What would be considered to be reasonable offer on a house?

Say a house of £265k, what kind of offer would you make?

I'm looking for some advice as this is my first buy.

Chers,

M

If this house is priced appropriately, which it probably isnt in todays market, then the vendor is clearly looking for a sale price of 249,999

As you know this is the transition from 1% to 3% in stamp duty 🙂

On the other hand look up whats sold recently on whichever website you prefer and offer accordingly

Finally good luck
Im happy to not be either buying or selling at the moment
Friends buying say prices are still at 2008 levels
Friends selling say buyers are taking the p1ss

Cheers

Try do a deal with them, first time buyers don't pay stamp duty up to 250k. If they still want full price then buy the fixtures and fittings for 15k.

an asking price of 265k is usually pitching for an offer just below the SDLT level of 250k

too slow.

Offer £250k – first time buyer will be taken seriously.

And anyway, its only once you've a mortgage offer you'll know its 'true' value. At this point you can offer less/more etc.

And tell them you need them out within 30 days of exchange, don't worry about where they'll go – you are a first time buyer!

I'm not sure if you can't go lower than that – say 5-10% below the asking price. Can't hurt, can it?

Not many wheeler dealers on here.. if its sat for a while £230k

Then let the offer stand for a while, before upping slightly 5k at a time

I'm toying with a 25% below asking price offer on a house at the moment (not a first time buyer though). Like the house but the asking just doesn't tie up with what the house is worth. And I bet they turn me down – but they might well be more amenable if I re offer the same number in a few months time.

Do your research. Find out what it last sold for and how the market has moved since then – freely available. Decide if you want it enough to offer a premium on that. Be prepared to be turned down.

And remember you're always in a stronger position in a negotiation if you can and are prepared to) lose the deal. A deal at all costs will cost you (normally).

leebaxter – Member
Then let the offer stand for a while, before upping slightly 5k at a time

Nah. Let it stand for a while and if they still haven't found a buyer revise it downwards. They're sat there thinking they've got an offer to fall back on – spreading a little panic by seeing that offer diminishing can really focus the mind.

235K, immediate settlement etc etc you have the power – no chain, cash buyer, sh1tola market. Its worth what its worth to YOU not to the seller so decide what you think its worth (and assuming it stacks up with comparable sales, survey etc) then offer that. If they get offended then they need to grow some balls.

NZCol +1 – whose cash is it anyway?

And what someone else said about shifting an offer down. Last place we bought the offer was fair but low, we knew the seller was hedging her bets so after 5 weeks they came back and assumed we would move up a bit. We went down 10k, the panicked and we got it. Good result for us and quite frankly thats life.

Yours A.Capitalist.B.astard. 😆

Very difficult to answer that, how is priced against the local market, what position are they in for moving, condition of house, how long has it been on the market, have they had any other offers etc.?

Look up the net to see what comparable houses have been selling for local to the same house.

http://www.nethouseprices.com/index.php

http://www.mouseprice.com and http://www.zoopla.co.uk will estimate the current value.

Its irrelevent what you offer, you can revise it up or down whenever you want (even in Scotland).

As said, get taken seriously first, find what a bank will lend you against it – and then make your 'purchase' offer.

I'd go in at 230, max, maybe lower. Really need to know the area and the history though, if nothing's moved in the area recently and it's been on for a while then go in really low. A £1millon pound house near us just went for 650k – that's 35% under asking

oh and http://www.propertysnake.co.uk/ will give you an idea of the local market

depends where the house is and what he market is like in that area.

Market is moving quickly again for nice properties around by me – but prices asked for vary a lot

a flat at £250 might go for £240 or it might stick on the market or it might go for £280+ depending how realistically it was priced

Friends selling say buyers are taking the p1ss

You need to tell your friends to get real – assuming that is they do want to sell their houses (and presumably buy something else, in which case they can then also take the piss).

The property is in Kendal.

i grew up with property deals, so….

offer a low price say £225. then next price is £235, then finish on an odd figure, say £241,765 and that's your max. looks like it really is the highest sum you can scrape together. you don't know the sellers situation, they might be shitting themselves to get a sale.

As others have said the expected selling price is < £250K thanks to the stamp duty threshold.

Me I'd start at -25% which equates to around £200,000 and shake out how much other interest there is (likely to be none) against how keen they are (have) to sell. Do find out how much they paid for the property as this will influence the viablity of this approach.

If the estate agent refuses to put your offer forward then it's reasonable to assume they believe it will market somewhere between £200-250K so you are then left with either negociating the lowest possible offer or walking. I'd walk but given the pricing strategy you might have alot of room for 'fixtures and fittings' being included in the prices (where as otherwise they would have been extra's).

At this moment in time house sales do seem to be very depressed so unless the house is something really special move on if you cannot get a good price. As first time purchasers you are in a very strong position.

If the estate agent refuses to put your offer forward

I was under the impression that Estate Agents were legally obliged to inform the vendors of ALL offers?

You must have a bloody good job to afford a 265k house as your first buy 😯

Big mortgage to take on as a first time buyer if the house is that price – where are you looking to buy? And please don't let it be a 1 bedroom appartment above a chippie…

Saying that, if you can afford the mortgage and it is the house you want then go for it…just don't go mental and go beyonds your means.

depends on if you actually WANT the property.

if its a just a roof then play the game. if its a 'must have' then offer more.

I was under the impression that Estate Agents were legally obliged to inform the vendors of ALL offers?

Depends if its a secret deal. It happened to me on a house that I was buying as an investment (or I strongly suspected) and we had a bloke who worked for us whose missus did this all the time in her Estate Agency. They actively shafted people. Glad he didnt last long.

see if you can find the owners on FB or twitter – they may have left a trail of status updates re' how desperate they are to sell or happy they are to stay?

My home was on the market for quite a while, starting at £250K, so when I came around with cash as a 1st time buyer, they reluctantly sold to me for £199,999.

How long has it been up for sale and how great is their need to move? This played into my court, maybe it will for you too.

Offer what you think its worth to you as a home and what you can afford, the asking price of houses, even including the recent falls, still bear no reasonable relationship to earnings.

Price is where buyer and seller meet.
Ignore the stupid "its worth X" talk. It is worth what the market will stand. Next year it may fetch £80k.

Surely this all depends on whether you actually want the house? If you do then maybe its worth the asking price?

My place is on the market at the moment and I'm not going to accept any 'stupid' offers. I just dont need to move that much.
We got three valuations and went with the middle one so to my mind, its worth the asking price.

If I dont get the offers then I wont say, simples.

hora – Member
Depends if its a secret deal. It happened to me on a house that I was buying as an investment (or I strongly suspected) and we had a bloke who worked for us whose missus did this all the time in her Estate Agency. They actively shafted people. Glad he didnt last long.

This is precisely why the law was introduced to ensure that the vendors are informed of ALL offers – to stop the estate agents being chummy with speculators who snap up properties at a bargain price as none of th other offers reach the vendors. I think.

We just offered (me an the lass) on a house this morning. Closes at noon.

After saying we were not getting into an offers over property that is exactly what we have done… fail.

The home report had a sensible value for the house so we have offered a touch more than that to see if we are lucky.

It's a tank load of cash and we are bricking it. 1st timers too.

It is however at the foot of the Pentlands – in the bypass AND has a greenhouse, garage, sun porch, south facing garden and unobstructed views across the houses below and you can see Fife. Bosh.

Wish us luck.

Sounds ace. Good luck

Ta.

We need it. Every room has 3inch deep shagpile that is older than me!!!

I'm not going to accept any 'stupid' offers

Then dont. However the market will decide what is a stupid offer,

TBC – good luck