Making an offer on a house – what is the process?
Xanti from Birmingham
Buying a house questions and answers
My partner and I have found a place but we’re not sure what to offer. How can we research house prices in our area to find out if it's over or under-priced, and what's the best way to make a formal offer once I've found out the prices? I'm not very confident speaking with estate agents and I'm worried they'd sway me into paying more.
10% below the asking price is the normal amount to negotiate, however, Zoopla have a list of sold prices on their website so you know what the market is in that area. Having a look at sites like Zoopla can help you to determine a good price to offer, and whether the property is over-priced.
For making an offer, you'll have to take a deep breath and make that call to the estate agent! It's in their interest to sell the property, so they should welcome your call with open arms.
Even after your offer is accepted you may still be able to negotiate on the purchase price. A house survey from a Chartered Surveyor may be able to assist you with this if your surveyor finds any aspects of the property that may affect its value, such as repair work needed or subsidence.
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RJE on 06/08/2020