Lloyd90 Posted March 12, 2016 Report Share Posted March 12, 2016 Looking to make offers on a few houses in Bristol. Looking for advise from those who've done it before. I'm inder the impression that most people would expect you to make an offer below the asking price, mostly in line with the prices in the area. What would be a good starting point ? I know I can always offer more but then run the risk of them thinking your a messer and not wanting to deal with you. Viewed a house on Friday, I'd researched it thoroughly and know that two houses on the street last June sold for both roughly £210k and one this year for £230k. They were also both more modern/upto date regarding renovations. The estate agent was a bit baffled when I told her this and how come this one was so over priced at £240k. I think she tried to bluff me as she claimed that they already had an offer for the asking price to which I told her in that case I wasn't interested. She then back peddled a bit and encouraged me to make an offer below. Surely if someone already offered £240k then why would you make an offer of less ? Is this a common trick ? Quote Link to comment Share on other sites More sharing options...
proud dad Posted March 12, 2016 Report Share Posted March 12, 2016 (edited) In a word, yes. Never trust anything an estate agent tells you. I put an offer in on a property once and it was accepted by the vendor, I then got a call from the estate agent saying there had been a higher offer so I told him to let them have it as I wasn't playing those games. You should have heard him back pedal, I just told him I wasn't interested any more and bought the property over the road instead. Put your offer in and stick to it. Edited March 12, 2016 by proud dad Quote Link to comment Share on other sites More sharing options...
robbiep Posted March 12, 2016 Report Share Posted March 12, 2016 Estate agents lie. That is all you need to know about them. Remember, they work for the vendor. NOT for you. It is in their best interest to bump up the price as high as possible, as their commission is based on the selling price. I'd start £20k under. Obviously if you've already got a mortgage (in principle) set up then it makes you more serious, and likely to be treated as such. I approach it from a slightly different point. I own a number of houses which I rent out, and own them all outright (no mortgages, so not going to get clobbered with the new taxation rules). If I want to buy a property, I view, and then make my offer in writing, stating that funds are available instantly (and can be proved as such), and giving my solicitor's details for if the offer is accepted. My approach tends to concentrate the mind of a seller, I find. Of course, as well as time-wasting/dreaming buyers, there are plenty of people who put their house up for sale without any clear idea of where they'll move to. When offers come in, they find there is nothing they like on the market, so decide not to sell ! Quote Link to comment Share on other sites More sharing options...
walshie Posted March 12, 2016 Report Share Posted March 12, 2016 They say try 10% under as a first offer. The seller can only say no and the Estate Agent legally has to pass on all offers regardless of how big or small they are. I've just sold my house in England and I took one offer that was slightly less than another, due to the fact the higher offer was a first time buyer and had to go through the rigmarole of getting a mortgage and the slightly lower offer was a cash buyer. Maybe that's the situation with your agent? Quote Link to comment Share on other sites More sharing options...
ElvisThePelvis Posted March 12, 2016 Report Share Posted March 12, 2016 Ignore estate agents, they are a pain in the ***. Do your own research and offer what the house is worth to YOU (with an acceptable amount of uplift in your mind if needed). Estate agents have no qualifications, their opinion is just a strangers guess, and one who is trying to extract as much cash from you as possible at that... You will have done more research than them. Quote Link to comment Share on other sites More sharing options...
lksopener Posted March 12, 2016 Report Share Posted March 12, 2016 Depends on the house we have just bought in a very desirable area, 8 viewings on the first day. We offered 2k over the asking price to secure as the house was worth it and we wanted it. All depends on supply and demand I guess. Quote Link to comment Share on other sites More sharing options...
team tractor Posted March 12, 2016 Report Share Posted March 12, 2016 Mine was up for £125k then £115k so I offered £96k and rested on £103k if that helps. If insulting someone you'll never have to live with saves £20k just go for it Quote Link to comment Share on other sites More sharing options...
Lloyd90 Posted March 12, 2016 Author Report Share Posted March 12, 2016 I'm a first Time buyer looking to sorting it ASAP with no house to sell before getting moving etc so would think I'd be an attractive buyer Looking at one on the weekend that says "offers around£250k" , was thinking of offering either £210-220 as a starting point as they tend to go for around £230k in the area. The area is Filton in Bristol if anyone knows it. Decent enough, rooms rent out well (which is what I'm doing, renting the spare rooms to other students or professionals) Quote Link to comment Share on other sites More sharing options...
rjimmer Posted March 12, 2016 Report Share Posted March 12, 2016 Make a good offer, subject to survey, then get an efficient surveyor who will legitimately find all sorts of defects that you can use to lower your offer. It might cost you a £K but could save you £10K. Quote Link to comment Share on other sites More sharing options...
kyska Posted March 12, 2016 Report Share Posted March 12, 2016 Estate agents lie. That is all you need to know I've just streamlined your post. Quote Link to comment Share on other sites More sharing options...
Lloyd90 Posted March 12, 2016 Author Report Share Posted March 12, 2016 Make a good offer, subject to survey, then get an efficient surveyor who will legitimately find all sorts of defects that you can use to lower your offer. It might cost you a £K but could save you £10K. Yer I thought that was fair to offer pending survey etc. I'm hoping to pick a place up for a max of £230k really. Do you think looking at properties around £250k is realistic ? Quote Link to comment Share on other sites More sharing options...
rjimmer Posted March 12, 2016 Report Share Posted March 12, 2016 Only you know what you can afford. A proper survey might frighten the $h!t out of you, and also the vendor. Quote Link to comment Share on other sites More sharing options...
Harnser Posted March 12, 2016 Report Share Posted March 12, 2016 It's really quite simple . Just put in a bid for the house that you want to pay . Don't listen to the estate agents . Your offer will be accepted or it won't . Be prepared to negotiate a little bit . Harnser Quote Link to comment Share on other sites More sharing options...
team tractor Posted March 12, 2016 Report Share Posted March 12, 2016 First time buyer at £250k Jesus I'm struggling to get past £160 ten years in Quote Link to comment Share on other sites More sharing options...
Shropshire_Lad Posted March 12, 2016 Report Share Posted March 12, 2016 As a seller, we have a property valued at 245k by two estate agents and think 220k is a more realistic figure ;-) Quote Link to comment Share on other sites More sharing options...
Dougy Posted March 12, 2016 Report Share Posted March 12, 2016 It's actually in the best interest for the estate agent to sell the house. Telling lies would not be beneficial for them one bit. Maybe some of you have had dealings with the cowboys out there.. Yes they work on commission but they get B all for nothing sold. Quote Link to comment Share on other sites More sharing options...
Lloyd90 Posted March 13, 2016 Author Report Share Posted March 13, 2016 First time buyer at £250k Jesus I'm struggling to get past £160 ten years in Buy for university mortgage, some of what is lent is based off what you can rent the rooms for. The rate isn't that low at just under 4% but the rent off one room in the house covers the mortgage as in Bristol a room rents for about the same as a house back in my home town in Wales. I'd rather pay less per month in a mortgage payment than rent myself, plus the rent from the other rooms bumps up, and the houses here seem to go up in value fairly well. On top of that I have a large deposit. Thanks for the advice lads. Hopefully the viewing goes well and I can get it for a price both parties are happy with Quote Link to comment Share on other sites More sharing options...
bruno22rf Posted March 13, 2016 Report Share Posted March 13, 2016 To be in with a chance round here you need to offer the asking price or above if you really want it - most houses are sold within 2-3 days....sometimes hours. Quote Link to comment Share on other sites More sharing options...
Lloyd90 Posted March 13, 2016 Author Report Share Posted March 13, 2016 To be in with a chance round here you need to offer the asking price or above if you really want it - most houses are sold within 2-3 days....sometimes hours. On my phone mate, you also in Bristol ? It's all online these days you can see what all the houses in the area sold for. Like I said that one that was advertised for 240k had houses literally next door that sold for 210k and were had brand new everything, so it was obviously over priced. I know of I was selling I'd put the price up a bit cos I would expect people to make offers Quote Link to comment Share on other sites More sharing options...
clakk Posted March 13, 2016 Report Share Posted March 13, 2016 zoopla zoopla n zoopla ,tells you what sold for how much all else is estate agent carp.See what the real prices are then offer 15k less ,they,l waffle and say come back with a better offer n they you pay what its worth .Estate agents need a % of sale bigger sale more dollars for them so keep it real n they can do one .if your fav street is 210 k why pay 250???its your money not theirs Quote Link to comment Share on other sites More sharing options...
kingo15 Posted March 13, 2016 Report Share Posted March 13, 2016 We just had the same issue a house was on for 340k. Village location views over fields but it didn't take away the fact the inside was 1960''s. All of it. We started of at 310k purEly because of all the work. But someone's got carried away and we got it for 325k in the end. If your in no rush then you can call the shots. Everything a estate agent says take with a pinch of salt Quote Link to comment Share on other sites More sharing options...
Vince Green Posted March 13, 2016 Report Share Posted March 13, 2016 In London it is normal for houses to go for sell for way over the asking price. I think its stupid. In South Wales you make an offer and they just leave it on the table, for months sometimes, to see if somebody comes up with better. You see houses advertised with statements like "we have an offer of £xxx on this house already" I agree with others about estate agents, you can always tell when they are lying because their lips are moving. Quote Link to comment Share on other sites More sharing options...
AVB Posted March 13, 2016 Report Share Posted March 13, 2016 Offer what you feel is right. Some houses go for more than the asking price some less. depends on the area and competition. Don't worry about an 'insulting' offer. If it's that insulting they won't accept it. And in my experience some estate agents, albeit a few, do work with buyer and seller to come to an amicable price rather than just trying to drive the price up. Quote Link to comment Share on other sites More sharing options...
nobbyathome Posted March 13, 2016 Report Share Posted March 13, 2016 You are a first time buyer as long as you have the mortgage in principle sorted that puts you in a good place do your research a see what the other houses are going for and go in about ten percent below the price to be honest it's all about supply and demand my son recently sold his house as it was in a good area and a two up and two down ideal first time buyers home it went for twelve percent over the asking price. If you have time to wait offer low if you want it now give the asking price and get it off the market Quote Link to comment Share on other sites More sharing options...
rjimmer Posted March 13, 2016 Report Share Posted March 13, 2016 https://houseprices.io/ Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.
Note: Your post will require moderator approval before it will be visible.