Hello first time buyer needing some help!?

Question

we have fallen in love with a house which is in need of some updating, its on the market for £116950 and we have just offered £90000, what should i offer if the don't except my first offer? i don't want to offer to much as i don't want to be in negative equity pls help.

thanks in advance

Answer 1

The question that you should be asking is will a bank loan you the $90,000 on this house given its condition??? The general rule of thumb is to split the difference...that is where the counter offer should fall but there are far too many issues that have to be looked at.  

1.  Where you live

2.  Actual Market Value

3.  Repairs necessary

4.  Feasibility of financing

5.  Types of financing available