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AlanS

Help! What To Offer

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Hi

we a first time buyer which have been looking at the property market for a year now.

today we went to see a house in a very nice area that we always liked, the wife and i loves it. so we're thinking of putting an offer in.

but we dont know what to offer in this climate.

http://www.rightmove.co.uk/property-for-sa...on%26index%3D40

the house we wanted is on the market for £268,950 which is a 4 bed detached.

looking at the figures from houseprices.co.uk this property have been sold for

04/11/2005 £248,500 Det. L No Map 68, California Close, Great Sankey, Warrington, WA5 8WU

and

this sold in June which is a 5 bed detached with 1 integrated garage, if i remember correctly it was on the market for around £250,000/£260,000 with the same estate agent.

18/06/2009 £220,000 Det. L No Map 20, California Close, Great Sankey, Warrington, WA5 8WU

which is also the same agent selling a property that the seller pulled out on me days after the survey have been carried out. because the tenants offered to up the rent!!! so the vendor is taking it off the market.

we can afford upto £220k-£230k and can complete within 2 weeks as all finance is sorted last time.

so i'm thinking of putting in an offer in of £205k in 2 weeks time as the house only been on the market for few days, will the vendor get p*ss off with 22% off asking?

help any adice what to offer is apprecaited!

thanks

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You might well annoy him but if you work on the reasoning you have above and the fact that you are a proceedably buyer, it's not so bad. Why not ask the EA whether he thinks the guy has any interest in taking an offer. If he thinks the guy won't got below 240k or something then why aggravate him....

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You might try:

During the 1990s house price crash my brother and 3 of our friends, in 1995, decided the time was ripe for buying houses (and they were right!) and used a strategy of identifying 5 or 6 properties that they liked, would be happy to live in, and went to view them. On the properties they liked they put in offers of -30% to -40% all at the same time. They had to put up with rejections, annoyed Estate Agents, etc. but all of them ended up buying houses for between -25% to -35% of the asking prices. And all of them were really happy with the houses they got. It really is a strategy that lots of buyers should be using now, and over the next 2 to 3 years to make sure that they buy a good property at a really good price. After all - do you want your money (and we are talking 10s if not 100s of thousands of pounds - depending on people's budgets) to go to Estate Agents and the mortgage lenders or do you want it to go into your savings, pensions and maximising the quality of life for you and your family, including children if you have any (now or in the future)?

Having said the above I think just now is a really bad time to be seriously pursuing buying a house - all right time for making offers to test the water, but actually buying, not really. After Xmas and New Year is very likely to be a much better time for pursuing a property purchase. The illusionary and temporary nature of the so called recovery is likely to be much more apparent to the public and media by then and talk of rising interest rates will be much louder as will large cuts in services and the related addition to the already galloping unemployment figures, and of rising taxes, etc. due to start in earnest after the General Election irrespective of who wins. 2010 is shaping up to be an extremely bad year for the property market if you are an Estate Agent or vendor .... but very good if you are a buyer.

January through to April is tradtionally a bad time for the property market and better time for negotiating on price for buyers.

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Alfie Moon speaks the truth. Getting attached to just one house almost guarantees that you will overpay for it. If you find 5-6 houses that you like equally then offer low on all of them you are spreading your risks and giving yourself a much better chance of success at a lower price.

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If he thinks the guy won't got below 240k or something then why aggravate him....

Always offer low. Maybe the vendor does get annoyed with low offers - but this is a market so it goes with the territory that different people will offer different sums. So what.

Maybe even the vendor turned down a similar offer last week. But that was last week; this is this week. The vendor could be cursing their decision to turn the offer away, and now actually be glad that your offer arrives.

Ignore anything the EA says regarding offers. They are legally obliged to pass on all offers to the vendor, unless they have been advised by the vendor only to pass on offers above a certain level.

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