going to put in an offer on THE house... how much do i offer?!?

Bowen4Horses

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so... i found THE house, it's a mega enormous project (it's absolutely minging at the mo)

i have finally plucked up the courage to make an offer on it...

it's quite fairly priced at 'offers over 295k'... but the estate agent told me he's looking for 310k. (why not advertise it at that then?!?!)

our house isn't even on the market yet... so i'm not in a very strong bargaining position...

however, to take account of fees/stamp duty etc, we need to sell ours for at least 15k more than we buy the other one for... and i'm worried that in current climate ours wouldn't fetch much more than 300k (was valued at 375k in august 08)... please note, we bought it for about half that 2 yrs ago as a falling down shell, and have fixed it all up ourselves, so not scared of the hard work.

anyway... to cut this ramble shorter... would i be taking the p*ss if i were to offer 280k?
confused.gif


what's the worst that could happen? they could say 'no'?
 

LankyDoodle

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In this climate, you are not taking the p. However, I would get your house valued first as you may find you are in for a shock - you never know. Do that now, asap. Once that is done, go in with your offer (although they may be less likely to take it, especially with houses not moving, as you aren't shifted yet). If they want more then go up a little bit but then don't budge. Leave them to decide whether they want to sell or not.
 

AmyMay

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You're not in a position to offer anything at the moment, as your house isn't on the market - let alone sold.
 

Bosworth

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TO be honest the agents won't be in the slightest bit interested in your offer until you have a firm offer on yours - they say you are not procedureable. As a seller I had several people make offers but I didn't bother responding until I was told the buyer had an exchange date and the survey had been done on the house they were selling. As it is all hypothetical. If you have a firm offer they are more inclined to bite your hand off and accept your reduced price as you are able to move.

So if you make an offer now in your situation they will in all honesty reject it off hand.

Get yours valued immediately and on the market. get an offer and then make one.
 

Worried1

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Start low - you can always go higher, then have a survey and knock money off depending on the results.
 

Taffster

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I probably wouldnt offer anything in your position, as you quite rightly said property has not been selling and as seen a reduction in value as a result. You will only get your hopes up if you do, i'd get yours on the market asap and hope you get some interest early on.
 

jendie

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Ohh I do feel for you, house buying and selling is so stressful. Prices have fallen dramatically in the past few months but I think you need to sell your house before putting in an offer. Once your house is sold you could offer the £280,000. If you are ready to go I think they'd think very carefully before rejecting it.
 

BBH

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I haven't read other posts but when I have sold property in the past I have told the agents not to send people round who aren't in a position to proceed. Its not fair on anyone tbh and wastes time. I would only make an offer when you are able to go ahead having found a buyer for your own house.
 

Weezy

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Totally agree, you don't have the money to buy the house so you are just time wasting IMO. Register your interest, put your own house on the market and once you have an offer you can then offer on this property. I would never allow anyone to view my house unless they are procedable.
 

pennyh

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if as a buyer you think the house is well priced at £295K which you have said , & the agent knows its priced right then i think that basically you are trying to do what lots of buyers do , which is fit the house to your budget/what you can afford to/want to pay

where i live the right properties are still selling well & the agents are all saying the market is moving more in the past few weeks (my parents had an offer on their house within a week of instructing their agent & 2 within 2 weeks)

if you go in with an offer too low & also not even having your own property on the market let alone sold subject to contract then imo you seriously run the risk of just been classed as a cheeky timewaster , the agent will know that the client is looking for a substantially higher price & that the prospect of you being able to come up with the goods (ie. the money) is not exectly a cert so before your offer even gets to the vendor the agent is already likely to be thinking he has little chance of turning it into a completed sale , thus the amount of effort he puts into it will not be doing you any favours as he will be much more interested in spending his time on another property/buyer that he feels he can complete a sale on & thus earn his commission from

sorry to be blunt
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ihatework

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Don't waste the sellers time.

Get your house on the market and under offer and only when you are in that position then you should be making an offer yourselves
 

Bowen4Horses

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i've been to view it three times, and they know what position we're in. they know we're only putting ours on market to buy that one.

ours is going on market on monday morning - i guess i at least need to wait until then before thinking of making an offer... the vendor's estate agents know we're interested and are planning on making an offer...

oh gawd, the stress! why do i always take on these mammoth projects when preggers? i think it's my 'nesting' instinct gone a bit wrong!

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Worried1

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Sorry, I don't agree. When we first saw our new house my parents hadn't even put theirs on the market let alone sold it.

We were very honest and said that we had seen the house and potentially it ticked all our boxes. When we looked round and fell in love with it with told them we would be placing ours on the market immediately and would do everything we could to proceed as qusickly as we could.

We also understood that if someone came along and was in a better position that us we might not end up with it.

Nothing ventured nothing gained. Be truthful anhonest about your situation - the current climate is awful so it may take a while, if it's in a dire condition the chances are it won't be snapped up that quickly.

There are dishonest sellers out there as well - the first house we found ended up being re-possessed after we had completed on our house. We ended up with the in-laws for 10 months!
 

burtie

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Agree with others no point making an actual offer until you have a firm offer on yours.

However get you house on the market with the same agent selling the one you want(if possible as this gets the estate agents 2 commissions so more incentive to sell yours!), and explain you are only interested in selling for this house to the agent so your not messing anyone around.

We did this when we moved to ours and it worked fine as long as you are honest with everyone.

Hope that helps
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Bowen4Horses

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[ QUOTE ]
Sorry, I don't agree. When we first saw our new house my parents hadn't even put theirs on the market let alone sold it.

We were very honest and said that we had seen the house and potentially it ticked all our boxes. When we looked round and fell in love with it with told them we would be placing ours on the market immediately and would do everything we could to proceed as qusickly as we could.

We also understood that if someone came along and was in a better position that us we might not end up with it.

Nothing ventured nothing gained. Be truthful anhonest about your situation - the current climate is awful so it may take a while, if it's in a dire condition the chances are it won't be snapped up that quickly.



[/ QUOTE ]

this is my tactic... and i think the estate agents appreciate our honesty. i've been completely honest and i've potentially put myself in a not-very-good bargaining position as i've said we love the house and we're only selling ours in order to buy that one. we've been looking for YEARS and this is the first house we think it's worth selling our beautiful house for... my main issue is the fact that they put it on for 295k (so we think we can afford it as everyone is offering less than asking price at the mo) but then say they're expecting 310k...

eeek. mega stressful times...
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Bowen4Horses

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[ QUOTE ]

However get you house on the market with the same agent selling the one you want(if possible as this gets the estate agents 2 commissions so more incentive to sell yours!), and explain you are only interested in selling for this house to the agent so your not messing anyone around.

We did this when we moved to ours and it worked fine as long as you are honest with everyone.

Hope that helps
grin.gif


[/ QUOTE ]

this was my plan... as it's what we did with our other house and i was amazing to see how hard they worked for TWObits of commission!

but... the house we want is on with an equestrain estate agent... and we're not selling equestrain property... hmmm. unless i quickly convert the garage into a stable?
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jojo23

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We had no intention of moving until we found our dream project house with three acres and stables, so put offer in on house which was accepted but they gave us a month to find a hot buyer for ours. We marketed our house 10,000 under market value because we were serious and only saw people who had sold or who were not dependant. After quite a few hairy moments we did get our new property.
I would advise get agent to value you house and be realistic about what you can sell it for quickly, you need to be honest with yourself about your finances, if you need a quick sale with a good buyer you will have to market yours at a price which will make it attractive.
 

angiebaby

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If the house is reasonably priced and in a dire condition, it WILL be snapped up!

We bought our current house without selling the old one; We had a bridging loan set up, fortunately we sold our house in weeks, so we didn't need the loan; it was far too good opportunity to miss!

We are now selling up again , moving on to the next project; not looking forward to the stress !!
 
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