Categories
UK Investment Property

How to deal with “offers in region of”?

How to deal with asking prices “in the region of”? When I see these, I usually shy away from them because I think the vendor isn’t at all flexible in his/her asking price, and usually, they are much more than what I want to pay.

For example, I just saw a house listed “offers in region of £75K”. Would it be too rude to offer between £65 and £70? Should I just go for it and not worry about offending the vendor?

“If you’re not embarrassed by your first offer, it’s too high”

If the property is new to the market, an offer of £65k is unlikely to be accepted. Doesn’t mean you shouldn’t make it though, unless you want the property and there’s clearly a lot of interest.

If it’s been on the market for a long time at that and maybe been reduced previously, I’d probably start somewhere between £58k and £62k depending how much work was required (you can always overestimate that to your advantage) and then go up slightly. 

Offers in region doesn’t necessarily mean they have to be in the ‘above’ region. Could be below. Best bet is to find local comparables of houses that have sold in the area within the last six months

Brought to you by DealSourcing.co.

DealSourcing.co puts the power of automation in your hands. Search, stack and market 200,000+ BMV deals (BTL, HMO and BRRR) with ROIs above 15% with the click of a button. Find High Yield properties with our efficient and easy-to-use tools.

Leave a Reply

Your email address will not be published. Required fields are marked *