Making an offer on a house

chewchew

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I have 120k in cash that I'm hoping to buy a house with.

The approach I've decided on is to look at a number of houses asking in the 150-160k bracket and see if I can get anyone to accept my 120k. Is that a reasonable strategy?

I'm pretty interested in one place that's advertised as 155k, it's been on the market about a month and there are no offers as yet. I'd like to make an offer but am not sure whether I should just explain to the auctioneer that 120k is my entire budget and offer that. Or offer something less but run the risk of not being taken seriously for offering very far below the asking?

Thanks for any advice.
 
It depends of the propety type and the area. I tried to bid €138k on a propety with €165k asking price and it was rejected. I firstly seen the house up for sale in January (not sure how long is been advertised for). Was told that apparently they accepted €155.
 
On the market for a month isn't a long time at the moment. You'd usually expect bids to come in after two viewings, and in most places that means 2-3 weeks after the advert first goes up.

Regarding your offer, having it as cash will help the negotiation but expect the first bid, no matter what it is, to be rejected. Seems to be standard practice these days.
 
On the market for a month isn't a long time at the moment. You'd usually expect bids to come in after two viewings, and in most places that means 2-3 weeks after the advert first goes up.

Regarding your offer, having it as cash will help the negotiation but expect the first bid, no matter what it is, to be rejected. Seems to be standard practice these days.

I don't fully agree. I bought last year following first low offer. They held out for two weeks, and when there were no other bids, they came back to mine.

I think the cash situation is a great bargaining position.
 
I don't fully agree. I bought last year following first low offer. They held out for two weeks, and when there were no other bids, they came back to mine.

I think the cash situation is a great bargaining position.

Each property/vendor is different. Right now I'm the highest bidder on a property for just over two months. Obviously these guys are in no rush to sell.

My point about the rejection is that I know people who have gone in and offered the asking and had it rejected. Mr P Hantom playing his roll. In more than one of these cases, the house is *still* on the market many months later.
 
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