Question
Putting an offer in on a house in England, UK?
The house was originally on the market for £295,000. The owners have since dropped the asking price to £270,000 as they have found somewhere they would like to live and want a quick sale. It is a 4 bedroom, terraced period property. What would be an apropriate figure to start negotiations? I am a first time buyer and new to this. Thanks There are no other offers on the property at present. First of all thanks for all the advice. I have done some research and the most a house has ever sold for on that street is £280,000 and there has been a 15% drop in the market in the area I am looking (apparantly) I have been advised at an offer between £235,000 and £250,000....... Subject to a building survey being completed, subject to the legality of a loft conversion in the property. What do people think?
5 months ago - 4 answers
Best Answer
Chosen by Asker
That depends on a lot. Do you have a real estate agent working for you?? If so, you need to know if there are any other offers on this property. If there are, then you may have to go into a bidding war, or offer full price... sometimes even more than what the people are asking. If there are no other offers, and you are very serious about wanting this home, then I would start my bidding at 210,000 and go from there. Don't go under 210,000.... they'll never entertain that. And don't forget to get the property/house inspected BEFORE you cut them a cheque !!!!
by Racer
5 months ago
Asker's Rating: 
Other Answers
yes start with a very low bid like 200,000 all they can say is no. Ive recently just bought a house im also a first time buyer and we put in a bid. Think carefully before you buy make sure you love it and remember the market is in your favor so the people selling im sure will be happy your even interested in this house as the market has slowed down best of luck with it and make sure to bargain for everything solicitors you name it unlike last year we needed them now the tables have turned and its great for first time buyers! Let me know what you get it for! Also to people laughing at offers i personally dont think so as no one is really buying
by Sinead- 5 months ago
Start your bidding at 20 to 30% below the asking price. If they won't budge work out seller financing if that is an option in England. In the US sellers can finance up to 6% of closing costs. The seller gets their price, and you get some of the costs covered, so it's a win-win. If that is an option in England find a local broker to help in the negotiations.
by Daniel R- 5 months ago
first of all no one is going to drop there house price by 70 thousand pounds if you offer them 200.000 that they will just laugh at you sorry but thats the truth start with offers in the region or 250.000 they have already dropped the house price by 25.000 so they wont drop much more good luck with getting on the property ladder xx
by PRINCESS ALISON- 5 months ago