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Buying a house

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Ric.ror | 13:58 Tue 20th May 2008 | Property
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I am interested in a house �130K. It has been empty for some time but is recently renovated. I am a 100% cash buyer not involved in a chain. How much should I initially offer?

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you're in a very strong position, especially at the moment - everyone else is stuggling to get a mortgage and this has a knock on effect through a chain. really drive that to the agent when you make your offer (even though they are already aware, it shows you understand how strong a position you're in). Have you looked on www.propertysnake.co.uk to see how many times (if any) it has been reduced? it's a great tool that also shows you how long it has actually been on the market for (the longer its been on, the more likely the vendor will want to sell)

Personally, it would possibly be worth testing the water at �100k! I work in proprty investments and recently offered on a house that was asking �124,950, I offered �100k and we negotiated to �102,500.

Good luck - keep this updated! x

...sorry, just to add, we negotiated to �102,500 based on a cash offer with a 4 week completion.

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