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Put In My First Offer - Appreciate Some Advice

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Hello Everyone. Its been a while since i have posted on here but i do always read the forum.

Well, the big news is we have put in our very first offer on a house. I do agree with the consensus of opinion on here that we have a bit to go before house prices bottom out and represent fair value.

The problem is we have seen a house which is quite unique in terms of our wishes and if we wait another year we might not see another one like it. In a prefect world it would have come on for sale in a year to 18 months time and be 10-15% less expensive.

I would value some advice.

The house has just come on the market at just shy of £150,000. I think that figure was chosen in order to come under stamp duty. The owener wanted to advertise it at a bit more but was persuaded by the estate agent to put in on under 150.

Its rated at 130k. The question i have is how accurate would this rating have been. The estate agent told me it would have have fully taken into account the "nice area" of town. Also the manin feature of this house is a very private rear garden. Its 25 metre wise by 75 metres long and enclosed by pine trees giving total privacy. Would this have been reflected in the rating. On the other hand the house itself is very dated. This factor would obviously not have been included in the rating.

All things considered, especially the dated nature of the house, i have put in an offer of 130k. It was really hard to pick a figure as there are simply not many comparables as houses in this area seldom if ever come on the market.

Now onto the etstate agent. I thought he was very honest and fair. Maybe this was a double bluff and i am being naive but i did think him very upfront and helpful eventhough the seller is his first concern.

This ia what i have been told. The seller will NOT accept any initial offers below 145k. The seller has time on his hands and wants to see what the house will get by keeping it on the market for at least a few months unless they get close to full asking price staright off the bat.

The house has just come on the market and the estate agent told me my offer was not unreasonable in most situations. Except in this situation the seller was in no hurry to sell and wanted to see how much interest and offers there would be on the hose. So i have been told my initial offer will be declined in all probabilty but over time it will become stronger if no other bids are received.

What i am thinking though is what is the point of my bid. This is why i am asking for some advice and help in how to proceed. As far as i can see my bid is only serving to increase the sellers expectations of getting full asking price. Did i go in too soon with my bid considering the house has just come on the market a few days ago.

I would really value any thoughts.

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A little bit of a typo in my first post. I meant to say the estate agent told me when they house was rated it would have been done by a person outside the area who whose value would have not fully reflected the "nice area" of town.

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Talking generally the estate agent did make one good point. He said of course he is acting in good faith on behalf of the seller. However, he added that the difference to him between selling a house for 140k and 150k is not very much in terms of commission than actually selling a house in the first place for say 140k. That difference of 10k will represent a big diffeerence for seller and buyer but for him its only a few percent of the 10k difference.

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Hello Everyone. Its been a while since i have posted on here but i do always read the forum.

Well, the big news is we have put in our very first offer on a house. I do agree with the consensus of opinion on here that we have a bit to go before house prices bottom out and represent fair value.

The problem is we have seen a house which is quite unique in terms of our wishes and if we wait another year we might not see another one like it. In a prefect world it would have come on for sale in a year to 18 months time and be 10-15% less expensive.

I would value some advice.

The house has just come on the market at just shy of £150,000. I think that figure was chosen in order to come under stamp duty. The owener wanted to advertise it at a bit more but was persuaded by the estate agent to put in on under 150.

Its rated at 130k. The question i have is how accurate would this rating have been. The estate agent told me it would have have fully taken into account the "nice area" of town. Also the manin feature of this house is a very private rear garden. Its 25 metre wise by 75 metres long and enclosed by pine trees giving total privacy. Would this have been reflected in the rating. On the other hand the house itself is very dated. This factor would obviously not have been included in the rating.

your first offer may well be declined ,but may well be accepted in another six months or so depends on your immediate situation .more and more coming on the market every day, IMO most estate agents pride themselves on trying to be your best friend whilst attempting to shaft you at the same time. I rent at the moment 600 a month , the house i wanted to buy in Jan is now 15000k cheaper just under 2 years rent in fact. you have to go with your gut instinct some times .

All things considered, especially the dated nature of the house, i have put in an offer of 130k. It was really hard to pick a figure as there are simply not many comparables as houses in this area seldom if ever come on the market.

Now onto the etstate agent. I thought he was very honest and fair. Maybe this was a double bluff and i am being naive but i did think him very upfront and helpful eventhough the seller is his first concern.

This ia what i have been told. The seller will NOT accept any initial offers below 145k. The seller has time on his hands and wants to see what the house will get by keeping it on the market for at least a few months unless they get close to full asking price staright off the bat.

The house has just come on the market and the estate agent told me my offer was not unreasonable in most situations. Except in this situation the seller was in no hurry to sell and wanted to see how much interest and offers there would be on the hose. So i have been told my initial offer will be declined in all probabilty but over time it will become stronger if no other bids are received.

What i am thinking though is what is the point of my bid. This is why i am asking for some advice and help in how to proceed. As far as i can see my bid is only serving to increase the sellers expectations of getting full asking price. Did i go in too soon with my bid considering the house has just come on the market a few days ago.

I would really value any thoughts.

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Now onto the etstate agent. I thought he was very honest and fair. Maybe this was a double bluff and i am being naive but i did think him very upfront and helpful eventhough the seller is his first concern.

This ia what i have been told. The seller will NOT accept any initial offers below 145k. The seller has time on his hands and wants to see what the house will get by keeping it on the market for at least a few months unless they get close to full asking price staright off the bat.

this is where i meant it to go sorry.

your first offer may well be declined ,but may well be accepted in another six months or so depends on your immediate situation .more and more coming on the market every day, IMO most estate agents pride themselves on trying to be your best friend whilst attempting to shaft you at the same time. I rent at the moment 600 a month , the house i wanted to buy in Jan is now 15000k cheaper just under 2 years rent in fact. you have to go with your gut instinct some times .

All things considered, especially the dated nature of the house, i have put in an offer of 130k. It was really hard to pick a figure as there are simply not many comparables as houses in this area seldom if ever come on the market.

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I would arrange to view other houses with the EA and put offers in at the 130 mark or below. Then hopefully feedback will go back, to the seller of the one you want, that 130 is your top limit and there's no point holding out...

Let the EA know you're viewing properties with other EAs. That way he may worry about getting any commission.

Having said all that, we haven't even reached the bottom yet. And when we do, we'll bump along the bottom for years. So, time is on your side...

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If the seller is going to play the game of waiting until he gets a better offer, then i would put a time limit on your offer to put them under pressure to make a decision.

For example you could say 130k is valid until the end of June but after that time you will be withdrawing the offer to concentrate on other houses you are interested in (make them up if necessary!) or just say you dont want to waste your time any longer. It might work, it might not, but at least it puts the onus onto the seller and if the answer is no, you can move on!

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  • 312 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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