Another how much to offer thread - please help!

[boffin9207]

DP and I have seen a house and want to make an offer.

House is in SE (London commuter line but outside London) and close to station but no parking as terraced property. In good condition - sellers did the property up and it is how we would do it.

Guide price is £410k. A similar neighbouring property sold for £390k Just over a year ago and one further down £400k around 6 months ago.

Property was initially on at £420k, had a sale which fell through (EA has given a full explanation to us as to why) and now has a reduced price. We are keen to move quickly as in rented and the sellers are also.

Is an offer of £400k on the basis FTB, AIP is in place and can move quickly so long as legal side of things is straight forward fair? I had initially thought perhaps we should go in at £390k or £395k and then go up to £400k but after talking to DP about this is just a long winded way of getting to the same result?

We were selling a house with similar figures.

I would start at 395 as they are not likely to accept your first offer- everyone knows there is usually something left in the pot.

If they decline, and don't come back with a counter offer, you could them meet half way between 395 and 410 at 402,500. It is more likely they will come back and ask for 405, at which point you offer 400.

I think if you start at 400 you are more likely to get pushed up to 405.

Unfortunately it does seem to be a case of playing the game. Kirsty and Phil have a lot to answer for!

Yep I’d start 395k too point out you’re ready to move and have everything in place - good luck op

Thank you! DP is adamant about going in at£400k because they will say no but then he isn’t the one calling the EA.

We made an offer previously on another property that was accepted. Our first too although that has since fallen through.

He’s also worrried about being gazumped (I think is the right word) because this property is much better condition wise than others that we have seen and would probably go quickly and we don’t know if there are any other viewings as the EA that took us round didn’t seem to know anything.

I would go in a 395 if they had a sale in principal already chances are they will of found somewhere they want to go so may take it, if they say no then increase to 400

Thanks. That was my thinking also.

I will be calling EA this morning. DP asleep. Is it wrong for me to go in at £395k even though he thinks we should start at £400k?

Have you asked the EA what the offer they accepted was?

@yolo - no, I didn’t but I wish I had!

They’ve done a lot of work the property and £400k is a fair price for it in our opinion. They also have somewhere else to buy lined up and we can move quickly.

Maybe chat with the EA. Say you would like to offer 390 and ask how it compares to the offer they previously accepted. When I offered on our purchase I asked the EA about how it was likely to be recieved. We offered 320, was told the owner had previously accepted 340 and had rejected 328. So we offered 325, they refused and we settled on 330.

I'm not suggesting you actually offer 390, just say it to sound out the EA. They will probably push you up a bit.

What happened @boffin9207?

Thank you for all of your responses. I called up the EA and they said that they were only doing viewings today and I wouldn’t be able to speak to anyone about an offer. I was a bit but we decided to email at 400 on the basis that we can move quickly and if someone saw it this weekend and wanted to make an offer they would probably email too if full time staff aren’t around. Fingers crossed!

How exciting! Keeping My fingers crossed for you.
I've just found what I think is thé house. On at 450k guide. Ticks all the boxes. I think it may go to closed bids in which case I won't be able to compete 😦. They are not yet accepting bids either. It seems to be the in thing atm.???