Putting in offer on a house.

Had our house on the market last year at £195k, buyer offered £180k, told her to go boil her head.She met us half way at £186k.........still lost money of the frigger though.
Bought new own house last december. It had been on the market for £110k for months. Was then dropped to £100k. I offered £90k and we settled on £92k. So i did ok with it.
Buyers taking the **** by making crazy low offers is annoying, but the seller isn't likely to be stubborn and refuse to deal with you at all 'out of principal'. So go low as you dare, then up it bit by bit.
 
I assumed he knew it was a typo. My point was that the worse that can happen is that it will get rejected or if someone else jumps in with a higher offer but then you take that risk.
 
Never start to high. You can never go lower, only higher remember.

For a £130k house, I'd be starting at £110-£115k as long as you can convey that your serious and have the cash for a smooth deal.
 
Orange Peel said:
My dad is selling a property up for £220K. In his case he would be happy with an offer of around 200K although one neighbour approached him last week and offered 130K for a 'quick sale' lol.
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now that is stupid and insulting. i'm all for starting low but that is ridiculous.

don't be afraid to go up in £500 increments either op
 
I put an offer of 115K on a flat that was on the market for 120K..it got refused and I took a day to think it over, rang back the next day to increase my offer and someone had offered asking price and been accepted. You win some you lose some. It had only been on the market 5 days and it was a good price, so you can't really tell without having an understanding of the property.
 
It really depends how realistic the house is priced and how the sellers see the market, my parents are going through this process at the moment and many sellers refuse to accept how much house prices have fallen, many people are still asking unrealistic prices then refusing to move on the price.
 
Ours was valued at £265k this year, we have put it on a £250k and would like £245 but will probably accept offers over £240.
 
It's down to your value of the house, and by that I do not mean monetary...there's no point asking people on an internet forum what you should put in.

You have to factor in the utility it would give you to live there, offset by any potential costs you may need to take on in terms of renovations, updating etc. If a £130k house is in perfect condition and the area indicates that is a fair price, then you would expect to pay close to £130k IMO, equally if a house is in dire condition, needs £20k spent on it, then you can work off that. You also need to indicate its demand as best as you can, and the situation of the owners if that can be exploited at all.

If you are not sure of the place, then don't bother. Paying £10k more for the right place far outweighs buying somewhere cheaper that you are not set on, and as someone said, don't try to show emotion on the property to the estate agent. Make sure all offers are in writing and with "SUBJECT TO CONTRACT AND WITHOUT PREJUDICE", send to estate agent and CC the property.
 
dal said:
( I was agreed a decision in principle a year ago ).
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I'd revisit that if I were you. Given that the poo is hitting the fan in the financial markets big time a lot of lenders have suddenly got very twitchy. If you've got anything over 20% deposit you should be OK as long as you are full time employed.

dal said:
Has anyone here had a place up for sale recently - what sort of offers were you getting, or if you have bought a place how much did you get knocked off.
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Put mine up for £128,500 in June and sold it for £125,000 at the start of October. Then again, I'd actually priced it sensibly which people seemed to appreciate (I got 2 firm offers of £124k plus the eventual buyer's). There was (still is) an identical house for sale around the corner up for £145k - they weren't even getting that at the height of the market.


The question is, is the house you are looking at priced realistically or stupidly? If it's the former, don't bother insulting them. They've probably already had something similar and said no, I had two offers sub £100k made for mine which I just laughed at.
 
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The truth about house prices is that they are only worth what someone is willing to pay.

Get onto rightmove and try to find some similar properties in the the local area (search by postcode) recently sold. Thats your idea of a reasonable price.
Then factor in the situation of the people there, do you get any ideas how desperate they are to move, the more desperate the lower they may go.
Are they moving on, ie is there a chain or will it become vacant so not affected by a chain thats got risk of failing.
 
Always go in low, you can't decrease your offer when they say yes! But you can always increase.

A lot of things to consider, how well are houses selling in the area? how much under the asking price are they selling for?
Last house i went to view was priced at £295k, the estate agent had us and one other group out looking at the house, the other couple must have fallen in love with it or perhaps the estate agent put the screws on by saying we were interested, but the other couple offered £290k..... when the estate agent phoned to see if i would offer more i laughed at her and told her my offer would have been £250k, i told her to close the deal with the other couple.
The house was being sold because the developer who owned it ran out of money. The bank were forcing the sale, he must have laughed his head off when he got £290k.

If you can find these types of details out, it can stand you well in negotiations. Also as a first time buyer you are a dream to any seller, make sure you get a good deal for being in that position, you will only be in it once!
 
cm1179 said:
now that is stupid and insulting. i'm all for starting low but that is ridiculous.

don't be afraid to go up in £500 increments either op
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She was under the impression my dad was desperate to sell after talking to another neighbour who's the resident busy-body. I do agree (as does my dad) that the offer was an insult so he told her where to go using language I've not heard him use before :)
 
My local area has lots of overpriced properties, they sit and sit and sit on the market and dont move.
Some properties drop and do sell, and some come on at a reasonable value and seem to sell within a month.
A few come on clearly slightly underpriced and seem to sell within a week.

At one point a couple of months ago there was a road on a local estate with three houses up for sale, all 3 beds actually. A 3 bed detached, a 3 bed semi with a little extra work done and a 3 bed terrace (townhouse) same builder same road same age.
The terrace was first up and still is today at £235, the Semi isunder offer, that was up at £245, the detached came up and sold for £235 within a fortnight.
Which is correctly valued, which is over or under is open to view, but my view was the detached was slightly under or spot on, the semi is a little over and the terrace is way over.
All these will no doubt have been advised by the estate agents as to their "value", buyers have decided which ones have been priced fairly to sell and which are overpriced and better value can be sought elsewhere.

Edit just to say they are £k obviously ;)
 
Goliath said:
I'd revisit that if I were you. Given that the poo is hitting the fan in the financial markets big time a lot of lenders have suddenly got very twitchy. If you've got anything over 20% deposit you should be OK as long as you are full time employed. .
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I've got £65K deposit, pretty sure I'll get a mortgage.
 
Whenever I've made an offer on a house I've always been willing to walk away - our current house we offered £35k less than market as it had been on for 18 months, we had £5k. We ended up walking way from negotiations as they wanted too much. Had a phone call next day saying they would accept our original offer.

Having a bit of room in your offer is fine but sticking to your guns is important if you think they'll drop.
 
Ok according to property bee the initial entry was on 24th April 2011 at £139,950 and the price changed to £129,950 on 23rd June.
Also when I viewd the house the owner said to me he was planning to putting laminate flooring down in a week or so and if I did want to buy the house I could choose which one, which makes me think he is quite eager for a sale. Also there is a house identical across the road on for the same price, the asking price of this was £147,500 in August 2010.
 
Banzai_Joe said:
Had our house on the market last year at £195k, buyer offered £180k, told her to go boil her head.She met us half way at £186k.........still lost money of the frigger though.
Bought new own house last december. It had been on the market for £110k for months. Was then dropped to £100k. I offered £90k and we settled on £92k. So i did ok with it.
Buyers taking the **** by making crazy low offers is annoying, but the seller isn't likely to be stubborn and refuse to deal with you at all 'out of principal'. So go low as you dare, then up it bit by bit.
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Interesting this, someone offered you £15k less on a £195k house. A discount of 7.7%. You offered £90k on a £100k asking a 10% discount.
Yet you told the person offering a lower discount to go boil her head.

Realistically I think once you start discounting or attempting to of more than 10% your really pushing the boundries. The percentage is key rather than the amount, £1M houses dont go up by £10k when a £100K house goes up by £10k they go up more like £100k. People just start to go no way at this kind of level so unless they have vastly overvalued initially and they know it your likely to get knocked right back. repeatedly going back with offers is going to confirm your interest more than starting a sensible number from offer 1 and upping a bit for a final second offer.
 
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