less, how much less? and if I offer less (when I could afford to offer asking price), could I miss out to someone else who offers the asking price immediately? Unsure how this all works

OP posts:
CaribouCarafe · 28/01/2024 22:30

Where are you based? E.g. in Scotland it's a very different system to England

CallingAllAvengingAngels · 28/01/2024 22:31

Really scrutinise what needs fixing and take that off your offer. New boiler - 2k+ kitchens and bathrooms , 10k each, windows 5k+, roof similar, repointing brickwork name your price.... Etc etc.

Advice400 · 28/01/2024 22:34

My DD offered 10% off. It was finally agreed at 8%. A further 5% was negotiated off after survey but based on quotes for work that would never have been obvious on viewing.

ShoePalaver · 28/01/2024 22:37

Depends how much you want the house, whether you'd be sad to lose it if someone else offered more, what the market is like in your area, whether the price is fair, whether anything needs doing urgently (although you could reduce your offer later if anything come up on the survey)

If you offer full asking price there's less risk of getting gazumped. But you may have other advantages such as not being in a chain

Up to 5% less is ok I think? Although depends on all the above factors

Zippedydoodahday · 28/01/2024 22:58

How long has it been on the market? Do you know how much interest they've had? How does if compare to recent sold prices?

Scarletttulips · 28/01/2024 23:02

Depends on the market and what the sellers are going to do after.

Probate sale - they might take less unless you have a lot of benifisheries sharing the pot and have to agree
Divoricng couple who are fighting?
Or someone needing to move for a new job?
Downsizing?

Thent here those who want a cash sale - or a quick sale

You can start lower and work your way up.

Why not ask a straight question- What are they hoping for?

HappiestSleeping · 28/01/2024 23:04

All good points made above. A house (or anything else for that matter) is only worth what someone is prepared to pay.

I usually chance my arm a bit, but that is because I have always bought houses that need work, so not as cut and dried as a ready to move into house.

Assuming that this is the first offer and you have not yet had a survey, you should caveat any offer with "subject to survey" which gives you further room to negotiate should tge survey show anything up.

It's all a balance, welcome to the property ladder. The other thing I would add is that, in the event that it doesn't go through for any reason, there will be another one somewhere and you'll find it.

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