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Property/DIY

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Original poster

Advice on making an offer

13 replies

Mollieben · 02/10/2017 20:27

Hi we have just sold our house and want to make an offer on a house we love very much. It's up for £250000 but we have viewed houses with more living space up for less but we really love this one. It's been on the market for almost a year. What would be your starting offer?? I have a figure in mind but wonder if it is too 'cheeky'! TIA x

OP posts:

wowfudge · 02/10/2017 20:37

What do you think it is worth? Have you sounded out the EA as to whether they have had any offers?

OlennasWimple · 02/10/2017 20:38

They say that if you aren't embarrassed by your opening offer, you are going in too high... But having said that, it depends whether you want to barter hard and risk losing the house, or if the most important thing to you is to get the house

Original poster

Mollieben · 02/10/2017 20:39

No other offers - I actually know the vendors and they haven't had much interest. My top price would be £245000 - would rather pay less tho!

OP posts:

nightshade · 02/10/2017 20:47

I'd be starting at £210,000.

Original poster

Mollieben · 02/10/2017 20:53

Really nightshade? Hmm I hadn't thought about starting that low but it would give us more negotiating space

OP posts:

nightshade · 02/10/2017 22:05

You have to be cheeky...especially if it's been on the market a while...ours was on at 230 a few years ago...offered 200...got it for 215.

We offered a lot less on a few other houses we were interested in as we were in a good position and they had all been on the market for a couple of years. ..people can only say no...

JoJoSM2 · 02/10/2017 22:05

If it's been on the market for ages and is smaller than cheaper houses then it's clearly overpriced. I'd go in quite a lot lower - a bit under its actual value to have a bit room for negotiation.

Original poster

Mollieben · 03/10/2017 17:06

Thanks all. If our first offer is refused, and I suspect it will be, how do you proceed? In 5000's or less? X

OP posts:

BarchesterFlowers · 03/10/2017 17:28

We recently offered £400 for something that had been on the market for two years - was on at £425. Seller refused, we settled at £410.

Dropped offer to £400 after a full survey and the seller is in denial so we have walked away (have spent £2k on fees, probably a bit more ).

JoJoSM2 · 03/10/2017 17:48

That's another thing - if someone's house is overpriced and on the market for ages, it's often because they are deluded/not ready to sell and move on.

BarchesterFlowers · 03/10/2017 17:58

Deluded is it. Completely deluded, next time I won’t steam ahead with valuation and searches etc before my full survey has been returned.

Longer is potentially cheaper - never aborted a purchase before and it is our sixth property!

nightshade · 03/10/2017 19:23

I would go 210...215 and if it's still turned down ask exactly what they're looking...gauge your next offer on that...

Florence16 · 03/10/2017 20:35

Depends hugely on the house, how long has it been up, what's the area like for property movement etc.

Our current one was up for 315k. We offered 300, they laughed. We said 305, they said no, and counter offered 310. We said no. A week later there had been no more conversation so DH rang the EA and played the 'my wife just thinks 310 is too much...do you think there is any wiggle room between 305 and 310? I reckon I can persuade her up a bit more...' and they accepted 308.

Conversely, our place was up for 260. Someone offered 253k and wanted us out within 6 weeks. We laughed. They then offered full asking price and said she'd wait for us. Our house was in an area which has shot up in value and if someone offered us below 250 at any point their card would have been marked. We had no issue with loads of viewings though and sold at asking price within 3 days. What we bought had been up a month with no offers and limited viewings.

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