How much would you offer?

[vaniilla]

Excess of is just lingo and doesn't really mean much, how much they want and how much they can realistically get are two different things! I would suggest the following:

ask why they think the property has been on the market for so long - could be something benign or it could be sellers with pie in the sky ambitions.

Where are the vendors in regards to buying - have they found another property, why are they moving, how fast are they looking to move, are they considering moving into rental.

Ask if they have had any offers accepted but fall through, they may well lie but their answer should give you a clue, it's highly unlikely for that price that all potential buyers would have been in a chain, it may well be there that there is something that makes the property difficult to mortgage or has put people off.

Being first time buyers you're the perfect buyers ( do you have your mortgage agreement in principle? that will also heavily weigh in your favor if you do).

Finally, people tend to offer 5% - 10% then they would be happy to pay for intentionally and then negotiate from there. Don't offer more than you feel it's worth and be prepared to walk away, if your offer is accepted I would strongly suggest you make it conditional so that it completes by a set date and that it's removed from the market, you don't want them to use your bid against others and you don't want them to leave you hanging indefinitely until they've found somewhere.

 

[Pearls18]

Excess of is just lingo and doesn't really mean much, how much they want and how much they can realistically get are two different things! I would suggest the following:

ask why they think the property has been on the market for so long - could be something benign or it could be sellers with pie in the sky ambitions.

Where are the vendors in regards to buying - have they found another property, why are they moving, how fast are they looking to move, are they considering moving into rental.

Ask if they have had any offers accepted but fall through, they may well lie but their answer should give you a clue, it's highly unlikely for that price that all potential buyers would have been in a chain, it may well be there that there is something that makes the property difficult to mortgage or has put people off.

Being first time buyers you're the perfect buyers ( do you have your mortgage agreement in principle? that will also heavily weigh in your favor if you do).

Finally, people tend to offer 5% - 10% then they would be happy to pay for intentionally and then negotiate from there. Don't offer more than you feel it's worth and be prepared to walk away, if your offer is accepted I would strongly suggest you make it conditional so that it completes by a set date and that it's removed from the market, you don't want them to use your bid against others and you don't want them to leave you hanging indefinitely until they've found somewhere.

Thank you! This is very informative, I really do feel like it is overpriced, and the thing is it's not just wanting to get it for a good price, I worry about how much we could sell it for, I appreciate not many people want to live in a predominantly military area so while it doesn't bother us I worry the affect that would have on selling it and the fact it's been on since May makes you wonder! They have their heart set on a new build, so I'm guessing if they are after a new build a similar size to what this is that their expectations are a little too high as to what this house can achieve, yes it's a 4 bed but it looks ex council in a military dominated environment, 3 beds in the area have gone for £135,000!

 

[Midnight_Fairy]

What area is it?

 

[Pearls18]

East Midlands/East Anglia way.

 

[Midnight_Fairy]

I am in East Anglia and there is a huge variation in price. Sounds good to me.

 

[Midnight_Fairy]

We are also MOD area but our house was sold off. Got a good deal with it.

 

[Pearls18]

We are also MOD area but our house was sold off. Got a good deal with it.

Yeah the people who own this one did too, but seem to think it's more than tripled in value in 15 years.... :/

 

[Pearls18]

So my husband is home (YAY!) we viewed the house and really liked it, this was 10 days ago now, estate agent has very much pressured us into seeing their broker (see other thread about estate agents!) but we have an appointment with the bank directly next week (we had a casual chat with another broker last week which pretty much narrowed down who would lend us what we need to 1 bank ha!)

They've since brought the house down to OIEO £195,000, but I have just found an almost identical house in a similar condition sold for £161,000 18 months ago! The area that we live is not that buoyant a market....the estate agents they use are well known for over pricing houses. My absolute max I'd be willing to pay is £180,000 my husband is more cautious and would rather £170-75 I think! It's not about affordability for us, we can afford to go higher but it's the fear of paying too much and struggling to sell ourselves in future so we must be realistic about what it's really worth now, this isn't our forever home and could be selling in as short as 5 years time although would hope for longer. So I'm not sure where to start negotiations without insulting them too much, I know they can only say no, but if we get their backs up they might not be willing to negotiate at all? To be honest, I think they have their price in mind and they won;t sell for less, it's been on since May and they've only reduced by £5000 so I guess they're not in a rush. A 3 bed property similar to this (but not up to the same standard and a terrace) sold very quickly this month at £131,000 so it shows they do sell at the right price.

Sorry for the waffle, needed to get it off my chest!

 

[broodymrs]

Hope you get it for a good price. Def use your own mortgage advisor.