tactics re a low offer

[Forster]

Just sold our house and we are in rented.

Have found ideal house, needs a bit of work but it is 20% over our budget. It is possibly 10% over priced and it does need a bit of work.

But in any event we cannot afford to go over 80% of the asking price. That is our maximun budget.

We have mortgage finance in place plus large cash deposit and can move to their timescale.

Being realistic we will probably be rejected bbut want to try as that way it will give me ssome closure and I can move on

What is the best approach?

How long has it been on the market?

Why are the vendors moving?

If its been on for ages, and or is a distressed sale , ie one of the d's - death, debt or divorce, then you've got a pretty good chance as long as the estate agent emphasises your proceedability.

How long has it been on and how much work does it need?How does it compare to others locally and what do you think it would be worth if top spec interior/i have never paid more than 75% of asking ever It can be done

you have nothing to lose by offering what you can afford. I would think its extremely unlikely that you will get it for 20% off but why not try.

As the others say all dependent upon circumstances. You are in an incredibly strong position by having no chain and a mortgage ready.

For example my sister was in your situation and got an absolute steal on a house because it was 3 daughters selling their deceased Father's house and they just wanted rid of it. Although there were other offers on the house because my sister was effectively ready to go, she won (if that's the right term).

I had my house on the market last year, there were two people I would not sell to, one was the openely to my face or behind my back to the agent, critical nasty comments people, as they would wreck my rep locally after I moved, and as I was selling due to a "D" people tried it on with me trying to take advantage, due to it being a "D", all it did was make me think "You will never live in my home and use my bad circ's to gain you low life" and I would have given the house away to someone else for less as a matter of principle rather than let either of the above two types have a bargain or a *itch fest at my expense, that is just me though!

I would give one offer, according to your budget and state clearly that is your one and only offer. You are being honest but you may have to start looking elsewhere.

what scurryfunge said

I completely agree with stating very clearly and openly both your position and that it is your best and only offer.

We did this and thankfully our offer was accepted. We have now been in our house for 8 months.

We offered 20% under on a property in first week of November.

It was declined.

However EA phoned me first week of January to ask if we were still interested and our original offer was accepted - like you we are in rented with finance in place.

Oh and we made it very clear that it was our first and only offer as was top of our budget as the house needs significant amounts spending on it.

Good luck.

Thanks all. It has only been on the market for three weeks.

So does this change your advice?

Sorry not been around dc's been occupying me.

You've nothing to lose by offering what you can afford, if they turn you down, another house will come along.

Forster, you should just offer - you never know - but then don't set your heart on it or waste any time thinking about it - and keep on looking at other places. Just put it out there.

Make the offer and keep looking even if they say no at first, 6 months down the line when they've got snow on their details and it's summer they might snap your hand off.

we offered yesterday and as expected it was declined within fifteen minutes, but very sanguine about it as we expected it. Cannot afford me and tbh don't think I would pay more if I had it as don't feel it is worth more.
Thanks all