What offer strategy would you use on a £195k house?

[Charlmar]

We’re viewing a house today that’s up for £195k. It needs updating, but we really like the size, location and potential.
We’re trying to work out our offer strategy. Because it’s £195k, I’m conscious there could be quite a few first-time buyers interested. However, we’ve already sold our house subject to contract and our buyer is renting, so there’s no chain below us. We can also get a mortgage in principle immediately.
If you were in our position, what would you do?

• Offer asking price (£195k)?
• Offer £200k straight away to try and secure it?
• Keep some money back and only go to £205k if it goes to best and final offers?

Would sellers generally prefer £200k from us over £195k from a first-time buyer, or does being chain-free as a first-time buyer usually outweigh an extra £5k? Interested to hear what others would do!

I'd start at about £193K and see where it takes you, they might be willing, or if not you can fairly quickly increase.

No one can advise you without knowing the house, the area and your personal circumstances.
How much do you think the house is worth compared to those that are currently selling? What is the market like in your area? Are homes in this price bracket selling well? How many suitable properties are coming to market? What can you comfortably afford? How secure are your jobs?

I wouldn’t offer lower if you really want the house.

I’d ask the estate agent if there’s been a lot of interest shown on the property - unless there was a huge interest I’d go in with £195. You’re in a good position to proceed, so obviously mention this when offering.

Offer asking price. Dont go above unless it goes to best offers. You don’t want them to think they should have put the price up and they may be perfectly happy to shake on 195.

Difficult without knowing the area and your market. But in best case I'd tell the EA my circumstances and say you'll offer their asking price as long as it comes off the market now with no more viewings.

If you really want it and given your situation, I'd go in at £195 on the basis they take it off the market.

If you're willing to go up to 205 then I'd just offer asking price. You never want to start with you best offer and the estate agent should give you chance to put in a higher offer if someone puts in one higher than you.

I'd offer 190k and make sure buyers know youre in a really good position. Know what youre prepared to negotiate up to and stick with it. Good luck!

I think the answer is entirely dependent on what the market is like where you live and how realistic the asking price is.

I think we need the link or atleast more info

I can’t really see the point in quibbling over £2k (~1% of the asking price), if you really want the property.

Impossible to know. How long has it been on the market? What else is available at this price? What work needs doing? Is it empty? Are the sellers motivated? What kind of work? Plus a whole load of other questions.

My son just had an offer of £160k accepted on a house that was originally on for £195k.

Share the link for a better idea.