Making an offer on a house at 250,000

TheFarneyman

I have mortgage approval for upto 200,000 and 26,000 deposit to play with, need to keep a bit for solicitor fees, etc. House is on the market for 250,000 and i really want it, it would fit all my requirements but hands are tied a bit. what would be a realistic price to offer without letting the EA know my hand? or laughing me out of the house? 205?

Number_5

Hard to advise without having all the information but here's my opinion for what it's worth...

You have nothing to lose by putting up a low ball offer - 150k. If the EA isn't laughing at your first offer you probably quoted too high. You can always move up from your original offer over time, but difficult to move down! Remember to take your time and be prepared to walk away -> just keep telling yourself that there will always be other properties and if this one doesn't work out so be it.

Nobody has a crystal ball but IMHO we will see further decreases over the next few years.

Also, the "soon to arrive" () property price register will make this decision on "what to offer" a bit easier.

shane b

from the few estate agents Ive talked to, sellers are open to settle on about 10 % below the selling price. Of course it depends on how badly they want to sell.

Number_5

shane b wrote: »

from the few estate agents Ive talked to, sellers are open to settle on about 10 % below the selling price. Of course it depends on how badly they want to sell.

Do you expect EA's to tell you the truth?

Lyn256

How long is a piece of string-what you offer and what is accepted is dependent on many different factors . . .
Couple of questions . . .
How long is it up for sale?
How do i compare in price to similar properties in the area?


If its only recently on the market, the owners are not going to be happy to go hugely under their asking. If its sitting on the market a while-thats another story.
Looking at similar properties in the area, what are they priced at in comparison.
If similar properties are priced at €275k+, then I'd imagine you'd be lucky to get it for bout €220-€230. Offer €200k and see where that gets you
If similar properties are around €200K, then an offer of €150k-€175k would certainly be a good starting point.

What ever you decide and what ever you offer-remember that the EA good is to get as much money as possible form you so keep your cards close to your chest . . .

300zx

Hi,

Thinking of putting an offer in on a house, asking price 230k.

What would be a good offer to start of with.

Thanks

Ritchi

300zx wrote: »

Hi,

Thinking of putting an offer in on a house, asking price 230k.

What would be a good offer to start of with.

Thanks

It all depends on the factors above and more. Some asking prices are way off, some are more reasonable, so we can't give you advice without researching the house itself, what houses around it have sold for, the reasons for selling and how long it's on the market.

I assume you're not going to share all those with us, so work out how much you think it's worth based on the above, set your maximum, and then just go with an offer which makes you embarrassed to even suggest. See what the EA says, and work from there.

Lantus

300zx wrote: »

Hi,

Thinking of putting an offer in on a house, asking price 230k.

What would be a good offer to start of with.

Thanks

If I were an EA that offer would tell me that you really wanted the property and had more than likley the money to raise the offer. I would knock it back without a second thought. Why, because there is no real pressure on me. You have just given me all the power and knowledge I need to leverage a better deal.

Peple are often afraid of looking 'bad' or cheap but remeber that most property mogels got rich by being outragously cheeky and gutsy in biddin for property. I once heard of a buyer who went in really low and then rasied the amount by tiny amounts and constantly called them until the buyer and agent were so worn out they just gave in at a much lower price than they would of normally.

Don't be suckered into silly bids like this. The property market is on its knees! And your bidding at 90%+ of the asking price! Even in 2006/7 people were asking 10% below the asking price as standard.

Ritchi

Lantus wrote: »

If I were an EA that offer would tell me that you really wanted the property and had more than likley the money to raise the offer. I would knock it back without a second thought. Why, because there is no real pressure on me. You have just given me all the power and knowledge I need to leverage a better deal.

Peple are often afraid of looking 'bad' or cheap but remeber that most property mogels got rich by being outragously cheeky and gutsy in biddin for property. I once heard of a buyer who went in really low and then rasied the amount by tiny amounts and constantly called them until the buyer and agent were so worn out they just gave in at a much lower price than they would of normally.

Don't be suckered into silly bids like this. The property market is on its knees! And your bidding at 90%+ of the asking price! Even in 2006/7 people were asking 10% below the asking price as standard.

I think you've misread. The asking price is 230k, not 250k, he's just high-jacked another thread.