Buying a house offer

[Owlgirl14]

We are due to see a 4 bed property at the weekend on the market for £375,000. Only been on the market for a few days.

£375k is over our budget but I know a lot sell for less. It is in a lovely area, near the local school and would only need some modernising in some of the rooms.

What would we likely get it for and what would a good starting offer be? We have accepted an offer on our house to first time buyers so hoping this helps our position.

How far over your budget is it?

If it’s only been on a few days I don’t think they’d be entertaining much of the asking price yet

Thinking 350k but if we liked it we could go up to 360k

It's only just gone on, near a school, lovely area, doesn't need work. So, all positives, no negatives.
Why would they sell for £350? What are the comps like? I think you'll just have to go in with your best and see what they say, but unless they are in a super hurry I'd expect a no.

I doubt you're in contention if you can't get close to £375k. The market has picked up now, and many properties are going for asking again within a week or two. But it depends on the person selling and their reasons. Just offer what you can afford (ie £360k, which is just over 3% less so quite a dip but possible if they're desperate for a quick sale). If they're not desperate, you're just setting a benchmark for higher offers. I'd not build your hopes up!

You can put your offer in and then it's done?
I wouldn't think they would be taking offers so early on.
I bought my house at full marketed price because I was the first to view and they wouldn't take it off the market for less.
I wanted the house, there was no chain and I was fed up of looking so I paid up.
If it had been on a couple of months I might have been able to knock them down a bit, but I couldn't risk losing it.

They’re not going to accept an offer £15-25k under asking when it’s only been on the market for a few days. In 6-8 weeks time, if it hasn’t sold, that’s when they’ll entertain such a low offer.

£370k at the lowest this week.

As you can’t afford that, your best strategy is to view, don’t put an offer in yet, keep looking at other properties, then if it’s still on the market in 6 weeks’ time, give it a go.

It's only just gone on, near a school, lovely area, doesn't need work. So, all positives, no negatives.
Why would they sell for £350?

This.

360 is a decent offer but they might not accept it yet. I'm looking myself and the agent had says it's a buyers market. It also depends on what's going on in your area at the moment.

Don't forget spring is a good time for new properties coming on to the market - usually. If this doesn't work out, something else will be along soon.

Starting at 350k is a good number to get yourself involved in the process. You will be given the option to increase your bid if someone else offers more. It's definitely close enough to asking to not put the sellers nose out of joint or be offensive.

If the agent asks you if this is your highest offer you say " I'm not completely sure, that's the price I'd be happy with but please give me the option to reconsider if you get a better offer"

Ignore half of the pp. None of them, or me, know what the vendor would accept. They may bite your hand off - especially if they know it's over-priced.

I agree with @XVGN

My house went on the market a few days ago and I would accept that price as I have found somewhere I want to move to.
You have to be in it to win it!
For all you know you may be the only person who puts an offer in.

Update - we have viewed the house and left an offer on the table of £365k as they are wanting the asking price.

I know this is old but did your offer get accepted?