First time buyer, housing offers
Discussion
Just wondered what you all think and if there is a guideline.
Basically I soon will be looking to buy my first property, this comes with some perks as you are not in any kind of onward chain but how far can you push your luck?
Do you have any set idea as to what kind of bid you make ie. 10% off the asking price, or do you go for broke offer a stupid price and then hopefully meet half way through haggling.
Basically I soon will be looking to buy my first property, this comes with some perks as you are not in any kind of onward chain but how far can you push your luck?
Do you have any set idea as to what kind of bid you make ie. 10% off the asking price, or do you go for broke offer a stupid price and then hopefully meet half way through haggling.
dave0010 said:
do you go for broke offer a stupid price and then hopefully meet half way through haggling.
This, but taking into account the different circumstances.e.g. how desperate are the vendors to sell
how long has it been on the market
what are similar properties on the market for or have completed sales for
how desperate are you for the house
how much weight have you got behind your offer (mortgage sorted already? big chunky deposit on hand so you're less likely to be rejected by the mortgage company?).
It's all about making a judgement call on the above, and not being offended if they decide to screw you around and subsequently take it off the market.
eltawater said:
This, but taking into account the different circumstances.
e.g. how desperate are the vendors to sell
how long has it been on the market
what are similar properties on the market for or have completed sales for
how desperate are you for the house
how much weight have you got behind your offer (mortgage sorted already? big chunky deposit on hand so you're less likely to be rejected by the mortgage company?).
It's all about making a judgement call on the above, and not being offended if they decide to screw you around and subsequently take it off the market.
I noticed on a few other threads people have found what prices similar properties in an area have sold for, is there a site for this information as I have no idea where to find this information.e.g. how desperate are the vendors to sell
how long has it been on the market
what are similar properties on the market for or have completed sales for
how desperate are you for the house
how much weight have you got behind your offer (mortgage sorted already? big chunky deposit on hand so you're less likely to be rejected by the mortgage company?).
It's all about making a judgement call on the above, and not being offended if they decide to screw you around and subsequently take it off the market.
dave0010 said:
I noticed on a few other threads people have found what prices similar properties in an area have sold for, is there a site for this information as I have no idea where to find this information.
Lots of sites, although I think some may charge a membership fee.I have used www.ourproperty.co.uk a few times (need to register for free to get full details of addresses)
They all get the data from the same place (Land Registry)
www.houseprices.co.uk is the one I use, but bear in mind this is just house number, street, postcode and detached/semi/terraced data.
It doesn't tell you how many rooms there are in each property, or if the house was sold with lots of work needing doing or fully kitted out to top spec.
Just use it as another tool in your information armoury to help you make an informed choice
It doesn't tell you how many rooms there are in each property, or if the house was sold with lots of work needing doing or fully kitted out to top spec.
Just use it as another tool in your information armoury to help you make an informed choice
If your first offer is accepted then you are doing it wrong.
A low offer will flush out their lowest price quite quickly. When I bought my current house it was up for 75k, just reduced from 80k. I offered 65k, the agent told me there and then they would accept no less that 70k, being cheeky I offered 69k....and they accepted
A low offer will flush out their lowest price quite quickly. When I bought my current house it was up for 75k, just reduced from 80k. I offered 65k, the agent told me there and then they would accept no less that 70k, being cheeky I offered 69k....and they accepted
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