How to offer on this property?

[hayleyberry24]

Hi all,

We have seen a property asking for offers around 140000. It is basically a 3 bed semi detached, with a driveway and corner plot. We are FTB with a 10% deposit and agreement in principle.
The property is not that well maintained, a bit of cosmetic wear and garden unmaintained.
Its looks like it will need alot of TLC but the overall property is nice and alot of potential and perfect location for us.
The only issue is not alot of houses have sold in recent times near it so we do not know how to get the idea of a value for it, and how to proceed to offer.
We had a viewing and we were the 8th viewer that day, due to make an offer tomorrow. We realise the market is currently moving really fast and just want to know how to calculate our offer.
If we offer like upto 150,000 and the valuation comes back alot lower we will be the ones to foot the difference, if negotiation with sellers do not happen. It all depends on the offer even being accepted which is so hard to do at the moment.
Either way, our plans to buy are either dampened by not going over what we can afford or someone who will have the money to pay extra.
Increasing our desposit is not something that can happen easily.
So just a handhold to maybe succeeding and inching towards finally getting on the property ladder.
What is the offers around region the seller may accept?
Any advice?

Thankyou

It’s very hard to answer that question because every area is different. What you say about a fast moving market and 8 viewings in a day for example - most places are not like that at the moment as the property market is sluggish in most regions.

What you have to do is learn to understand your own local market, which it seems you do to an extent but random people on Mumsnet won’t.

People will be telling you to offer way under the asking price but if your area is that hot then low offers are unlikely to get accepted. I would probably offer 140k in the hope of getting the offer accepted. If it were overpriced at 140k then there would not be a queue of people wanting to view it asap. But again, you are going to know your local market much better than me.

Yes you are correct.

We are in the North and our market is extremely fast and properties have about 5-6 people bidding at a time. However, this is the first we have viewed which requires a bit of work.
As FTB its so hard to remember to factor in all the points and base it on that. Hard to tell how much to start from and also consider later stages of valuation from lenders etc.

I would look at other 3beds nearby
Look at their size and work out the £/m2

So a 100m2 property @£200,000 = £2000/m2

Once you’ve found an average consider the condition that those properties are in.
A newly refurbished will have a higher £/m2 ( depending whether they are looking for a quick sale of course )
Something in need of some TLL will, or should, be on for a lower £/m2.

You could even look at 2beds and four beds ( although the £/m2 tends to reduce as the size increases. However if there are 2beds and four beds up for sale ( or recently sold ) then you could just get the average between the two as a guildeline.

When you offer make sure you push that you are a first time buyer, having no property to sell is a big plus but also putt on their heartstrings that it is a lovely home and you would like to make it your first family home etc.