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On 08/03/2017 at 2:25 PM, tygar2 said:

Missus not very happy right now.

Made an offer £5k under asking and got rejected. Seller wanted to meet half way last night but got an email this morning saying another first time buyer had offered asking price so that's that.

From what I could gather off zoopla etc , the asking price is the highest for a house paid on that road...so year, market is still treading.

Previously offered £10k below on another property and that was rejected - that one still yet to sell.

 

Was expecting something in the budget today but doesn't seem to be much going on. Hope I made the right decision but only time will tell.

 

'Made an offer £5k under asking' you've been watching to much Phil and Kirsty mate. 'Be cheeky and offer £5k under' 

We started all our offers at least £20k under unless it was very fairly priced!

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On 20/07/2017 at 8:46 AM, houseface2000 said:

'Made an offer £5k under asking' you've been watching to much Phil and Kirsty mate. 'Be cheeky and offer £5k under' 

We started all our offers at least £20k under unless it was very fairly priced!

???

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On 11/07/2017 at 5:05 PM, flb said:

Just checked.

It's not a ploy, properties in there seem to selling (ss0 postcode). Average price at 268, but median closer to 240. If you're going to buy, I'd suggest offering below the asking price...30-40k below.

 

Regards.

Hi gang...I'm back again.

So...happened across a house that ticks almost all the boxes except "kerb appeal". House is very nice but neighbourhood is a little more run down than our ideal but still nice all the same. House is listed as "offers over 330K" (dropped from initial of 350K within 2 weeks of being listed in May). What sets it apart is that it comes with a self contained 1 bedroom annex in the garden and has had the integrated garage bricked up and converted into an office an utility room so no major building work required.  My research of the postcode shows no house has ever sold over £300K on the road but those that did sell required extensive work which this one doesn't.

We had second viewing and decided we like it enough despite location. Avarage price for what we like, where we like (without the extras listed earlier) is 350K - £450K.  Seller said 2 other people have second viewings booked this week.

Here is where I need your cool headed opinions:

Is it worth the risk offering low (300k/310k) or would that potentially offend?

Is buying the ideal house but in less than ideal (but not terrible) location a good idea?

Any thoughts on timing/interest rates etc?

Thanks 

 

 

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You're clearly new to this. The rule of thumb is that if you are not embarrassed by your offer, you have offered too much!

Don't be afraid of offending. People can only say no and there's nothing to stop you coming back with an increased offer. The response to a low ball offer helps you understand the vendor's position.

Another rule is to buy in the best area that you can afford. Don't compromise on location.

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3 minutes ago, pmf170170 said:

You're clearly new to this. The rule of thumb is that if you are not embarrassed by your offer, you have offered too much!

Don't be afraid of offending. People can only say no and there's nothing to stop you coming back with an increased offer. The response to a low ball offer helps you understand the vendor's position.

Another rule is to buy in the best area that you can afford. Don't compromise on location.

Thanks

I like the first rule! I had heard about the second rule but am not quite clear on it. Does it mean that I should aim for a fixer-upper if that is all I can afford in the ideal area? By the time the renovation/extension costs are added is it always worth it? 

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22 hours ago, tygar2 said:

Thanks

I like the first rule! I had heard about the second rule but am not quite clear on it. Does it mean that I should aim for a fixer-upper if that is all I can afford in the ideal area? By the time the renovation/extension costs are added is it always worth it? 

It's all a bit tongue in cheek. Better areas tend to appreciate in value and have demand when you want to sell, especially if it's a family home by a school with an outstanding reputation. Less affluent areas can stagnant or decline or become buy to let areas.

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