never bought before no idea what we are doing....what is a good starting offer and how do we apporach the purchase?
2007-08-15 04:06:33 · 21 answers · asked by sam c 2 in Business & Finance ➔ Renting & Real Estate
It depends on the house in question. If the house is newly on the market and you think there will be a great deal of interest, don't waste time and go for the asking price. If the house has been advertised for months with nary an offer you have a lot more freedom on your offer perhaps starting somewhere around 119000 - 124000 depending on the neighbourhood and housing market.
Best of luck!
2007-08-15 04:11:12 · answer #1 · answered by Ian M 5 · 1⤊ 1⤋
first see how long the home has been on the market.second the home should be inspected so there are no surprises later and a title search on the home and property to be sure it is not used as collateral for any loans and that no one else has a claim to said home and property.see what the property taxes and house insurance will cost .the age and condition of the septic system,well,plumbing,hot water heater,furnace appliances etc. you really must be careful if all seems in order and the home in good condition ,free of termites ,mold and the foundation and roof and electrical are all in good condition then like this if the home has been on the market for a year or longer i would offer 111,000 up to 121,000 and probably no more.if it has been on the market 6 months or less i would offer 125,000 and go up to 130,000.keep looking do not get locked into something you may regret,there are many places for sale.remember it is a buyers market not a sellers.good luck.
2007-08-15 11:22:01 · answer #2 · answered by dixie58 7 · 0⤊ 0⤋
Personally I wouldn't make the first offer anything below £125k. That way, they know you are serious, and will not just dismiss it.
It also depends on how long the house has been on the market, and how many other people are interested. Just remember, the Estate Agent is not on your side.... they get a cut of the selling price, so they want to sell the house for as much as possible. They may turn around and say there are other ppl interested, just to make you offer more money.
Speak to the owners directly, and tell them about the offer you are making. This way, they know the facts first-hand. Estate Agents have a way of twisting things to their favour.
I would say, that 125k, would be a good price.
Good Luck...
2007-08-15 11:18:24 · answer #3 · answered by Sam G 5 · 1⤊ 0⤋
You can find out other property cost around the area just to be sure,and take of 5 to 10 thousand of the real price ,the real price is what it really is worth and it may not be what they are asking for, you must stay calm at all times when offering,and be sure to see other houses and not fall only for the first one you have seen, its a good idea also to see what happens on a rainy day, does the wall get wet does the ceiling drip or any sign of water.
Also check the water,does it run with power on the sink-shower-etc.
Hope you find the house of your dreams and can really enjoy it.
good luck
2007-08-15 11:27:54 · answer #4 · answered by Sorry deleted 4 · 0⤊ 0⤋
It all depends on how many other interested parties there are. If there's nobody else start low, you never know how desperate the seller is to sell, also let them know you are ready to buy now and are not in a chain, many sellers find this attractive. If on the other hand there are plenty of interested parties it depends on how desperate you want the house, you may have to offer the full whack, but get the house surveyed to find out how much it is worth.
2007-08-15 11:13:14 · answer #5 · answered by Anonymous · 1⤊ 0⤋
The housing market is experiencing difficulty at the moment. I was going to put my house on the market a few months back. The agent valued it at £125,000 - but told me to realistically expect offers around the £120,000 mark.
My advice would be to offer no less than £130,000. Any less than this and the vendors will chuck it back at you (a good estate agent will persuade you to up your offer before he puts it forward though). £130,000 is a good starting point. Do not be afraid to walk away. Remember, you are in control. You have the money.
Talk to the estate agent.
2007-08-15 11:17:47 · answer #6 · answered by Anonymous · 1⤊ 0⤋
Find some fault with say central heating or bath or wall paper and negotiate accordingly.
A good starting point if you are a first time buyer is also to day that you have an agreed mortage and you are willing to buy right away.
Start with between £127K-£130K
good luck
2007-08-15 11:18:40 · answer #7 · answered by **tomtom 5 · 1⤊ 0⤋
That depends upon where you are. If the market you are in is very competitive, sometimes people even offer more then the asking price. It happens where I am. However, if you are in a normal area, I would consider 130K. That is reasonable, but I wouldn't offer below 127K.
2007-08-15 11:16:10 · answer #8 · answered by NY PTK 4 · 1⤊ 0⤋
If you are in the USA, go to your county's property tax website, you can see what the current owners paid, whats sold recently in the area and make an informed offer that way.
2007-08-15 13:35:48 · answer #9 · answered by silligrl357 4 · 0⤊ 0⤋
I'd offer about 127K (ish) all depends on the survey report as well remember, we got ours from £117k down to £110,000 and £2000 cashback on completion, downside is, £3000 for a complete rewire as part of the mortgage (survey report). Highest I'd go, £130K, then walk away....
2007-08-15 11:14:32 · answer #10 · answered by needmorecubes 2 · 1⤊ 0⤋