advice on making the first offer please!!

[dannypriestno1]

Hi Guys I'm new to this site, I was hoping to get some advice on making an offer on a house my wife and I have seen, we have practically sold ours so we are in a good position - we are willing to move out once our buyer complete's, so in effect we would be chain free.

Time for the figures, the house is a 3 bed semi in WN6 and is on for £175,000 at the minute. It has only been on the market for about a month but started at £180,000 has since been reduced by £5000 in the space of a month or less. I done some research on home.co.uk and other similar website's and I do think the house is still quite expensive (current market considered).

What would be an acceptable 1st offer at house priced at £175,000? I obviously don't want to be cheeky/ridiculous but I obviously don't want to spend more than it is worth.

Any advice would be greatly appreciated,
Many thanks
Dan

[brian]

Nothing wrong with being cheeky - the fact they've dropped the price after a month suggests they may be in a hurry to sell.

Personally I'd consider putting in an offer of 5k-10k less and see what reaction you get - presuming the house is worth that!!

[ComareTheMortgageMarket]

Id say a minimum of 10k lower to start with - remember you do not generally decrease an offer after it has been accepted. The worst they can say is no.

[IFA]

You can increase on your first offer if they turn you down, but it's very difficult to lower it if they say "yes" straight away. Be as cheeky as you like. Some vendors may take offence but most will see it as just part of the selling process. The fact that they have dropped the price indicates that they are keen to move quickly so you, as a buyer, are in a position of strength in the current market.

Also, you wouldn't be considered chain free until your house actually completes and you have your deposit money in the bank. Until then you are a buyer with a reliance on your own buyer to proceed through to completion - therefore you are in a chain until that happens.

[NorthWood Norman]

I agree with Brian.
This industry kind of expects a little cheekyness from time to time.

Worst case: your offer will just get rejected.
Best case: you will save a lot of money.

It's better to put in a low bid then raise it than the other way round

[New Homes Expert]

"Do unto others as you would have done unto you."
Silly offers means inflated asking prices.
A HOME is worth what someone wants to pay.

How would you like a "silly offer" when you come to sell?

[brian]

Silly offers to meet silly valuations, NHE.

[ComareTheMortgageMarket]

NHE is right with him saying that a home is really worth what someone is willing to pay for it. Sometimes you do get over excited estate agents that will over value the houses. As we have said before, worst that can happen is they refuse the offer and you have to up it.

[Dan S]

Plus don't forget that estate agents are duty bound to give your offer to the vendor, no matter how low or silly it is.