Opinions on offering on a house

[Icandoanything]

Any opinions on what to offer on following situation

This house has come up, it's the road I want and just within budget. Have been to see and am going back to see on Sat with parents and will probably make an offer.

I'm thinking of starting at 127500 with room to go up, £130000 being my max It's been on the market since start of Novemeber, VERY popular road, some investors interested and one other offer today (pretty sure from an investor and EA said it was too low). Met with the vendor who showed me round who said she would rather it go to a first time buyer. Houses on that road don't generally come up for sale very often and one earlier this year sold within about 6-8 weeks I recall.

Here's the house
www.rightmove.co.uk/property-for-sale/property-37550388.html?premiumA=true

What would you all start with? I don't mind going to 130k but at the same time don't want to start too low and go back with 3 offers to get to that amount cos then I'm worried I won't look like a serious buyer!

Well my comment would be that it's on for offers in excess of £130k, not "in the region of". The vendor wants to get between £130-135k. Whether someone else will offer that and whether the vendor will look more favourably on an offer from you, who can predict? How much have you been advised you can borrow?

The general consensus seems to be that OIEO seems to be the base line they would accept for the house but to still offer under it. That's what I've seen people commenting on the internet.

I've been advised I can borrow 114k with a 15% deposit but only have a £20000 for that.

Have you checked the road and house on Zoopla?

www.zoopla.co.uk/house-prices/leicester/marlow-road/

It looks like Zoopla reckons the houses are worth between 115k and 158k. At a glance a lot are estimated at around 135k.

Ah, I did not see that, thank you.

I wonder how accurate that is? As in how they do their valuations. As I said, previous houses on that road I'm pretty certain haven't sold for more that 125k recently.

Yeah that's kind of what I think as well Fuckitfay but it would be nice if I could get a couple of grand off, or even just one.

But at the same time, I'm rubbish at haggling or stuff like this, I'd rather just offer and know the answer straight.

My opinion is that when a buyer or EA markets a property at "Offers In Excess Of" they are inviting offers from people who are willing to pay in excess of their baseline figure. If they don't get it within a few weeks then they might adjust the price downwards.

Offer £130,001. Then you are in the running. You haven't committed to anything, it's just an offer. If you offer less than £130,000 they won't consider you.

if you would be prepared to pay 130 for it, I'd go in with 128 with a view to going up to 130. But I wouldn't want to offer too much below 130 because at the moment the vendor would prefer to sell to a ftb but if you offer too much below the asking price then she will think, forget that sentimental idea! and sell to the highest bidder. Of course.

I agree with Mintty on this - "offers in the region of" means you can probably go in below that figure. Look - if you like it and can afford it and don't think it is overpriced then make an offer of at least £130k.

How have you got on OP?

I'm not seeing the house again until Sat with my parents but I would imagine I'll offer about 12900 and go up to 131000. A lot of people seem to say just offer under for your first offer as most expect it to be cheeky!

Fingers crossed for the weekend then!

Thanks wowfudge, will let you know

I've offered 125k and it's been rejected but the EA said that they probably would take it off the market for 127k. Im leaving the 125 deal on table for now and possibly going to 127 on Monday if I haven't heard anything.

Going to be a loooooooong weekend!