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dannypriestno1

What Should My First Offer Be?

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Hi guys, some advice please!!

The sold sign has gone up on our house today, my wife and I are looking at all houses that may suit us all the time. We have found one that we like but I feel it's quite expensive considering the Market at the moment, we have said to our purchaser we can move elsewhere to let her in before we move into the house we buy - so where pretty much chain free and in a strong position to offer.

The house is in WN6 and is a three bed semi in good order. It went on the Market about 4 weeks ago for OIRO £180,000 but about only a week ago it was reduced to £175,000. When we viewed it 2 weeks ago the vendor made it seem that they weren't that bothered or in a rush to move. What do you think this £5000 reduction says?

I don't really just want to sit and wait for the price to gradually come down like some houses have so we have booked a 2nd viewing.

Any ideas on what would be a good starting point on the first offer should we get to that stage? I'm not wanting to take the mick but I also wouldn't like to pay more than it's worth. I've done some research which tells me the house is above average for the area also.

Any advice would be greatly appreciated!

Thanks

Dan

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Hi guys, some advice please!!

The sold sign has gone up on our house today, my wife and I are looking at all houses that may suit us all the time. We have found one that we like but I feel it's quite expensive considering the Market at the moment, we have said to our purchaser we can move elsewhere to let her in before we move into the house we buy - so where pretty much chain free and in a strong position to offer.

The house is in WN6 and is a three bed semi in good order. It went on the Market about 4 weeks ago for OIRO £180,000 but about only a week ago it was reduced to £175,000. When we viewed it 2 weeks ago the vendor made it seem that they weren't that bothered or in a rush to move. What do you think this £5000 reduction says?

I don't really just want to sit and wait for the price to gradually come down like some houses have so we have booked a 2nd viewing.

Any ideas on what would be a good starting point on the first offer should we get to that stage? I'm not wanting to take the mick but I also wouldn't like to pay more than it's worth. I've done some research which tells me the house is above average for the area also.

Any advice would be greatly appreciated!

Thanks

Dan

Well at £180k the agent may have received no interest at all and therefore felt a reduction in price may be needed to get someone in the door.

It depends on what it is worth to YOU, if you feel there are plenty of other places around that would also suit you but at say £160k, then tell the agent that. I dont know the area personally but they say offer 10% less so £160k may be a good starting point.

Its up to you at the end of the day, only pay what you can definately afford and will be happy with, there isnt that many people buying at the moment so play it cool! ;)

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1/ Offer 10% less than other houses in the area, or

2/ ask a friend to view it and put in a very low offer and see how the seller reacts. Worst case is they say no and have their expections knocked. Better case is they make a counter offer. Best case is they accept.

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How much did it last sell for and when - are there any comparable houses in the street/area that have sold recently with which to compare it?

try ourpproperty.co.uk for details.

You can then look at the price trend data and work out what todays "market value" might be. Then offer 5-10% less than this.

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In a buyers market where fear is the overwhelming sentiment, I'd say 30% is bloody good value.

Problem is at present 98% of vendors are in lala land. as the crisis becomes more widespread and more mainstream as it is inexorably becoming these past few days, the whole thing should escalate and they'll be begging you for 30% OF asking price ;)

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Guys what do I do?

I offered £150k as my first offer which was flatly refused, the estate agent said they were looking at much closer to the £175k and me anything less than £160 wouldn't get accepted either.

Later on today I offered £162k (a £12k increase!) and I expect to here from them tomorrow.

Question is if they refuse again, what should I do??

Cheers dan

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Guys what do I do?

I offered £150k as my first offer which was flatly refused, the estate agent said they were looking at much closer to the £175k and me anything less than £160 wouldn't get accepted either.

Later on today I offered £162k (a £12k increase!) and I expect to here from them tomorrow.

Question is if they refuse again, what should I do??

Cheers dan

Depends on how much you want it, and how badly they want to sell.

If they refuse (very likely) good ploy is probably to say, 'OK, fair enough,' in cheerful, not-bothered manner - and leave them to sweat for a week or two.

And then wait for the EA to get back to you.

Did you check on nethouseprices what they paid for it and when? Knowledge is power, and all that...

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Guys what do I do?

I offered £150k as my first offer which was flatly refused, the estate agent said they were looking at much closer to the £175k and me anything less than £160 wouldn't get accepted either.

Later on today I offered £162k (a £12k increase!) and I expect to here from them tomorrow.

Question is if they refuse again, what should I do??

Cheers dan

Buyers market, buyers market, BUYERS MARKET!! :o

Your first offer should also be your take it or leave it last offer. You are in total control of this particular transaction, not the EA, not the Vendor, but YOU.

I would withdraw your £162k offer immediately and say you have my contact details if the vendor changes their position, however the longer you leave it the more likely I am to have to reevaluate my offer / have found a vendor who is living in reality. :)

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They have refused £162 and the estate agent has told they won't accept any less than £170!! I mean it's actually on for £175!

I know my mrs really likes it but I feel the Market is so poor that they are being completely unrealistic now - someone else might come along and give them the asking price bit I'd be surprised if that happens!

what do you think??

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They have refused £162 and the estate agent has told they won't accept any less than £170!! I mean it's actually on for £175!

I know my mrs really likes it but I feel the Market is so poor that they are being completely unrealistic now - someone else might come along and give them the asking price bit I'd be surprised if that happens!

what do you think??

"won't accept less than 170" - Don't believe a word of it, you're up against a professional negotiator who is trying to get the best price for his client.

Don't ring the EA for any reason, they will ring back in a few days to see if you are willing to budge. When they do, be charming but firm. Just say that this is your best offer and that given the market conditions you are not going to increase it.

In the meantime take your Mrs househunting to see other places so that she doesn't get too fixated on the one you're offering on. There are many houses on the market at the moment and more coming on all the time. Patience.

Regrettably my wife is gagging to buy somewhere and wants us to splurge all the money we've saved and a lot of borrowed cash on something overpriced and unsuitable. I wish you luck!

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  • 284 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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