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Offers in the region of?

Last post Thu, Jan 17 2008, 5:49 PM by lili24. 9 replies.
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  •  Thu, Jan 17 2008, 5:49 PM

    Re: Offers in the region of?

    Googley thanks for the great advice! I'm glad I posted on here because my OH was ready to call up and say £130,000.. It's quite a newish house and doesn't need anything major doing to it, so we thought it would be difficult to justify a low offer, but it seems every one does that at first.

    This forum is extremely helpful!

    • Post Points: 5
  •  Thu, Jan 17 2008, 4:54 PM

    Re: Offers in the region of?

    Firstly tell the estate agent that it is on sale cheaper else where, mostly they will immediately drop the price. If not tell them your going around to the other estate agent and doing a deal with the other estate agent - It your money and you can go where you like. Both estate agents will want you to buy through them and as they are after the commission which will probably be around £1,500 from the Seller to them.

    if the house is maketed at £130k or £132 I would seriously go in with an offer of £120,000 and just tell them that you think it has been overvalued and there is still work to be done on it (probably needs something doing anyway). They wont initially accept but second offer should be £122,000 and then tell them your FINAL OFFER will be £125,000 - you wont pay a penny more. If you cant do it and sound serious then get your partner to do it for you - it happens all the time and you will get one of your offers accepted. In case you dont and you desperately want the house then you have to pay the full asking price but the market the way it is all estate agents are telling the sellers to drop the price.

    We recently got £20,000 knocked off the price of house that needed work and £10,000 of a new built house which needs no work. Its simply a case of if you dont ask you dont get and everyone wants to sell at the moment. All its going to cost you is a few telephone calls at the end of the day.

    Good luck

    • Post Points: 20
  •  Thu, Jan 17 2008, 4:42 PM

    Re: Offers in the region of?

    The only thing that threw me was the 'offers in excess of'. I thought there may be some sort of rule whereby you can't offer anything less than that price. By the sounds of it we could end up getting it for a lot less than we originally thought. Thanks for the advice guys

    • Post Points: 5
  •  Thu, Jan 17 2008, 4:33 PM

    Re: Offers in the region of?

    Hi, i agree with BB!! I was a first time buyer 6 months ago, and offered 10k below asking price!! After going up by £2k until we reached our limit we managed to get the property £4,500 below asking price!! It never hurts to offer under!! They can only decline!
    • Post Points: 20
  •  Thu, Jan 17 2008, 3:17 PM

    Re: Offers in the region of?

    I had to laugh at 'try making an offer that makes you feel embarrassed'! LOL. We just honestly don't know where to start, we don't want to offend the seller so much that she doesn't even come back with a counter offer. Although this house has been on the market a while now..

    Thanks for replies, really helpful :)

    • Post Points: 5
  •  Thu, Jan 17 2008, 2:52 PM

    Re: Offers in the region of?

    Try making an offer that makes you feel embarrassed, you can always increase it later but you can't easily reduce your offer. There are no rules in England. It's your money to offer or not as it suits you. If you are offering via an estate agent, his code of practice makes clear that he must pass all offers on to the seller no matter how low or what he thinks of it. If he comes back with a refusal ask if he has passed the offer on. Remember that however nice he seems it is his job to get the best price for the seller, after all the seller pays him. Also you are not committed to buy until contracts are exchanged.
    • Post Points: 20
  •  Thu, Jan 17 2008, 2:38 PM

    Re: Offers in the region of?

    Sorry I dont know anything about english rules when buying a house.

    Perhaps someone else will help?

    Good luck to you.......

    • Post Points: 5
  •  Thu, Jan 17 2008, 2:36 PM

    Re: Offers in the region of?

    Hi Mr Big, it's an English property! Thanks for your reply
    • Post Points: 20
  •  Thu, Jan 17 2008, 2:00 PM

    Re: Offers in the region of?

    hi, is this scottish or english property? (there is a difference!)
    • Post Points: 20
  •  Thu, Jan 17 2008, 1:46 PM

    Offers in the region of?

    Hello everyone I'm new to the forums - what a great website!

    We are first time buyers and have finally found a house that we love. It has been marketed by 2 estate agents, one at offers in excess of £132,000 and one at OIRO £134,950. We have been dealing with the one at £134,940 and we want to make an offer but not sure how low to go with offers in the region of?? Does it mean they want an offer above that price or a few thousand below?

    I realise this may be a daft question but to a first time buyer it is all a bit daunting!

    Thanks in advance for any replies

    • Post Points: 65