Putting an offer in on a house in England, UK?
By
The house was originally on the market for £295,000.
The owners have since dropped the asking price to £270,000 as they have found somewhere they would like to live and want a quick sale.
It is a 4 bedroom, terraced period property.
What would be an apropriate figure to start negotiations? I am a first time buyer and new to this.
Thanks
There are no other offers on the property at present.
First of all thanks for all the advice. I have done some research and the most a house has ever sold for on that street is £280,000 and there has been a 15% drop in the market in the area I am looking (apparantly)
I have been advised at an offer between £235,000 and £250,000…….
Subject to a building survey being completed, subject to the legality of a loft conversion in the property.
What do people think?
Related posts:
- Selling my house for cash.What would be an acceptable offer? I am trying to sell my house ASAP and have had an offer from a cash buyer, but am not sure if it is worth it. Allow me to give...
- How do I get a fair offer for a house I want to sell quickly? It is not a forefclosure, nor am I in financial hardship to sell but I would love to move abroad and I want to sell my first home very quickly...
- Are French people encouraged to buy property in England; because In England people are encouraged to move to? France and buy cheap property, on reality tv shows & travel sections of newspapers. They are told the locals want them there to help the economy and that they all...
- I have a sole agent ageement for 16 weeks to sell my house and I am in my 8 week. Can I brake the contract? •Due to mad selling and Consumers service. •Bad photos on the web, that I requested to be removed and still there •Requested an estate agent to accompany viewers on every...
- Trying to Sell Property in Las Vegas. What will be the best offer Money Back or Improvements? Is a 1.5 Acres Horse Property, Sub-Dividable with a 3600 sqt ft Custom Home. Appraised for $1,250,000 on July 15. In the market for $1,139,000. I was thinking to offer...
4 Comments
December 21st, 2009 at 3:20 am
That depends on a lot. Do you have a real estate agent working for you?? If so, you need to know if there are any other offers on this property. If there are, then you may have to go into a bidding war, or offer full price… sometimes even more than what the people are asking. If there are no other offers, and you are very serious about wanting this home, then I would start my bidding at 210,000 and go from there. Don’t go under 210,000…. they’ll never entertain that. And don’t forget to get the property/house inspected BEFORE you cut them a cheque !!!!
December 21st, 2009 at 9:11 am
yes start with a very low bid like 200,000 all they can say is no. Ive recently just bought a house im also a first time buyer and we put in a bid. Think carefully before you buy make sure you love it and remember the market is in your favor so the people selling im sure will be happy your even interested in this house as the market has slowed down best of luck with it and make sure to bargain for everything solicitors you name it unlike last year we needed them now the tables have turned and its great for first time buyers! Let me know what you get it for! Also to people laughing at offers i personally dont think so as no one is really buying
December 23rd, 2009 at 12:35 pm
Start your bidding at 20 to 30% below the asking price. If they won’t budge work out seller financing if that is an option in England.
In the US sellers can finance up to 6% of closing costs. The seller gets their price, and you get some of the costs covered, so it’s a win-win.
If that is an option in England find a local broker to help in the negotiations.
December 24th, 2009 at 5:17 pm
first of all no one is going to drop there house price by 70 thousand pounds if you offer them 200.000 that they will just laugh at you sorry but thats the truth start with offers in the region or 250.000 they have already dropped the house price by 25.000 so they wont drop much more good luck with getting on the property ladder xx