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Thread: Making offer on house

  1. #1
    Join Date
    Jun 2008
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    1,086

    Default Making offer on house

    Hi All, I've been very quiet on here lately, sometimes not visited in a week!!!
    We've just sold our house and have finally found something we like. A little out the price range we were hoping for but still should be affordable. My only concern is at the end of the garden is a main road, you can't see it but you can hear it but only when you are in the garden and not in the house. But the house is lovely and in a good area so I think I can put up with the road. We are going back for a second viewing and I think we should be making an offer.
    I'm wondering what would people think is reasonable price to go in at. % lower than asking price, don't want to insult them, but don't want to go in too high and pay over the odds.

    Anything anyone can think of that I should looks for, check or ask on 2nd viewing would be helpful too. Going for viewing on Friday hopefully so any ideas before then would be great.
    Must take phone to bed, must take phone to bed, must take phone to bed......

  2. #2

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    Depends on so many variables how long on market, viewing numbers, interest, sellers position etc.

  3. #3
    Join Date
    Apr 2007
    Posts
    15,323

    Default

    I agree it's very hard to give a one size fits all answer. For example, when we bought ours nearly 4 years ago, we knew it was in a desirable area and had had lots of viewings. It needed a LOT of work but was liveable and had all facilities. We went in around 3% lower but after two offers (and I was close to walking away!) we settled for barely 1% off. We've spent a lot on it but we would make 30-40k pre sale fees if we sold now.

    We are a big fan of the TV property shows and they show there is no formula really for offers. Some go in very low (5% or more) based on their budget and price of similar houses in the area. Obviously though it's pointless offering way under a fair price just because your budget doesn't stretch to it! But if your sellers are looking at their dream property and want to move quick, that can make a difference.

    A few things to look at:

    Sockets and switches - does it need work or rewiring

    How old and what make is the boiler, has it been serviced?

    Kitchen and bathroom condition and suitability

    Windows - double glazed?

    Loft - insulation and boarding

    Point work on bricks

    State of roof

    The street - always worth engaging a neighbour in conversation if you can.

    State of carpets, decoration generally

    Some of those aren't necessarily deal breakers and may not be tools for negotiation, but give you a better idea of what you will need to spend to get it right for you.
    Those who think they know it all are very annoying to those of us who actually do.

  4. #4

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    Quote Originally Posted by Dominic View Post
    I agree it's very hard to give a one size fits all answer. For example, when we bought ours nearly 4 years ago, we knew it was in a desirable area and had had lots of viewings. It needed a LOT of work but was liveable and had all facilities. We went in around 3% lower but after two offers (and I was close to walking away!) we settled for barely 1% off. We've spent a lot on it but we would make 30-40k pre sale fees if we sold now.

    We are a big fan of the TV property shows and they show there is no formula really for offers. Some go in very low (5% or more) based on their budget and price of similar houses in the area. Obviously though it's pointless offering way under a fair price just because your budget doesn't stretch to it! But if your sellers are looking at their dream property and want to move quick, that can make a difference.

    A few things to look at:

    Sockets and switches - does it need work or rewiring

    How old and what make is the boiler, has it been serviced?

    Kitchen and bathroom condition and suitability

    Windows - double glazed?

    Loft - insulation and boarding

    Point work on bricks

    State of roof

    The street - always worth engaging a neighbour in conversation if you can.

    State of carpets, decoration generally

    Some of those aren't necessarily deal breakers and may not be tools for negotiation, but give you a better idea of what you will need to spend to get it right for you.
    Good advice. My boss just bought a house and paid a lot more than the asking price as it went to sealed bids! That seems normal now with homes in such high demand and low stock round here.

  5. #5

    Default

    Its a minefield for sure as everyone says , with no formula - house buying/selling can be surprisingly emotional and unscientific.

    First of all decide how much you want it and how much you are actually prepared to pay if you have to after doing all your research on the state of the property and likely expenses. If its to be your home for a while 1k or 2k either side should NOT be a deal breaker. Its easy to get hung up on the last thousand and lose out.

    Then research the market - what has sold nearby, what for and how long has this been for sale as well as buyers circumstances.

    Sound the agent out regarding the buyer and attitude to offers - they can be surprisingly helpful.

    Put yourself in the best position ahead of a serious offer - agreed sale, new mortgage lined up, ability to move quickly or slowly depending whats required and don't look like a cheapskate ditherer whatever you do lol.

    In the past we have paid full asking AND got over 10% off the current one - it really does vary. We have always sold over our asking price though - not sure how we managed that !
    Still Waiting

  6. #6
    Join Date
    Sep 2006
    Posts
    1,123

    Default

    Quote Originally Posted by DaisyChain View Post
    Sound the agent out regarding the buyer and attitude to offers - they can be surprisingly helpful.
    I think this is good advice. Although the agent works for the buyer they only get paid when the property sells so they have something of a vested interest. When we bought a house 14 years ago an agent suggested making an offer on a particular property that was above our price range. It worked, the offer was accepted.

    The agent knew the property was being sold following the death of the parent and the offspring were very keen to get hold of the money. We never knew the details but clearly he did and guessed the offspring would go for a lower offer. There had been two previous buyers but on both occasions the deal had fallen through.

  7. #7

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    Def check zoopla for the first listing date, if more than a couple of months ago the sellers are more than likely open to offers. If sales previously have also fallen through then i would say this is a good time to test the water with an offer as i would be just wanting to move on swiftly.

    Depends on the demographics of the area, employment, average wage in that area, desirability etc, all these factors can determine how much an offer will be accepted or you could get like we did sellers who know what they want and will not budge and just wait for the right offer to come in.

    Agents can be sneeky, we bought a house which needed doing up, agent said he thought 20k to refurb, when i offered 20k under the asking price i was met with oh, no i wont even put that forward to the vendor?

    Good luck.

  8. #8
    Join Date
    Apr 2007
    Posts
    15,323

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    Just because a house needs x spending on it doesn't mean an offer of asking price minus x is fair! Much of that could be priced in already.
    Those who think they know it all are very annoying to those of us who actually do.

  9. #9
    Join Date
    Jun 2008
    Posts
    1,086

    Default

    Thanks all, definitely some good advice. So tricky and such a big decision!
    Must take phone to bed, must take phone to bed, must take phone to bed......

  10. #10

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    Quote Originally Posted by whisky View Post
    Agents can be sneeky, we bought a house which needed doing up, agent said he thought 20k to refurb, when i offered 20k under the asking price i was met with oh, no i wont even put that forward to the vendor?

    Good luck.
    Estate agents are legally obliged to pass on any offer of purchase to the vendor no matter what their subjective feelings are about the amount of the offer.
    arniep as others have suggested ask the estate agent about circumstances of the vendors ( have they found somewhere etc) and definitely check how long it's been on the market.
    I don't think an offer of 10% under the asking price is unreasonable . I've recently bought a new house and we initially went in at just under 10% under the asking price - we eventually agreed on 5%. Like you we were in a good position and used this to our advantage .Im not sure why people get so worried about making offers - if the buyer doesn't want to accept they won't. When our last house was for sale we had one offer ( that the estate agent HAD to put to us) that was almost 25% less than the asking price ( needless to day we declined )!
    Good luck

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