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Original poster

what would you offer?

15 replies

charlieandlola · 13/04/2011 19:17

house been on the market for just over a week? others on the same road have all sold pretty quickly ( ie within a month, apart from one which is horribly overvalued and been on for nearly 9 months) Good school catchment/bus route/village etc.
marketed as OIRO £300,000.
We are chain free and in rented, mortgage decision in principle, so pretty sorted

Thanks

OP posts:
Grumpla · 13/04/2011 20:03

Depends how much you want it!

I'd offer no more than £265,000 and make sure the agent talks up your fast buyer status.

Original poster
charlieandlola · 13/04/2011 20:10

well, that is it. We do want it, but dammned if we are going to pay asking price given our chain free status. Just wanted to take soundings as to how low we should go, given how little time it has spent on the market.

OP posts:
ongakgak · 13/04/2011 20:16

be careful of mortgage agreed in principle, as mortgage offers change ALL THE TIME and I found this out to my peril when I went to make an offer. The bank had changed its criteria which we no longer fitted and boom, no mortgage.

What did the other houses go for?

Original poster
charlieandlola · 13/04/2011 20:28

Yes I know criteria change but i figure as we are approx 80% LTV and can rustle up a bit more if absolutely needed, we should be ok even in crap lending conditions

OP posts:
libelulle · 13/04/2011 20:28

Depends on where in the country you are, and how much you want the house! Round here, offering 265 for a 300k house after a week on the market, as suggested above, would get you laughed out of the estate agents. Find out what local sold prices have been recently and offer what you think is a fair value for the house in question. When we were selling our house, several people who made us offers were chain-free, and in the end we sold to the person who mucked us about the least. The person who started making a silly offer then gradually and reluctantly upped it to asking price just made us think they were playing games with us, and we told them to get lost:)

But the local market is all!

ongakgak · 13/04/2011 20:33

I think you need to find out what the other houses went for, there is a website that you can check, but it escapes me at the moment!

If I loved it, and wanted it, I would go in £268,000 and gauge reaction.

BehindLockNumberNine · 13/04/2011 20:35

www.houseprices.co.uk allows you to check the prices others in the road have sold for.

To be honest, round here, that would be considered a laughably low offer regardless of your fast mover status.

But it is worth a try.

GnomeDePlume · 13/04/2011 20:39

Offer whatever you like, the estate agent is obliged to pass it on I believe. The estate agent may not know exactly how desperate the vendor is. Also the price difference makes little difference to the estate agent's fees. They will be more interested in making the sale than in dragging out the last 10p from you.

myron · 13/04/2011 21:09

Make the offer, they can only say no (and probably will) but then you can haggle up. If houses in the area sell quickly then the chances are you won't be the only ones waiting to pounce. We are in rented too and made an offer for 5% under the asking price and didn't get the house. Another no chain buyer made a higher offer and beat us to us - house needed complete renovation cosmetically at least but it was in a prime location. It was on the market for less than a week! We refused to pay asking price too and a small part of me wonders whether we made the right decision since houses on that particular road don't come on the market for sale that often.

moomiemoo · 13/04/2011 21:42

As others have said, it depends on your local market. In the city we've just bought in houses are still selling quickly at very close to asking price. In the town we sold in (in Oct 2010) the estate agent we sold with told us we'd get around 10% less if we put it on right now because there has been an increase in supply.

If you want the house and can afford to - pay what it's worth to you. You have to live in it and the right house for you in the right area for you perhaps has an added value that no-one else can calculate.

Original poster
charlieandlola · 13/04/2011 22:41

Thanks all . 265 is too low realistically. We can afford asking price so won't lose it.

OP posts:
libelulle · 13/04/2011 23:01

Not to be the voice of doom, but if it is a desirable house in a desirable area, then you might not be the only chain-free buyer who can afford asking price, and there might even be cash buyers out there.

So do bear in mind the need to be seen as an honorable and straightforward buyer. Though money talks, people do also want to sell their house to someone they think they can trust. In particular, if you make a significantly below-asking-price offer and it is refused, don't then offer a piddling grand or so more. That is a surefire way to annoy the seller!

Gonzo33 · 14/04/2011 11:48

I agree with what everyone says - it does depend on the location! In the area where my house is property is selling for around 11% less than the asking price. However in others they are still going around asking price.

Gonzo33 · 14/04/2011 11:49

Clicked send before I put Good Luck!

Asinine · 14/04/2011 11:53

£285 sounds like a reasonable offer to me

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