Putting an offer in on a property

[Cheekystar]

My partner and I viewed a property tonight, which was ok, its on for �146,500, while we were there we spoke to a neighbour who told us she bought an identical property for 138,000, if we were to make a property what should we go in at?

[Ethel]

You could try making a low offer, and be prepared to make a higher offer.

Do your research and check the current prices of similar houses in the locality.

Bear in mind this neighbour may have bought some months or more ago, the seller may have been desperate for a quick sale, she may be fibbing or there could have been major faults with the house she bought that do not exist in this house.

Try �138k and see what happens. If you are not involved in a chain you will be in a stronger position.

Good luck - it is a stressful time.

[Cheekystar]

thanks, the neighbour said she bought the place in March and we remeber it going really quikc, hence bieng so suprised that this one is till on the market, its so difficult knowing what to do.

[spudqueen]

No two houses are identical, even if they are virtually brand new houses the decor and possibly bathroom and kitchen will be different. The older the houses the more less identical (if you know what I mean!) they will become. I live in a terrace block of four houses less than 100 years old and each house is different as during the years different owners have altered things to their taste.

Also, the owners of the cheaper property may have been desperate for a quick sale whilst the owners of the property you viewed may have no reason to move quickly and are prepared to sit and wait for someone to pay the price they are asking.

Good luck!

[jake-the-peg]

Remember too that your circumstances make a difference.

If you have no house to sell yourself you're in a strong bargaining position. Not quite so good but still strong is if you have a completed chain beneath you.

If you've not got a buyer for your house yet they probably won't even take it off of the market until you do

[Cheekystar]

we're first time buyers

[jake-the-peg]

Then put in a low offer and tell them that you're first time buyers with an arranged mortgage.

If you want to play dirty, put in a slightly higher offer and find some fault with the survey and say you want a few grand knocked off preferably quite late in procedings - not very nice but depends on how tough you want to be.

Whilst we're on the subject of surveys - if the house is at all old remember that the bank's survey is pretty much useless in telling you the condition of the house and the Homebuyers ones not all that much better -Full structural surveys are expensive but it'd probably be less than 1% of what you are spending and should find any nasty surprises

[jake-the-peg]

PS I'm assuming you're not in Scotland where rules are different.

[Gef]

To follow on from Jake. It it was in the West end of Glasgow, for example, they would be expecting offers in the region of �200,000.

[Cheekystar]

we're in Oxfordshire

[rockyracoon]

Go to www.nethouseprices.com and it will tell you all the sold prices in the street for the last 5 years or so. That might give you a better idea of what to offer. Good luck