What would you offer?

[Julesnobrain]

Hi I am hoping the wisdom of Mumsnet can help. We are buying a 2 bed flat down the road for my stepson to live in and rent out a room. Stepson is 19, not working or at college so we are using DH pension fund to pay for this as EX wife wants stepson out of house.. long story. My question is we have found 3 flats very similar all of which we would be happy to buy. This is going to be a tight squeeze financially so I want to pay as little as possible. Given we have no chain, can move quickly, mortgage already agreed. what % from the asking price would you start at? Is it reasonable to start lower than the asking price?

start at 15%. they can only say no.

I think it really depends on where you live. Around where I am, places are selling (if they're priced fairly) around asking price or 2-3% below. If you offered 15% less, I would think you were utterly clueless about the market.

Have a look on Zoopla and see what similar properties are going for. Then that will give you a better idea of what's a sensible offer to go in with that will make the vendor think you are actually serious

Definitely depends where you are, if there is an upward chain and how long they have been on the market.
I am in Notts and the 3 properties we have bought this year we have got between 9 and 11% under asking price.
Can you play off any against the others or are they all same estate agent? The agents should give you an idea of who is open to offers and who isn't. You are ideal buyers at least!

If there are three similar flats on the market one of them will be looking for a quick sell to an ideal buyer like you.

Like HerHonesty says - start at 15% under and work upwards. You WANT them to say no to the first offer - if they say yes it means they might have accepted even less!

When they say no go to one of the other three and offer them 15% below, and then the third. You will get a feel from the agents which sellers are most likely to accept a low offer and then can offer up. Make the next rise a biggish one (say up to 10% below asking price, unless the agent hints they might accept lower than that) then after that work up in tiny amounts and ask them to include stuff like the washing machine or whatever.

Be tough. This is business and money - not the purchase of your ideal ever-after cottage.

I know this is going off the point a bit but are you sure this is the right thing to do? If your stepson's mother doesn't want him in her house, would it not be better to find a flat/room which he can rent and you contribute towards that? I'd be wary of letting a 19yo have his own place.

lala valid concern but stepson has been v pampered and DH feels he won't be able to cope in anonymous rental flat where as if its owned by us we can get access and monitor him and hopefully help him get a job. Ie we can gradually help him get his wings without a shock to the system.... Personally I think he's very lucky. In my family it was go to uni or move out and support yourself. Never did me any harm, DH totally opposed to that view.. Kids today are clearly more delicate