Making an offer and next steps. Any advice?

[DareDevil223]

DP and I are searching for a house and have just seen a house that we have fallen for. Two bed semi, nice area, in lovely nick, everything we are looking for and under our budget. It's on at £215,000.

We are cash buyers so are in a good position but I haven't bought a house since the mid-90s with ex-h and I'm sure things have changed a lot since then!

Would £205,000 be an insulting first offer? Also how quickly should I instruct a conveyancing solicitor? Any words of wisdom from experienced buyers are welcome

I'm usually a well organised and sensible person but it's such a big thing to do I have the fear at the thought of getting it wrong.

Have you checked the other house prices in the area as well as recent sold prices? This will give you a clearer idea as to how much the house is worth. Having said that you could offer 205 and see what happens but be prepared to negotiate. You dont need to instruct a solicitor until you have an offer accepted but you would be wise to have one in mind as the estate agent will need their details as soon as an offer has been accepted. Good luck.

Thats more than 95% the asking price which is very reasonable. You can always negotiate up eventually.

I would sort a solicitor (a good one, ask friends for recommendations) first so you look serious. Takes no time at all. You’ll also want a survey which if you’re not getting a mortgage you’ll need to sort yourselves. If you’re successful in bidding the agent may need to see proof of funds. If they insist on seeing this before and see that you have more money than you’re bidding, tell them it’s not all for the house purchase.

How long has it been on the market? Do you have any sense how much interest there is? £205k isn’t insulting at all but if it’s only just come on the market and you saw a load of other people waiting to view then you might want to reconsider if it’s your dream home.

If you’re negotiating you want the first ‘jump’ to be the biggest otherwise they’ll see you as a money pit. So if you offer £205k and your max is £215k then go £205k, £211k, £213.5k, £215k.

Good luck!

Thanks all. I am going to call and get some more details from the EA, contact a solicitor that I have used for other things and that has a good rep for conveyancing and then consider an offer. It's quite exciting

Don't forget that the price that is listed is the "asking" price - ie what the seller would be super happy to get and accept immediately.

Of course, the seller is probably willing to accept a lower price than the asking. And that's where the negotiating comes in.

Your goal, of course, in this negotiation is to pay the lowest that the seller is willing to accept. How good would it be if you could get another £15k off the price and pay £200k? That £15k could get you a nice luxry German kitchen, a new bathroom AND garden perhaps!

15%, 20% lower would be insulting as an offer. But I think anything up to 10% lower is fair play, and the worst you'll get is a "No".

Search online for some negotiating tips for your house purchase, like this one: Negotiating Price on Your First Home