Should I reduce my offer?

drbeat

pawpurrs wrote: »

But we are forgetting that at the price the OP is now offering on the property (should it get accepted), takes the property down to near 2001 levels, now prices may fall more than that, but I am not sure they will, and none of us really know. Should the offer be accepted, he will be pretty well protected. As he would be way ahead of over offers being accepted,most of which are no where near that level at the moment, not that I can see any way. His offer is pretty damm cheeky!

Hey pawpurrs, any luck with selling your property yet?

LadyIndecisive

If OP is determined to go ahead with buying property (I wouldn't) and is determined to reduce his last offer because of the missed deadline (I might) then I would hope he has not gone lower than 210K and have a feeling the matter will conclude at 212500.

JayScottGreenspan

pawpurrs wrote: »

But we are forgetting that at the price the OP is now offering on the property (should it get accepted), takes the property down to near 2001 levels, now prices may fall more than that, but I am not sure they will, and none of us really know. Should the offer be accepted, he will be pretty well protected. As he would be way ahead of over offers being accepted,most of which are no where near that level at the moment, not that I can see any way. His offer is pretty damm cheeky!

No-one's really questioned the assertion that the property is going at '2001 levels'. Sounds like a big assumption to me.

Steve, I take it you've checked out prices on the same street here:
www.houseprices.co.uk

Steve78

Apologies for the delay guys, was busy yesterday so could not reply. I am not ignoring you

I made final offer yesterday of 205K, EA just called (around 15 minutes ago) to confirm 205K is accepted.

P.S. For people who were saying I am a timewaster and cant keep my word etc etc, while I was on phone with this EA, another EA called me and left a message. This message was regarding a property I made an offer on, around last month and was rejected. He said vendor is happy to accept my offer. So 2 offeres accepted in 5 minutes but now the deal is agreed and done, I am not going back to the first EA and tell him I have another offer accepted on another property so knock off another 5K or more or less.

LadyIndecisive wrote: »

I am still not sure what the current offer is as OP has not replied.

Seems the OP underestimated costs of modernising property and realised this after the survey hence the very large drop in offer. .

My reason for knocking off 29K after the survey was as mentioned above by LadyIndecisive.

I am a FTB, had no experience at all so I underestimated the costs. Main things came in the survey were roof replacement, ceilings, leaking bathroom, drainiage issues, lean-to on the back of the property has to be re-done, damp, windows need replacing, stair chair lift removal (which I thought would be easy but survey sggested the wall may need to be done again) (these I dint know at all before survey) etc etc

LadyIndecisive

Well done Steve78, great deal, you have done well and I hope it all goes smoothly to completion. You clearly knew your risk comfort level and gauged the vendor well.

JayScottGreenspan

Steve78 wrote: »

Apologies for the delay guys, was busy yesterday so could not reply. I am not ignoring you

I made final offer yesterday of 205K, EA just called (around 15 minutes ago) to confirm 205K is accepted.

Well haggled. Good luck to you.

LadyIndecisive

Steve78 wrote: »

Apologies for the delay guys, was busy yesterday so could not reply. I am not ignoring you

I made final offer yesterday of 205K, EA just called (around 15 minutes ago) to confirm 205K is accepted.

P.S. For people who were saying I am a timewaster and cant keep my word etc etc, while I was on phone with this EA, another EA called me and left a message. This message was regarding a property I made an offer on, around last month and was rejected. He said vendor is happy to accept my offer. So 2 offeres accepted in 5 minutes but now the deal is agreed and done, I am not going back to the first EA and tell him I have another offer accepted on another property so knock off another 5K or more or less.



My reason for knocking off 29K after the survey was as mentioned above by LadyIndecisive.

I am a FTB, had no experience at all so I underestimated the costs. Main things came in the survey were roof replacement, ceilings, leaking bathroom, drainiage issues, lean-to on the back of the property has to be re-done, damp, windows need replacing, stair chair lift removal (which I thought would be easy but survey sggested the wall may need to be done again) (these I dint know at all before survey) etc etc

PS you are going to be very busy with this work! I had a friend who brought a property with a stair lift and I'm sure the Stannah people came and took it away - perhaps they refurb them or something.

TDS_2

Kudos.

It all seems to have worked out pretty well for you.

Steve78

Thanks a lot guys. I got nearly 26% knocked off from the original listing price so quite pleased with it.

We really liked the house as it ticked all our boxes, I know it needs work but it is in a very good area, close to station, supermarket, schools etc and excellent potential for extension so we do not have to move for 10 years. (touchwood)

From my experience, you can get 15-20% off easily in today's market conditions for nice houses. If you dont get at least 20% off today then do not buy but wait. Prices are coming down everyday. More discount will save you from getting into negative equity and stress. Negotiate negotiate negotiate.....

mitchaa

Steve78 wrote: »

Apologies for the delay guys, was busy yesterday so could not reply. I am not ignoring you

I made final offer yesterday of 205K, EA just called (around 15 minutes ago) to confirm 205K is accepted.

How did i know that would happen:rolleyes:

I believe this thread is a fishing attempt and all this is just a lot of nonsense if i am being honest.

New account, create controversy and get the end result are my reasons of suspicion!

Probably someone very popular in the HPC threads with a duplicate account under another name. If only we could log IP addresses (Admin will do )

Call me suspicious but i knew this would be the outcome straight from the start Im surprised the house never had 50% knocked off though:D

Fishing attempt and it worked as you created a lot of controversy along with 'strengthening' the idea sellers are nuts and letting properties go for pennies:rolleyes: