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Making An Offer On A Brighton Flat


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#1 Confused-buyer

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Posted 20 January 2012 - 11:21 AM

I was just after a bit of advise...

I am a cash buyer with a lump sum of 150,000. I also am a first time buyer so no chain.

There is a flat I am interested in, on the market for 169,950. Having looked at a few other properties, it doesn't seem massively over priced compared to others. It had sold for under offer, however that fell through. Before that it was on the market for about a month before selling.

Would I be laughed out of the office if I made an offer of 150,000? Is it too insulting? Or in other words, does being a no chain, cash buyer, add value to make up for the low offer?

#2 scottbeard

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Posted 20 January 2012 - 11:46 AM

I was just after a bit of advise...

I am a cash buyer with a lump sum of 150,000. I also am a first time buyer so no chain.

There is a flat I am interested in, on the market for 169,950. Having looked at a few other properties, it doesn't seem massively over priced compared to others. It had sold for under offer, however that fell through. Before that it was on the market for about a month before selling.

Would I be laughed out of the office if I made an offer of 150,000? Is it too insulting? Or in other words, does being a no chain, cash buyer, add value to make up for the low offer?


Try it!

What have you got to lose?

Being a no chain 100% cash buyer is a real plus for a seller.
"A banker is a fellow who lends you his umbrella when the sun is shining and wants it back the minute it begins to rain." Mark Twain

#3 koala_bear

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Posted 20 January 2012 - 11:51 AM

Would I be laughed out of the office if I made an offer of 150,000? Is it too insulting? Or in other words, does being a no chain, cash buyer, add value to make up for the low offer?


Firstly welcome to HPC.

Being a no chain, cash buyer, should definitely make up for a low sensible offer however some sellers can't afford to sell for less than they owe the bank. You don't know the sellers circumstances at the moment.

It would be worth checking the pricing history of the property using the property-bee (www.property-bee.com/) addon for rightmove & firefox which will show you changes in the properties right move profile. It may be the 169k price was already reduced over time so the seller may not feel that they have that much room to go lower.
150K would be a ~12% reduction which is anecdotally (we get a number of reports of what happen here) more than most seem to have been taken up on. I suspect 155-160k might get taken up more seriously but that would leave you with 10k to find (+moving expenses.

In this type of situation a lot can depend to the EA attitude, some times they refuse to pass on low offers which is actually illegal or they can actually make a sale and get their cut. If it had only been on for a month I suspect the seller and EA might hold out for higher offers unless the reaon for the sale falling through was the surveyor valuation for mortgage came in a good bit lower than 169...

Edited by koala_bear, 20 January 2012 - 11:52 AM.


#4 we the sheeple

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Posted 20 January 2012 - 12:28 PM

If its an older property in Brighton, google "Bungaroosh"
We the People of the United States, in Order to form a more perfect Union, establish Justice, insure domestic Tranquility, provide for the common defence, promote the general Welfare, and secure the Blessings of Liberty to ourselves and our Posterity, do ordain and establish this Constitution for the United States of America.

We the Sheeple
of the United Kingdon have no written constitution, no sense of values, just a propensity to bend over and take whatever our slightly elected rulers and manipulators deem for us.

#5 LiveAndLetBuy

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Posted 31 January 2012 - 05:17 PM

I was just after a bit of advise...

I am a cash buyer with a lump sum of 150,000. I also am a first time buyer so no chain.

There is a flat I am interested in, on the market for 169,950. Having looked at a few other properties, it doesn't seem massively over priced compared to others. It had sold for under offer, however that fell through. Before that it was on the market for about a month before selling.

Would I be laughed out of the office if I made an offer of 150,000? Is it too insulting? Or in other words, does being a no chain, cash buyer, add value to make up for the low offer?


Just chat to the agent about it. Explain your position and say you like the flat and ask if it is worth putting in your offer. If the previous offer fell through because of problems getting finance (which was probably the case) then the seller might be interested. Be up front and open and don't try to play the agent. Let them know that your are serious about buying the right property and not just putting in low offers on the off chance. If they think you are wasting time then you will make life difficult for yourself in the future.




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