House buying

[Hannahkw1]

Hello,

So I am a first time buyer, looking to buy a house in my local area. I have found a house I like and know the street very well.

It is on the market for £160,000 so my question is what asking price should I put in?

Is £136,000 too low? (15% off)

The house has been on the market for 6 months with no offers and currently being rented out. It is in a pretty poor condition as a result of the current tenants. The kitchen will be ok, but the carpets and bathroom will need to be replaced and the walls re-painted.

Any advice?

Thanks in advance.

 

[Eclipse]

Just replied on your other post about this.......

Its worth a try, they can only say no. If you go in too high you can never come down, but you can always go up if a low offer isn't accepted. Good luck honey x __________________

 

[Hannahkw1]

Yeah that's what I thought! Just hope it isn't too low (don't want to offend them).

Thank you!

 

[cherry-pie]

Try it and see, you have absolutely nothing to lose! The worse they can do is come back with a no, but thye could say yes, or it could begin some negotiations! I heard a good saying once, years ago that was essentially if you're not embarrassed at the first offer you make, you've gone in too high! Its stood me well on cars, houses - even a freezer in currys! Good luck xxx

 

[Happy Holidays]

I'd take a look at Zoopla (.com I think) & see what houses in that area have sold for. This will then give you an indication of your offer.

 

[Hannahkw1]

Yeah I have looked at Zoopla, they have valued it at £154,554, but my parents house is on the same road and they have estimated there's at £152,061 and my parents house is in an immaculate condition and bigger, as its the end terrace rather than mid.

Have asked the estate agent a load of questions like what condition is the boiler in? How big is the chain? Was there planning consent for the conservatory? Etc. so just waiting!

When we viewed it the tennants were in so it was very hard to ask questions!

Also, how long does completion take? As I am probably unlike most other people, I don't mind it taking a long time (means I can save more!)

 

[Happy Holidays]

Completion depends on a few things, mainly how long the mortgage takes to sort out & how quickly your solicitor gets the searches etc sorted. There will also be a case of giving the tenants notice to leave.

 

[Beth_1308]

Hi, completion in this country takes an average of twelve weeks. When we bought our house (pre-recession) we were told that you should over 5% less than the asking price so it should be a lot more now. Plus have a look at the sold prices in the area on zoopla not just the house values.

 

[Starlight]

No harm in going in with a cheeky wee low offer

Houses in the area I stay in, which is actually a really nice area, arent selling. One flat finally sold for £41k UNDER the valuation.... theres 2 houses for sale in my street, both identical 4 bed townhouse, valued at £180k one is on at £178k the other is on at £140k

Nothing ventured nothing gained, if they say no, you can go back with something higher but it really is a buyers market just now

 

[Lisa123]

Hi. As u r a first time buyer that will really go in ur favour. I say go for it. They can only say no. Good luck.

 

[Hannahkw1]

Thank you everyone!!

 

[IreneH]

It is not an easy time for selling a house at the moment. I have just sold mine and have accepted 18% less than I wanted and my original price wasn't high so it is worth a try to get a lower price. And it has been on the market quite some time.

Good luck.

Irene xx