Putting in an offer for a flat

30 replies
Found 30th Mar 2010
Hello guys, I'm a first time buyer, so please excuse me if I ask something obvious or stupid.

I've just booked a viewing on a flat that I quite like the look of. It is a studio but very conveniently located. However, on the advert the price is listed as a range £145-160k. Is this to specify that only offers in that region will be accepted?

I would like to put in an offer of about £140k, but don't want to get laughed at by the estate agent / not taken seriously. Can anyone speak of experience of pursuing a place where the price was listed as a range??

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30 Comments

put in an offer of what you want to, they can only say no

It's a buyers market.

Never be afraid to haggle or ask for a discount. The worst is that they will refuse.

Have you checked the average price for flats sold in that area?

Make sure you are friendly with the agent and then offer him what you can afford. Try £130K and see what response you get, you never know the buyer may want a quick sale if you are genuine.

Good luck

if it says £145k to £150k....i'd put in an initial offer of around £135k...then work up....they worse they can say is no....times are hard at the moment for people...so some people would be desperate to sell

Go with 135k to start.
My house was a bit of earth in a field.
My father said to sellers how much discount do i get .
On a 65000.00 house i got 5000.00 off just for that question.
LOL
Go with 135k they can only say no.
Also depends how you can go forward.
Do you have a mortgage in place .
Complete in 6 weeks etc.
You might be the best person to sell to.

Another note. Got a few friends who are estate agents and the chances are they will do their best to sell it for whatever you want to pay for it. Alot of areas are getting maybe 1 or 2 properties to sell which means they get no commision. So don't be afraid to offer 140. Also you can check what other studios have gone for in that block area online, if I could remember the site. LAnd registry... i think

Banned

Can I ask where this place is?

I've always used the thought process of a property is worth whatever someone wants to pay for it.

Therefore, what do you think it's worth? Looking around at other properties, is it on par? How much would you be happy to pay for it.
Ignore all the pice ranges (that only stands in New Zealand if I'm correct) and put in whatever you're happy with.

A cousin of mine got a whole wing of an old mansion house for less than half of the original asking price. She put an offer in that she could afford, waited, and waited..... an waited... and many months later she got it.

I've got a 1 bed apartment in an old church that I might sell if the I'm offered the right money - it's got tenants in at the moment so good investment opportunity. And it would be a lot less that £145K (that seems expensive)

JonnyTwoToes;8243569

Can I ask where this place is? I've always used the thought process of a … Can I ask where this place is? I've always used the thought process of a property is worth whatever someone wants to pay for it.Therefore, what do you think it's worth? Looking around at other properties, is it on par? How much would you be happy to pay for it.Ignore all the pice ranges (that only stands in New Zealand if I'm correct) and put in whatever you're happy with.A cousin of mine got a whole wing of an old mansion house for less than half of the original asking price. She put an offer in that she could afford, waited, and waited..... an waited... and many months later she got it.I've got a 1 bed apartment in an old church that I might sell if the I'm offered the right money - it's got tenants in at the moment so good investment opportunity. And it would be a lot less that £145K (that seems expensive)



Price ranges are usually estate agents valuations, not always that meaningful. But a survey and valuation could sort that.

Price might seem high for where you are, but for example, I am in SE London and purchasing a one bedroom apartment for £175k so elsewhere you might pay as low as £100k, but due to location.

Before proceeding make sure you find out how much the management fees are...

Banned

awoodhall2003;8243656

Price ranges are usually estate agents valuations, not always that … Price ranges are usually estate agents valuations, not always that meaningful. But a survey and valuation could sort that.Price might seem high for where you are, but for example, I am in SE London and purchasing a one bedroom apartment for £175k so elsewhere you might pay as low as £100k, but due to location.



I'll be happy if I get £100k for mine.
]It's rather nice as well

Banned

zermattbusby;8243664

Before proceeding make sure you find out how much the management fees … Before proceeding make sure you find out how much the management fees are...



Good point!
Lease hold properties have buildings insurance usually built in to the 'service charge/management fee'. Find out if it handled by a remote company or if it's on a volunteer basis. And try and see the end of year accounts for it (if you can).

My house has gone up £20k in the last 12 months according to that Zoopla site, lol.

Banned

Babbabooey;8243712

My house has gone up £20k in the last 12 months according to that Zoopla … My house has gone up £20k in the last 12 months according to that Zoopla site, lol.



9% average rise, so it could be right.

JonnyTwoToes;8243733

9% average rise, so it could be right.



And still worth less than when we bought it in 2008 :x

JonnyTwoToes;8243691

I'll be happy if I get £100k for mine.]It's rather nice as well


Not somewhere I aspire to live. Looks alright though considering.
I can't find our property on there...as its a new build.

Babbabooey;8243712

My house has gone up £20k in the last 12 months according to that Zoopla … My house has gone up £20k in the last 12 months according to that Zoopla site, lol.


Very nice...if its remotely correct!

Original Poster

Some good questions are being asked.

Service charge is about £300 for the year (may also include ground rent). I don't know if this includes insurance. Will find out if it is volunteer basis or via some company. One thing I have noticed is that on the advert there are charts which show the flat as being not too energy efficient.

I noticed that with another agent, there was another studio in the same building advertised for £155k. I spoke to the agents this morning and they told me it had been sold just this morning. They said it went for £150k.

Great topic for me too, I may be looking to buy a flat for around £100k (first time buyer)

whatsThePoint;8243773

Its all relative, if you were to move the new house would be cheaper as … Its all relative, if you were to move the new house would be cheaper as well



Not really, because we couldn't move as our mortgage is more than the house is worth. Good job we aint planning to move just yet.

I'd offer 135k to start with and work up. The house I recently bought was listed as 'offers in excess of...' I offered 10k less and although they refused the first offer they accepted my next offer which was 2.5k more.

Banned

awoodhall2003;8243793

Not somewhere I aspire to live. Looks alright though considering.



I rent it out so I might sell it to an investor who just wants a return. It's actually quite quirky if you like something a bit different.
Halloweens are a gas!

Banned

rwm24;8243816

Great topic for me too, I may be looking to buy a flat for around £100k … Great topic for me too, I may be looking to buy a flat for around £100k (first time buyer)



You in Oadby? Have a look at ]this one - Leicester town centre

Enemy_of_The_State;8243798

Some good questions are being asked.Service charge is about £300 for the … Some good questions are being asked.Service charge is about £300 for the year (may also include ground rent). I don't know if this includes insurance. Will find out if it is volunteer basis or via some company. One thing I have noticed is that on the advert there are charts which show the flat as being not too energy efficient.I noticed that with another agent, there was another studio in the same building advertised for £155k. I spoke to the agents this morning and they told me it had been sold just this morning. They said it went for £150k.



Sounds lovely, we will be paying £94 per month service charge! Although ours includes:
ground maintence (we have a lagoon+water fountains as well)
lift servicing
communal cleaning
boiler maintence (we dont have one per apartment, as its less efficient)
residents only gym
24hr concierge
on site pub/resturant

OP, have you got the funds in place? This would surely help with your offer if the buyer knew you could actually pay straight away.

Banned

dcx_badass;8243888

That Zoopla site has my mums at £400,000 only cost us £130,000 in 1996.



Sounds about right.

Look at any graph - regardless of the recent 2008/2009 'slump' housing is still the best place for an investment.
Where else can you double your money within ten years with little risk?

Banned

Also OP, not sure if this is relevant to your situation but ask if you are able to buy any of the freehold.

When I bought mine, I inherited one share of the freehold (of the 40 that make up the apartments in the church).

It's not worth anything cash wise, but when you come to renegotiate the lease (which shouldn't ever fall below 80 years if you don't want to lose money) you simply renegotiate with yourself - and the other shareholders of course.
This may only apply to older buildings but I am not sure - worth checking out!

Enemy_of_The_State;8243798

Some good questions are being asked.Service charge is about £300 for the … Some good questions are being asked.Service charge is about £300 for the year (may also include ground rent). I don't know if this includes insurance. Will find out if it is volunteer basis or via some company.



That seems very cheap ! my flats worth ~ £115k with a service charge of £900.00 p/a

Banned

zermattbusby;8244314

That seems very cheap ! my flats worth ~ £115k with a service charge of … That seems very cheap ! my flats worth ~ £115k with a service charge of £900.00 p/a



£1k per year is about right.
It depends how many apartments/flats there are in the building as it 'should' be worked out on a percentage area.

(You own 10% of the building therefor you pay 10% of the total bill).

Original Poster

Went to see the property earlier today and I believe a £135k offer is fair. I have the funds in place as well as a mortgage in principal. I didn't get to speak to the estate agent as he was ill today so he arranged for me to meet the current occupying tenant.

I am thinking of sending in a letter to the estate agent tomorrow morning to state my offer and contact details. And also to make it look nice and professional - so as to be taken seriously.

Original Poster

zermattbusby;8244314

That seems very cheap ! my flats worth ~ £115k with a service charge of … That seems very cheap ! my flats worth ~ £115k with a service charge of £900.00 p/a


Yeah it is quite cheap. Apparently that's the maintenance charge. From viewing the property and the entrance area, there doesn't seem anything that would require a service charge. There isn't any lifts, communal garden/area, etc. Just a hallway and stairs.


deek72

OP, have you got the funds in place? This would surely help with your … OP, have you got the funds in place? This would surely help with your offer if the buyer knew you could actually pay straight away.


Actually, I should say that I have most of the funds available. I am looking to borrow some money for the deposit from family. If my offer is accepted how soon would I need to pay my deposit? I assume the valuation and legal stuff would come first (which takes a few weeks)?

Enemy_of_The_State;8259386

Went to see the property earlier today and I believe a £135k offer is … Went to see the property earlier today and I believe a £135k offer is fair. I have the funds in place as well as a mortgage in principal. I didn't get to speak to the estate agent as he was ill today so he arranged for me to meet the current occupying tenant.I am thinking of sending in a letter to the estate agent tomorrow morning to state my offer and contact details. And also to make it look nice and professional - so as to be taken seriously.



Just phone them up with your offer, no need for a letter at all. The fact your making a offer will make them take you seriously!

Original Poster

Well I spoke to them over the phone this morning and they said I would need to speak to their financial adviser and then he will decide whether to submit the offer or not. Also, they said that the financial adviser would submit the offer to the seller and then negotiate it.

Does that sound like something a typical estate agent would do?
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