House Buying 101
Discussion
I last bought a home in 1998, and I have no memory of how, what etc.
I'm going to see a place this afternoon. From the pics, a quick chat with the agent and the location, I like it.
So if I want it, once seen, should I offer below the asking price (says guide price on Right Move) and whatever price I offer on, I would obviously have to wait on the surveyors report.
Any nasties would have to be priced in?
Have I got this correct so far?
Any help, advice, gratefully received, cheers.
I'm going to see a place this afternoon. From the pics, a quick chat with the agent and the location, I like it.
So if I want it, once seen, should I offer below the asking price (says guide price on Right Move) and whatever price I offer on, I would obviously have to wait on the surveyors report.
Any nasties would have to be priced in?
Have I got this correct so far?
Any help, advice, gratefully received, cheers.
Absolutely right. You offer what it is worth to you. Probably less than the asking price, might be more if you really want to secure it, but any offer you make should be "subject to survey and contract," this is normal practice. Then once your offer is accepted you can assess the nasties and negotiate on the final figure. That's about the easiest part. Good luck with it.
Hawkshaw said:
Absolutely right. You offer what it is worth to you. Probably less than the asking price, might be more if you really want to secure it, but any offer you make should be "subject to survey and contract," this is normal practice. Then once your offer is accepted you can assess the nasties and negotiate on the final figure. That's about the easiest part. Good luck with it.
Cheers Hawkshaw said:
Absolutely right. You offer what it is worth to you. Probably less than the asking price, might be more if you really want to secure it, but any offer you make should be "subject to survey and contract," this is normal practice. Then once your offer is accepted you can assess the nasties and negotiate on the final figure. That's about the easiest part. Good luck with it.
My view would be that your offer should take into consideration any issues that you can easily identify when viewing the house. Negotiations after the offer has been accepted should only really be about things bought up in the survey that weren't obvious to you on the viewing, otherwise you look like someone who can't be trusted.
The seller is under no obligation to 'price in' any 'nasties' thrown up in a surveyor's report.
Every and anything can be negotiated, but the seller can stay firm on the price after a survey or even bin the deal until contracts are exchanged.
I would suggest looking at a few more houses, even some you don't intend to buy, in order to be satisfied that you're paying a fair price.
Also do research on past sales in the area and market segment, and what's been on the market and not sold.
Talk to a few estate agents.
When a comparable house has gone 'sold STC' you can often get a good idea about how high or low the successful offer was.
For contrast and balance, go and see a couple of new-builds and talk to the people.
Every and anything can be negotiated, but the seller can stay firm on the price after a survey or even bin the deal until contracts are exchanged.
I would suggest looking at a few more houses, even some you don't intend to buy, in order to be satisfied that you're paying a fair price.
Also do research on past sales in the area and market segment, and what's been on the market and not sold.
Talk to a few estate agents.
When a comparable house has gone 'sold STC' you can often get a good idea about how high or low the successful offer was.
For contrast and balance, go and see a couple of new-builds and talk to the people.
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