Offer advice wanted

crisp · 22 March 2018 at 4:20PM

I am interested to know what you would do and of course not what the seller will accept.

To give some background. We are under offer to chain free buyers and we do not require a mortgage for our next move so in a strong position. That said we need to be out by July at the latest.

Spotted a house that would be good though it does require updating (electrics, boiler, kitchen, bathroom etc) from the mid 1990s feel it currently has.

It was first on the market in October 2017 at £1,050,000 then dropped to £999,950 and now £950,000.

In 6-months it's had 3 offers

£990,000 which died (withdrawn) after a week at most
£925,000 from buyers that are not proceedable
£925,000 from a chain free buyer requiring a mortgage and this was rejected

On Monday, we offered £908k (rejected). On Tuesday we raised it to £922k (rejected) and thats where its been left. Our maximum is about 9k more.

No feedback given other than the buyers want £935k-940k but EA didnt sound sure.

We have a meeting with the EA this weekend to discuss but keen to hear a different point of view ahead of that.

At present, we don't have a strong second choice.

davidmcn · 22 March 2018 at 4:24PM

How have you arrived at the figures that you've offered? We've no idea what the property is (objectively) worth.

ACG · 22 March 2018 at 4:27PM

Not wanting to sound like a tool, but what advice do you want?
They have rejected £925k and are holding out for £10k more.

You can go to £931k so why not just go in at £930k, tell them that is the maximum you can go to and see what happens?

I can hardly see a £1-2k increase from their previous offer on a near million pound property being enough to sway them, so you probably are going to have to make a bit of a dent in to the difference of your previous offer and what they want.

Slinky · 22 March 2018 at 4:28PM

Have you been looking long? Is the £9K more the maximum you can afford, or the maximum you think it's worth? If you're dealing in those sorts of numbers, forgive me, you're obviously not short of a few bob. If somebody else comes along and whisks it away, if you've no strong second choice how pee'd off will you feel? If you like it, can afford it, want it more than anything else you can find, try £931K but be prepared to go to the £935K they want to secure it. What's £4K when you're talking those sorts of numbers?

ReadingTim · 22 March 2018 at 5:01PM

crisp wrote: »

No feedback given other than the buyers want £935k-940k...

What more "feedback" do you want? They've told you the answer - they ain't selling for less than £935k - what part of that isn't clear?

If you got it, offer it. If you don't, walk away now; or offer as much as you can and see what happens - they either tell you to jog on anyway, or you move forward. Given time seems to be against you, stop playing games and just get on with it.

Crashy_Time · 22 March 2018 at 5:32PM

Can you show a link?

Crashy_Time · 22 March 2018 at 5:37PM

ReadingTim wrote: »

What more "feedback" do you want? They've told you the answer - they ain't selling for less than £935k - what part of that isn't clear?

If you got it, offer it. If you don't, walk away now; or offer as much as you can and see what happens - they either tell you to jog on anyway, or you move forward. Given time seems to be against you, stop playing games and just get on with it.

Nah, time is against the seller, they have had their house on the market for well over a year and now Brexit, interest rate rises and Trump`s trade war have arrived on their doorstep. A cash rich buyer can rent cheaply for a while and pick up a bargain at their leisure. My gut feeling is that this house is WAY overpriced though.

hazyjo · 22 March 2018 at 5:42PM

Crashy, is that the same gut feeling you get about every single property that anyone's offering on?

crisp · 22 March 2018 at 8:52PM

davidmcn wrote: »

How have you arrived at the figures that you've offered? We've no idea what the property is (objectively) worth.

Its based on quotes for the work required, market value and the funds we have available.

crisp · 22 March 2018 at 8:55PM

ACG wrote: »

Not wanting to sound like a tool, but what advice do you want?
They have rejected £925k and are holding out for £10k more.

You can go to £931k so why not just go in at £930k, tell them that is the maximum you can go to and see what happens?

I can hardly see a £1-2k increase from their previous offer on a near million pound property being enough to sway them, so you probably are going to have to make a bit of a dent in to the difference of your previous offer and what they want.

advice from the perspective of a buyer or seller

yes they rejected £925k as an opening bid, 3-weeks ago in the hope it would be raised and it never was.

crisp · 22 March 2018 at 8:59PM

Slinky wrote: »

Have you been looking long? Is the £9K more the maximum you can afford, or the maximum you think it's worth? If you're dealing in those sorts of numbers, forgive me, you're obviously not short of a few bob. If somebody else comes along and whisks it away, if you've no strong second choice how pee'd off will you feel? If you like it, can afford it, want it more than anything else you can find, try £931K but be prepared to go to the £935K they want to secure it. What's £4K when you're talking those sorts of numbers?

This is Outer London and this is a terrace. I can only dream of the multi-million pounds properties that seem to be sprinkled in some parts, but I get your gist.

Yes 9k is really my max.

Been looking hard for a month. Its not my dream house. It might be one day but needs plenty of work. I would be disappointed itf I lose out.

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