What offer would you make?

[dilemma456]

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How long has it been on the market?
Is there an upward chain?
If so, do they have a property in mind?
Is the end of the chain anywhere in sight?
Have you checked the price on website such as this ?
How much can you afford?

The answer to these questions should help you decide.

The fact you are not in a chain is a very good thing and may mean you get a lower price for the property in question than someone in a chain, as you present a secure prospect for the buyer, and shouldn't hold up the proceedings.

Generally, it is wise to offer at least 10 percent less than the asking price, although when we've attempted this in the past the offer has never been accepted. You must haggle as best as you can - in this current climate it's a buyers market anyway.

Good luck...

Do you have your finances in place? Have you checked to see what neighbouring houses have sold for?

If I had my finances in place, and good to go, and I really, really intend to stay in the house, I'd make a cheeky offer of £125,000 and go from there. But I'd want to be sure that this is the house I'd be staying in for a while.

Are you sure you want to buy now?

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Get Property Bee for Firefox (web browser) - will show you the price history for that property (or may do if anyone else using Property Bee has ever looked at it).

There is a Which? guide to buying a house - not sure of the exact title - you could get it from Amazon. It may not talk about HIPs if it's not a very very new edition (it does get updated regularly) but still gives you a lot of info. Well worth buying if you're a complete novice to the whole thing.

Work out what 40% off the 2007 price would be, if you can find a 2007 price for a similar house in that road, and offer about there, if you want to be really cheeky - but some are saying that's what the overall price drops could be so it's not totally cheeky. You'd probably end up having to come up from there, but don't start too high as the buyer will probably still expect you to come up in price regardless of where you start.

Yes, you can make an offer and arrange for a survey afterwards (offers are usually "subject to survey") and that can mean that you adjust that offer. Until you exchange contracts, you can alter your offer at any time - although once the conveyance has progressed some way, this is a bit iffy and known as gazundering. Likewise, the seller can demand more money up to exchange (unlikely at the moment) or just decide not to sell.

Loads of books on buying houses available but most important thing at the moment is that you have your finances in place and a decent solicitor who can work through the conveyance fast before vendor has a chance to change mind if you do make a low offer and it is accepted.