Making an offer on a house

[missdiane]

texasjohn said:

^ good call.

BTW, OP, this has been on the market for a while (we've been looking for ages) and you might snap it up for 160ish:

http://www.rightmove.co.uk/property-for-sale/prope...

Cor! that's my kinda house

old, but new

Edited by missdiane on Saturday 7th February 20:37

[Hammer67]

Last house I bought, my offers went up in stages of £50 until the vendor got pissed off and accepted £7k less than my ceiling. Etiquette? nonsense, dog eat dog.

[Jasandjules]

Hammer67 said:

Last house I bought, my offers went up in stages of £50 until the vendor got pissed off and accepted £7k less than my ceiling. Etiquette? nonsense, dog eat dog.

Yep, we asked what would they accept on this current house, and was told to make an offer. So I did. It was rejected. So each day I increased the offer by 1k until the vendor told us what he would accept. It was a price I liked, so we bought it........... Had he just told us what price he would have accepted in the first place we would have saved ourselves a few weeks of waiting.... Still got it for 30k less than the asking price, in a rising market.

[texasjohn]

Oh, and another thing Matt...

If you are an FTB or have nothing to sell in order to proceed, make this very clear!!

This is why I am looking at no upward chain properties, my offers might seem cheeky but they are also caveated with "subject to completion within 8 weeks" which will certainly tempt a seller.

If you can offer a quick purchase then point it out because it may clinch a deal at a few thousand less than the seller was prepared to go.

[Hammer67]

texasjohn said:

Oh, and another thing Matt...

If you are an FTB or have nothing to sell in order to proceed, make this very clear!!

This is why I am looking at no upward chain properties, my offers might seem cheeky but they are also caveated with "subject to completion within 8 weeks" which will certainly tempt a seller.

If you can offer a quick purchase then point it out because it may clinch a deal at a few thousand less than the seller was prepared to go.

Sorry I just don`t get this stuff about "cheeky" or derisory offers. If you are selling something and someone offers to buy it at a lower than advertised price why is that in any way "cheeky" ? As a vendor surely an offer received, any offer, is more welcome than no offer and is a starting point for negotiation.

[ACEparts_com]

Cheeky offer vs pi$$ take asking price. If someone is offended by your offer, nethouseprice it and ask why they deserve X more than they paid for it. I think a 2002-2003 offer price would be reasonable at the moment. I find the current asking prices very offensive.

Edited by ACEparts_com on Saturday 7th February 21:23

[martin thomas]

My pappy always says one bidder is worth 10 lookers on.

Martin

[ukwill]

It really depends on the sellers position. The more desperate they are to sell the better deal to be had.
However if the sellers in no rush a massively low offer will only serve to fk them off, most
Likely wanting them to sell to anyone but you.

[adaptive]

Don't know where I heard this, but it makes sense

"If your first offer doesn't make you blush, it's not low enough"

[texasjohn]

Hammer67 said:

Sorry I just don`t get this stuff about "cheeky" or derisory offers. If you are selling something and someone offers to buy it at a lower than advertised price why is that in any way "cheeky" ? As a vendor surely an offer received, any offer, is more welcome than no offer and is a starting point for negotiation.

No need to apologise, I couldnt agree more. Bad choice of words on my part. Replace 'cheeky' with 'realistic'

I agree with the post immediately afterwards too!

[matt21]

texasjohn said:

^ good call.

BTW, OP, this has been on the market for a while (we've been looking for ages) and you might snap it up for 160ish:

http://www.rightmove.co.uk/property-for-sale/prope...

hi thanks for the link, i was tempted by that but dont need anything too big. just me and my mate buying (FTB) so want something modern and compact.

Have noticed that around for a while tho!

[matt21]

thanks for the advise everyone!

i am going to give it a week before the offer, dont want to appear too keen and just want to see what else there is.

Then I will offer 150-160k (not too sure yet) and feedback the info to you!

[Plotloss]

Silver993tt said:

matt21 said:

Jasandjules said:

You are a cash buyer with a mortgage ready to go, and no chain?

If so, make the 160 offer if you are happy to do so. You could go with the fact that you cannot get a higher mortgage therefore that's what you can pay... Then leave the offer on the table.

yep no chain, mortgage given the go ahead, budget 150-165k so prepared to offer 160k and if turned down walk...

as long as when you come to sell, you are ok with people making you offers of £130k-£140k

What an utterly absurd statement.

[ukwill]

texasjohn said:

^ good call.

BTW, OP, this has been on the market for a while (we've been looking for ages) and you might snap it up for 160ish:

http://www.rightmove.co.uk/property-for-sale/prope...

That house round these parts would be around £500k ish. Gotta love this country

[LDNrevs]

Gunny Sergeant D said:

See what the owner paid here.

www.houseprices.co.uk

Please post what they paid and when.

I love that site - it reminds me that I bought my flat for over 100K less than it sold for 3 years ago Auction prices are the silver lining to the cloud of repossessions.

Agreed, it's not rude or cheeky to offer any price. They are allowed to say 'no'.

[Silver993tt]

Plotloss said:

Silver993tt said:

matt21 said:

Jasandjules said:

You are a cash buyer with a mortgage ready to go, and no chain?

If so, make the 160 offer if you are happy to do so. You could go with the fact that you cannot get a higher mortgage therefore that's what you can pay... Then leave the offer on the table.

yep no chain, mortgage given the go ahead, budget 150-165k so prepared to offer 160k and if turned down walk...

as long as when you come to sell, you are ok with people making you offers of £130k-£140k

What an utterly absurd statement.

Why? House prices can go down as well as up. If the OP can offer well under the price on offer, as a seller he could expect the same scenario. Nothing absurd whatsoever.

[2something]

Making a low offer is not the zero risk strategy that some people make it out to be.

I am not saying don't go in with a low offer, in your situation I don't see why you wouldn't, given:
1) that's all you want to/can pay
2) you don't mind if someone else buys the property
3) that's how negotiaions are run in the current market

Just realise that you are taking the risk that someone else comes along with a higher offer that gets accepted.

ETA:

It's not rude or cheeky, but it does reflect your level of interest in the property. So if more interested buyers do come along, don't expect to be contacted again.

Edited by 2something on Sunday 8th February 08:50

[texasjohn]

ukwill said:

texasjohn said:

^ good call.

BTW, OP, this has been on the market for a while (we've been looking for ages) and you might snap it up for 160ish:

http://www.rightmove.co.uk/property-for-sale/prope...

That house round these parts would be around £500k ish. Gotta love this country

That house would be just over 300k in Solihull. Solihull prices were/are a real shock to us (coming from Preston where I sold my FTB house in 2007 and moreso Texas prior to that) hence we are looking at Rugby, Ashby-de-la-Zouch and Redditch areas, all 30 mins drive from here.

[Mandat]

If you are going to put in a cheeky low offer, make sure that it's not internercarlot who's selling the house.

[Momentofmadness]

Mandat said:

If you are going to put in a cheeky low offer, make sure that it's not internercarlot who's selling the house.