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carmel20

Can You Help Me With Making My First Offer On A Property (first Time Buyer)

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Hello all, my first post so be gentle with me hehe!!

We have seen a house we like on the market for 120k (3 bed end of terraced), we would like to make an offer but would like to offer quite a bit lower but at the same time be taken seriously. (We live just outside Plymouth so house prices down here aren't as expensive as other parts.) I've listed the key points of the property below

-It has been on the market for several months, maybe as long as a year. It was originally on the market at 140k but was reduced for a quick sale to 120k about 6 months ago, the listing still states 'urgent sale required' however it has not yet sold. (I checked house price index and it was purchased for 105k in 2006)

-The front and garden are completely unkept and need an overhaul, the bathroom suite is really old and the lounge is painted a deep awful shade of pink with clashing red carpets. The kitchen/3 bedrooms are ok but need updating a little.

-The house next door which is very similar and also in need of updating has been on the market for ages for 135k and has just been announced that it is being sold at auction with a guide price of 90k+ (that one is terraced and not such a nice layout but has a conservatory)

We have looked at other properties in the area in the 115-125k price range and in general properties in need of renovation are being marketed at 115k, 120k-125k will get you a smaller 2 bed house with decent decor/features.

I wouldn't say the house in question is grossly overpriced but I can see why buyers have been put off due the points I raised above.

I am not sure how the current seller got it for 105k in 2006 when prices were high, I can only assume it was either at auction or that it was in worst repair then. The house was built in 1970.

If I purchased this property I need to factor in the redecoration costs, a new bathroom and having the garden done and with this in mind my max price on this property would be 106k at a push.

As first time buyers we are completely new to making offers, what should we offer to start with? We want to be taken seriously but at the same time want to achieve a fair price.

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reading your blog the first question can you get finance?

Asuming the answer is yes then whats it worth? reading your blog the offer should start with a 1 in it depends how much you want it if you are not bothered be cheeky 90K or 100K they can say yes or no but the more cheeky the more likley they will sell to someone else thats the risk

If you realy want it dont mess about offer 110 that wont pxss off the seller and will probably be accepted and the purchace will very likley go through

Money talks I assume you are young due to this question how shall i make an offer but a help you 1st make sure you have the finance hence the money then review the property with anyone who looks like your dad it dosnt matter if it is your dad nor does it matter if this person would help you put a deposit on it the main point it would look to the seller or the estate agent you a real buyer with MONEY with access to the bank of mum and dad this bank offers regularly the best non repayment intrest free loans on the market

Before you make an offer get an offer in principle of a mortgage call in the estate agent and make the offer and show them the offer of a mortgage be rest assured if the seller wants to sell urgently job done

I sold a flat a few months ago started the sale process then the buyer started trying to reduce the price I immediatly refused to deal with this buyer put the flat back on the market then sold it a week later at a higher price be crystal before you make an offer if the buyer smells you are not sure if he or she is smart you will lose it

If you offer 110 make it clear its a final offer and STICK TO IT if thats your personal max price something else will come up no worries

If I was buying it I would be cash I would offer 90k maybe move a little more show my cash and offer to complete within a week or so I would do my own survey and if I know the area wouldnt mess around with serches etc money talks but a mortgage is money

Regarding the property look for uneven doorways anything indicating structual problems cracks anywhere buldges in the walls and if you see anything like this WALK AWAY the cosmetics needed thats no a problem a few k and a months work should sort it

hope this helps and good luck

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hi thanks for the reply.

To answer the question, yes I can get finance, I have the deposit and mortgage agreed in principle.

I'm not that young (unfortunately!!) am 31, hubby 34! We've been priced out the market the last couple of years since we got married and have been raising a desposit. So estate agents should take us seriously-no need to take dad!!

I was thinking of making an opening offer of 102k (15% below asking) and work up from there but 106k will be my max and I'll walk away if any higher as I could secure a property with no need of modernisation for not much more in my area.

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hi thanks for the reply.

To answer the question, yes I can get finance, I have the deposit and mortgage agreed in principle.

I'm not that young (unfortunately!!) am 31, hubby 34! We've been priced out the market the last couple of years since we got married and have been raising a desposit. So estate agents should take us seriously-no need to take dad!!

I was thinking of making an opening offer of 102k (15% below asking) and work up from there but 106k will be my max and I'll walk away if any higher as I could secure a property with no need of modernisation for not much more in my area.

Hi the offer sounds fair and I hope things work out just one thing you said you reshearched a buying price of 106 in 06 and wondered why so cheap then that may be nothing but a structual fault may explain it have another view and look for possible faults it wont do any harm and keep well

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Hello all, my first post so be gentle with me hehe!!

We have seen a house we like on the market for 120k (3 bed end of terraced), we would like to make an offer but would like to offer quite a bit lower but at the same time be taken seriously. (We live just outside Plymouth so house prices down here aren't as expensive as other parts.) I've listed the key points of the property below

Linky? Perhaps http://www.rightmove.co.uk/property-for-sa...y-22845124.html ?

If I purchased this property I need to factor in the redecoration costs, a new bathroom and having the garden done and with this in mind my max price on this property would be 106k at a push.

Can't really say, but if they say urgent sale and if you're a credible buyer, you should be looking at a substantially bigger discount than that. Just tough out the agent's expressions of horror, and leave some scope for haggling!

I don't know how much you'd think it worth, but I know someone who's looking to sell a 3-bed semi in Saltash (Latchbrook). The price would be higher, but the condition is much better. It currently shows as SSTC, but she's fed up with waiting for a buyer who was originally supposed to complete a couple of months ago.

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reading your blog the first question can you get finance?

Asuming the answer is yes then whats it worth? reading your blog the offer should start with a 1 in it depends how much you want it if you are not bothered be cheeky 90K or 100K they can say yes or no but the more cheeky the more likley they will sell to someone else thats the risk

If you realy want it dont mess about offer 110 that wont pxss off the seller and will probably be accepted and the purchace will very likley go through

Money talks I assume you are young due to this question how shall i make an offer but a help you 1st make sure you have the finance hence the money then review the property with anyone who looks like your dad it dosnt matter if it is your dad nor does it matter if this person would help you put a deposit on it the main point it would look to the seller or the estate agent you a real buyer with MONEY with access to the bank of mum and dad this bank offers regularly the best non repayment intrest free loans on the market

Before you make an offer get an offer in principle of a mortgage call in the estate agent and make the offer and show them the offer of a mortgage be rest assured if the seller wants to sell urgently job done

I sold a flat a few months ago started the sale process then the buyer started trying to reduce the price I immediatly refused to deal with this buyer put the flat back on the market then sold it a week later at a higher price be crystal before you make an offer if the buyer smells you are not sure if he or she is smart you will lose it

If you offer 110 make it clear its a final offer and STICK TO IT if thats your personal max price something else will come up no worries

If I was buying it I would be cash I would offer 90k maybe move a little more show my cash and offer to complete within a week or so I would do my own survey and if I know the area wouldnt mess around with serches etc money talks but a mortgage is money

Regarding the property look for uneven doorways anything indicating structual problems cracks anywhere buldges in the walls and if you see anything like this WALK AWAY the cosmetics needed thats no a problem a few k and a months work should sort it

hope this helps and good luck

Sorry-daft advice. Obviously you think a survey is money wasted but some of us are still professional my friend and we have a thing called PI. We aren't all bank stooges you know. Pick a good surveyor and if you have a problem he/she should find it. If not then the PI will cover it.

Tom MRICS

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