Making an offer

[RookieMonster]

Found a house today that is 10k above budget. It is currently empty - was a let - and the EA told me the vendor may be flexible as there hasn't been much interest. He also said the vendor isn't desperate to sell and will likely let it out again if it doesn't sell. Eh?

If you were me, would you offer 10k less on the off chance even if it's the top of your budget?

We are ftb with a mortgage in principle. The house is a massive 5 bed with tall ceilings, a drive and decent garden. Aahh.

Offer 12k less then up your offer by another 2k if he refuses... I don't think any vendor takes the first offer they are given.

It's impossible to guess what the vendor might do, particularly as you haven't indicated what proprtion of the asking price the £10k is.

If the house is massive and at the top of your budget, will you be able to do what you'd like to with it?

Have you got any leeway in case your mortgage in principle turns out to be reduced upon full application- it does happen.

I'd offer less than the £10k under to give yourselves room for negotiation as long as it doesn't represent a massive proportion the price.

Fair enough Bear - 10k is about 7% of asking price, so offering 10% below probably wouldn't be unreasonable. The house is in good condition throughout from what I can see, probably just some redecorating in the short term and someday an updated kitchen.

I need to speak to my broker about the possibility of the mortgage being reduced upon full application. Hrm.

Just be honest with the agent. Tell them you only have this amount, you're a FTB and you love the house.

Believe me all he wants is the commission so he will try to persuade the seller to take the offer.