Another "what would you offer?" thread - beginner needs advice

[PerkinWarbeck]

so, we are sick of rented accommodation and looking to buy. our last flat was a new build and so we are not very practised at knowing what questions to ask. we've been looking around a few properties, and have now reached the stage where we're thinking about what to view again. Top of the list is here - what would be a sensible offer in this market?

Hi,
I think it depends on what part of the country you are buying in and what the asking price is.

For instance we are in North Yorkshire and prices have dropped about 10 to 15 % in the last 18 months and now we have to sell the house we bought 18 months ago for maybe less than we paid. ( boo! :-C)

You are in a strong position as you have nothing to sell. the estate agents should be able to give you an idea how many % under the asking price people are taking. In this market you could make a cheeky offer ( below Estate agents suggestion) and see what they come back with. Also check the land registry selling prices for other sales in the area you are looking at.

Good Luck.

Claire

Find out how long it has been on the market, how much houses are selling for in the locality, the drops in prices locally (www.propertysnake.co.uk). Make an appointment to view a second time, but don't offer (unless you love it and think there is someone else biting at your heels) for at least a fortnight then go in low. As I don't know local market, can't tell you how low but at a guess £120ish.

Find out how long it has been on the market, how much houses are selling for in the locality, the drops in prices locally (www.propertysnake.co.uk). Make an appointment to view a second time, but don't offer (unless you love it and think there is someone else biting at your heels) for at least a fortnight then go in low. As I don't know local market, can't tell you how low but at a guess £120ish.

Definately go in really low. £120 sounds about right to me. Can you afford the asking price? If not then don't get too attached if you can help it! They may not be desperate to sell and it looks in excellent condition.

We have always gone in at 5% below asking price as a minimum and then made further offers of £500 - £1000 extra at a time. We always got something off, this house about £5K cheaper that was at the peak of the market but they needed to sell. Don't be embarrassed to negotiate, you don't know them and probably won't see them again after viewings so go for it

thanks all

we can't afford the asking price, but can afford about 12-15% below that. we found out that the bloke has a job offer elsewhere in the country, so might accept an offer, but the agent was VERY cagey about what sort of offer. oddly, there aren't many similar houses in this area (either little terraces or horrid footballer mansions), so I haven't been able to get an idea of what similar properties are going for.

I'd probably start at 20% below asking price, particularly as you are in rented and therefore able to move quickly.

The kitchen looks small in the photo. Is it? Would you need to extend? How much would it cost to do so?

In general, the house looks very well maintained. When did they buy? Can you check what they paid for it?

I would open at £105k and take it from there.

critter, apparently they bought 10 years ago. So I'm hoping they can afford to take a hit.

the kitchen is indeed microscopic. we would hope to knock through to dining room eventually.

£105??? would I not get chased out of town.

that's a genuine question actually. If I make a really low offer is there not more chance we won't be taken seriously when it comes to making our best offer?

I'm not really cut out for this....

Judging by the condition of the house (in the photos), I'd guess that they've put a fair bit of money into doing it up. Which might indicate that they've remortgaged to do so (so the price they'll be trying to achieve might be higher than their initial purchase price - even though that's not really your problem!). I'd definitely start low and work up slowly. Remember that the economic news is getting worse and worse and you are in an ideal position to get them out of their house and mortgage fast, as you are in rented accommodation!

You are a dream buyer for them. As CJ says start low, you can always work upwards. I would try £105 as a starter.