FTB house offer

[NoviceFTB]

Hi all ,

Just needed some advice, as you can tell by my username I'm a FTB. I am currently searching through rightmove and found a house that I am interested in. Its not my forever home but its a start to get me onto the property ladder.
The house is advertised as O.I.R.O £259,950. (I know the saying the house is only worth what someone is willing to offer.) But what would you initially offer as a starting point? would you be insulted if I offered say 10% less as an original offer. How is one supposed to know what the "region" the seller is looking for? could I just ask what the seller is willing to accept?

Do your research. Rightmove lists houses on the market in the local area, plus houses under offer and sold. You can also look at historic prices, but obviously the most recent transactions are the most relevant.
This, plus looking at several houses in person, will give you an idea what the house is worth. Then add in the X factor - how you personally react to any given house. Decide what's important and what you are willing to compromise on, and be open minded. A house you may reject online might have a completely different feel in person. Equally, you may think you need a large garden, for example, but discover you are willing to settle for a small one for a certain location or other attributes.
Offering 10% under is fine, especially if it has been on the market for a while. Be prepared to negotiate.
Be sure you have your deposit and mortgage in principle - that will indicate you are serious and can move quickly.

All depends on how active is the market there, how popular the exact location. In a popular area (but as it's not 'offers over') you need to be just under the asking at least (250 min I would say) - unless it's been on the market a long while, 10% off is way too much! If it's a very good location then expect bidding, but you could always go up.

OIRO implies the would only consider a very small discount, if at all.
I'm eslling and the agennt advised 'offers over' - people still offer less, so of course you can make an offer, but not far off.

It honestly depends on how long it's been on the market for. If it's been on for 3 months or more at that price then it is likely to be over priced so you could offer maybe £240,000 or something and see where that gets you.

But if it's only just come on to the market, you never know it could be on at a very fair price and get snapped up. Or it might be so sought after it sells for above asking price.

Really try if you can to find out about recent sold prices of very similar properties. Zoopla is helpful for this.