First time buyer tips 17:30 - Jan 15 with 6619 views | colchesterchris | Hi all, Just thought I'd try and utilise the all knowing collective resource that is TWTD :) I'm looking to move back from London and buy in Ipswich, flat or house. Is there a rough consensus at to where the best place to start with is in terms of making offers? Whilst keen, I'm by no means desperate and therefore am happy to bide my time waiting for either a good deal or the ideal property. I assume there's a border between an insulting/not serious offer and a genuine low entry offer. Any pearls of wisdom? I'm guessing this varies with new builds too, as they'd be less flexible? Thanks in advance! | |
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First time buyer tips on 17:38 - Jan 15 with 6602 views | SaleAway | The right offer is definitely house dependant...do your research - if its just come on, then making a real low offer is likely to be pointless.... if its been on the market for ages, then it might be more amenable to a low offer, although they may also be not that bothered, and not willing to drop, hence the stalemate. I wouldn't assume that new builds have less flexibility, sometimes if they are committed to building x-hundred houses, then they get a bit desperate to free up some capital, so there can be some good offers to be had. Identify your budget, study the market, and be ready to go when you find the deal. | |
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First time buyer tips on 17:39 - Jan 15 with 6594 views | bradforblues | I'd say go for 10% less than asking, if you haven't got one to sell even better, throw in that you can exchange within 28 days to tempt them even more especially with new builds. | |
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First time buyer tips on 18:13 - Jan 15 with 6547 views | factual_blue | Have you considered Burnley? | |
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First time buyer tips on 19:13 - Jan 15 with 6480 views | colchesterchris |
First time buyer tips on 17:38 - Jan 15 by SaleAway | The right offer is definitely house dependant...do your research - if its just come on, then making a real low offer is likely to be pointless.... if its been on the market for ages, then it might be more amenable to a low offer, although they may also be not that bothered, and not willing to drop, hence the stalemate. I wouldn't assume that new builds have less flexibility, sometimes if they are committed to building x-hundred houses, then they get a bit desperate to free up some capital, so there can be some good offers to be had. Identify your budget, study the market, and be ready to go when you find the deal. |
Thanks, shows a lot of research is needed but that's really helpful. I won't rule out flexibility on new builds. | |
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First time buyer tips on 19:16 - Jan 15 with 6484 views | Lord_Lucan | I am certainly no expert in this field but personally I would never consider a new build. Also, I think the old saying about buying the worst house in the best street - as appose to the best house in the worst street is very sound - if not crucial advice. | |
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First time buyer tips on 19:25 - Jan 15 with 6452 views | BloomBlue |
First time buyer tips on 17:39 - Jan 15 by bradforblues | I'd say go for 10% less than asking, if you haven't got one to sell even better, throw in that you can exchange within 28 days to tempt them even more especially with new builds. |
10%? Geez hardly worth it, I always recommend offer 20% less | | | |
First time buyer tips on 19:30 - Jan 15 with 6432 views | SaleAway |
First time buyer tips on 19:25 - Jan 15 by BloomBlue | 10%? Geez hardly worth it, I always recommend offer 20% less |
20% is a piss take either way. If the seller accepts it, then they were taking the piss with the asking price, otherwise, you are. IMO | |
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First time buyer tips on 20:42 - Jan 15 with 6369 views | PrideOfTheEast |
First time buyer tips on 19:16 - Jan 15 by Lord_Lucan | I am certainly no expert in this field but personally I would never consider a new build. Also, I think the old saying about buying the worst house in the best street - as appose to the best house in the worst street is very sound - if not crucial advice. |
Exactly this. Follow Lucan’s advice and you won’t go far wrong. If you can afford a house, buy that rather than a flat. | | | | Login to get fewer ads
First time buyer tips on 21:12 - Jan 15 with 6331 views | BloomBlue |
First time buyer tips on 19:30 - Jan 15 by SaleAway | 20% is a piss take either way. If the seller accepts it, then they were taking the piss with the asking price, otherwise, you are. IMO |
It's not as most estate agents talk out of their bottom and make up the figure and add 10% hence offer 20% less and then start the discussions. I've purchased more than one house by offering 20% less and more in a couple of occasions and it was accepted. | | | |
First time buyer tips on 22:30 - Jan 15 with 6237 views | Burwell_Blue | Here on Cambridge you pay the asking price or you don’t buy a house. The last three houses I have bought have either been at asking or above in one case. | | | |
First time buyer tips on 23:18 - Jan 15 with 6197 views | colchesterchris | Thanks all for the feedback, that's really useful. | |
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First time buyer tips on 00:03 - Jan 16 with 6167 views | caught-in-limbo | I've bought and sold my way to a lovely house from a rubbish flat in just 3 moves in Spain... I don't see why the same principles don't apply to the UK. Lucan's "worst house/best street" advice is very important. Also try and have as few time constraints on a move date as possible, whilst at the same time trying to buy from someone who needs a quick sale. Try and find out why the house is on the market? If you can also find out how long the owners have had the house and roughly how much they would have paid for it can also be invaluable info. Remember, the estate agent wants a sale more than anything and will lie through his/her teeth to make it happen. If you only want to spend $x on a place, don't be forced into shelling out what you don't want to pay. By that I mean that I really don't go along with the idea that you start at $A and they start at $Z any you meet at $M. Start at $A and when things start to break down offer $C and say that's it. If they say it's ridiculous, fine, walk away. The estate agent has always come back to me after 4 or 5 days and asked me to up the price a bit. Offer $D, say that really is it and walk away. If you never hear from them again, what have you lost? Nothing. You've lost no money and you still have a place to live. What have they lost? They've lost a potential buyer, quite a bit of time, and they might also be running up depts if they can't sell quickly. I've also paid no attention to the state of the housing market. If you sell when house prices are down or the economy is slow, you also buy in that climate too. If you're scaling up in the process, you gain a greater saving on your buy than you lose on your own sale. Finally, the value of a house is the price you agree on in the end. That's in your control as the buyer as much as it's in the seller's. | |
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First time buyer tips on 13:03 - Jan 16 with 6018 views | 26_Paz |
First time buyer tips on 22:30 - Jan 15 by Burwell_Blue | Here on Cambridge you pay the asking price or you don’t buy a house. The last three houses I have bought have either been at asking or above in one case. |
sounds like London | |
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First time buyer tips on 15:43 - Apr 22 with 5302 views | colchesterchris | Sorry to bump this, but... So, found a nice house in the Diss area. However it's advertised as O.I.E.O. In reality, does this mean they won't entertain any offers at all below this, or have people had success regardless? It's not a marketing technique I've come across on the houses I've viewed yet. Any tips? Thanks all | |
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First time buyer tips on 15:55 - Apr 22 with 5279 views | connorscontract |
First time buyer tips on 00:03 - Jan 16 by caught-in-limbo | I've bought and sold my way to a lovely house from a rubbish flat in just 3 moves in Spain... I don't see why the same principles don't apply to the UK. Lucan's "worst house/best street" advice is very important. Also try and have as few time constraints on a move date as possible, whilst at the same time trying to buy from someone who needs a quick sale. Try and find out why the house is on the market? If you can also find out how long the owners have had the house and roughly how much they would have paid for it can also be invaluable info. Remember, the estate agent wants a sale more than anything and will lie through his/her teeth to make it happen. If you only want to spend $x on a place, don't be forced into shelling out what you don't want to pay. By that I mean that I really don't go along with the idea that you start at $A and they start at $Z any you meet at $M. Start at $A and when things start to break down offer $C and say that's it. If they say it's ridiculous, fine, walk away. The estate agent has always come back to me after 4 or 5 days and asked me to up the price a bit. Offer $D, say that really is it and walk away. If you never hear from them again, what have you lost? Nothing. You've lost no money and you still have a place to live. What have they lost? They've lost a potential buyer, quite a bit of time, and they might also be running up depts if they can't sell quickly. I've also paid no attention to the state of the housing market. If you sell when house prices are down or the economy is slow, you also buy in that climate too. If you're scaling up in the process, you gain a greater saving on your buy than you lose on your own sale. Finally, the value of a house is the price you agree on in the end. That's in your control as the buyer as much as it's in the seller's. |
You should have changed your name to Certain Iberian Hardass! A bit of a negotiating 101 there. | | | |
First time buyer tips on 16:10 - Apr 22 with 5262 views | StokieBlue |
First time buyer tips on 13:03 - Jan 16 by 26_Paz | sounds like London |
Not anymore. Reductions everywhere in London now. SB | |
| Avatar - IC410 - Tadpoles Nebula |
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First time buyer tips on 16:18 - Apr 22 with 5244 views | Westover | Has anyone on here got a flat as my other half would like to move back from Ireland but it would mean selling our three bedroom house and we could only afford a one bed flat and I was wondering around how much the service charges would be ?. | | | |
First time buyer tips on 16:40 - Apr 22 with 5209 views | PrideOfTheEast |
First time buyer tips on 15:43 - Apr 22 by colchesterchris | Sorry to bump this, but... So, found a nice house in the Diss area. However it's advertised as O.I.E.O. In reality, does this mean they won't entertain any offers at all below this, or have people had success regardless? It's not a marketing technique I've come across on the houses I've viewed yet. Any tips? Thanks all |
I’m not an estate agent but have bought and sold a number of properties. Every locality will be different but OIEO probably means they’d take the asking price (ie the figure they’ve listed it as to be in excess of). It might be a property that’s been on the market for some time and they’ve changed the sales approach from a simple asking price, which presumably nobody met, to a slightly lower OIEO. If it’s the latter I expect they’d take lower than the price advertised. Every situation is unique though so test the water would be my advice - go in low, but with a sensible offer that you can justify. | | | |
First time buyer tips on 16:51 - Apr 22 with 5191 views | Pinewoodblue |
First time buyer tips on 15:43 - Apr 22 by colchesterchris | Sorry to bump this, but... So, found a nice house in the Diss area. However it's advertised as O.I.E.O. In reality, does this mean they won't entertain any offers at all below this, or have people had success regardless? It's not a marketing technique I've come across on the houses I've viewed yet. Any tips? Thanks all |
If you started off looking for a house in Ipswich how did you end up finding one you like in Norfolk ( well near Diss)? | |
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First time buyer tips on 08:14 - Apr 23 with 5050 views | itfcjoe |
First time buyer tips on 15:43 - Apr 22 by colchesterchris | Sorry to bump this, but... So, found a nice house in the Diss area. However it's advertised as O.I.E.O. In reality, does this mean they won't entertain any offers at all below this, or have people had success regardless? It's not a marketing technique I've come across on the houses I've viewed yet. Any tips? Thanks all |
I always just view OIEO as an asking price, unless there is competition no-one is going to go over that figure. I think it is done to show up on more searches etc but to me is a bit silly - I'd go in at a bit under on it, but they are likely to push you until you come up to very close to the asking price | |
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First time buyer tips on 12:44 - Apr 23 with 4975 views | Rob88 |
First time buyer tips on 19:16 - Jan 15 by Lord_Lucan | I am certainly no expert in this field but personally I would never consider a new build. Also, I think the old saying about buying the worst house in the best street - as appose to the best house in the worst street is very sound - if not crucial advice. |
What's wrong with new builds? I think there are pros and cons to buying new v old. | | | |
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