First time buyers needing advice

[cheekybunny]

We have seen a house for 250k. Maximum We can borrow is 220k. Could offer 5k on the side tho as a cash offer. Is this a cheeky offer to make? I just need some help. For context, we live near the people selling, they have said they have had no interest and are moving next week. Property has been up for 6 weeks already. Any help?

No-one on here can tell you how the buyers will react. You are talking about offering 10% below the asking price. They may accept that. The worst that can happen is they say no.

If you can only borrow 220 you should be looking at houses 200 -220 , you will have fees etc on top
6 weeks in this market is nothing

What do you mean, “ 5k on the side”? Do you mean you have 5k as a deposit, or that you’d pay £225k, or £220k plus an undeclared 5k on top?

Yes, I’d like to know what £5k on the side means as well. Presumably if you are borrowing £220k, you have a deposit as well to put towards the purchase? Don’t forget that you will also have costs in addition such as legal fees and Survey costs. You are going to need to budget for those too.

It means £5k cash, back-hander

If that is really what they mean, then I would suggest they’re not grown-up enough to be thinking about buying anything!

“Grown up enough” 🙄 get over yourself. Was just asking.

It’s a naive thought that you can bribe them with £5k. Look at houses more in your affordability

Offering £5k on the side would be classed as money laundering. It is evident you are not ‘grown up enough’.

What would be the point of offering £5k on the side instead of upping your offer by £5k? Personally I think doing that is likely to signal to the vendors you’re dodgy as hell and to not accept your offer.

Like PPs, if you are borrowing 220k then how much is your deposit? Surely your deposit on top of 220k takes you closer to 250k?

presumably your in a good position because you’ve no chain.
you need to go in marginally lower than you can afford, then up it when they say no.
don’t talk about the 5k like that just build that into your offer. so if you can go up to 225k with the 5. Then you offer 220 to start and go with 225k and say that’s as far as you can go.
you dont know their position, the market will be slowing for Christmas so they may want to accept it to get the ball rolling or may be happy to wait.
all you can do is ask.