offer on house, choice of two....

downs523

meet them half way and offer 417,500

poppysarah

I'd offer 415k.

Unless they've got another firm real offer on the table they'd be mad to let it go for the sake of 5k - (5k of 400k is a tiny %)

moggylover

Personally, in the current market and with the house having been on for over a year I suspect that it was over-priced in September 2007, and that they should think themselves lucky that they even have an offer.

Op, it is a buyers market (and I am selling two houses at the moment due to a bereavement so am well aware of it) and I would just not bother to phone for a while. The chances of them getting another offer from someone able to proceed are slim, and every week that passes sees further drops in value.

The REAL drop in prices in many areas is much more than 10 or 15%, as testified to by the fact that the vast majority of what is on the market is just not selling.

I understand fully what it is like to "loose" the "perfect" house, and indeed did recently as one of the very few that sold around here was the one I had fallen in love with. I got over it, I have three or four with my eye on now and with one house under offer from a cash buyer and the other having had a second viewing (including measuring up and extra pictures) from a cash buyer in rented accomodation am looking to offer what I think the houses are worth (and passing on similar drops to those which I am taking) and if someone really wants to sell then they will negotiate. If I cannot persuade any of the sellers to take what I want to offer or negotiate a price I am willing to find then I shall go into rented accomodation until the prices come down, and that is with two kids and a mass of pets that would make your hair curl:D

Make them sweat! Go and have a look at some other houses through the same EA (even if you do not like them anyway;) ) and make it appear that you are not particularly interested any more unless they get real about negotiations. If they really do not want to sell unless they get 2007 prices then they are in for some major heartbreak in the next couple of years, and imo the biggest loss will be theirs judging by previous recessions. If they wait 10 years for prices to start to go up again, their grandchildren will be leaving school and their house price will be a lot less than you are offering now and could take a long time to recover so they will have gained absolutely nothing in the long run. Personally, I think the EA is doing a good job on pressuring you upwards, but that doesn't mean you have to go with it. I think you are allowing them to know you are too keen. Just my opinion - but I did sell and buy in 1989/90 so have been here before:mad:

Personally, in view of the crummy market - I think your first offer was more than reasonable as a starting point for negotiations (I would probably have knocked 20% off the asking price in the first instance if in a position to proceed) and that these sellers just have their heads in the sand if they do not think there are more price drops to come.

stolt

moggylover wrote: »

Personally, in the current market and with the house having been on for over a year I suspect that it was over-priced in September 2007, and that they should think themselves lucky that they even have an offer.

Op, it is a buyers market (and I am selling two houses at the moment due to a bereavement so am well aware of it) and I would just not bother to phone for a while. The chances of them getting another offer from someone able to proceed are slim, and every week that passes sees further drops in value.

The REAL drop in prices in many areas is much more than 10 or 15%, as testified to by the fact that the vast majority of what is on the market is just not selling.

I understand fully what it is like to "loose" the "perfect" house, and indeed did recently as one of the very few that sold around here was the one I had fallen in love with. I got over it, I have three or four with my eye on now and with one house under offer from a cash buyer and the other having had a second viewing (including measuring up and extra pictures) from a cash buyer in rented accomodation am looking to offer what I think the houses are worth (and passing on similar drops to those which I am taking) and if someone really wants to sell then they will negotiate. If I cannot persuade any of the sellers to take what I want to offer or negotiate a price I am willing to find then I shall go into rented accomodation until the prices come down, and that is with two kids and a mass of pets that would make your hair curl:D

Make them sweat! Go and have a look at some other houses through the same EA (even if you do not like them anyway;) ) and make it appear that you are not particularly interested any more unless they get real about negotiations. If they really do not want to sell unless they get 2007 prices then they are in for some major heartbreak in the next couple of years, and imo the biggest loss will be theirs judging by previous recessions. If they wait 10 years for prices to start to go up again, their grandchildren will be leaving school and their house price will be a lot less than you are offering now and could take a long time to recover so they will have gained absolutely nothing in the long run. Personally, I think the EA is doing a good job on pressuring you upwards, but that doesn't mean you have to go with it. I think you are allowing them to know you are too keen. Just my opinion - but I did sell and buy in 1989/90 so have been here before:mad:

Personally, in view of the crummy market - I think your first offer was more than reasonable as a starting point for negotiations (I would probably have knocked 20% off the asking price in the first instance if in a position to proceed) and that these sellers just have their heads in the sand if they do not think there are more price drops to come.

Thanks for that detailed response, everything you have wrote does make sense. i thought I was good at this game, well i am its the missus that wants me to just keep putting offers in. The trouble is there arent many decent sized houses in our town and the ones that are, are older style and would need a fair bit doing to them to create this modern living that my wife wants ie, a kitchen/lounge room and then a separate lounge.

Its hard because we have liked this house for a long time and it was out fo our reach in 2007 and I agree I think it was overpriced back then, but I think they were trying to capitalize on the market.

They do seem keener to move this time around whereas before i think they were thinking if it happens it happens kind of mindset.
I also noticed, that this time around the wife of the hosue spent alot more time showing us around, pointing out lots of things even down to the bushes in the garden! Doen the old trick of keeping the bedroom doors closed until we were outside then opening them:o .

It sso hard when you want something that I can't help but feel a little bullied by them, but still believe its at a good price, we will probably be there until our girls grow up and fly the next.

stolt

well offer is in at 416k, fingers crossed, made points to the fact that we are ready to move and have no chain!

Maisie11

What about getting some items included if you have to go over £415, that way everyone feels they have a good deal. I know the curtains, carpets etc might need to be changed but at least it gives you something to go with.

stolt

Maisie11 wrote: »

What about getting some items included if you have to go over £415, that way everyone feels they have a good deal. I know the curtains, carpets etc might need to be changed but at least it gives you something to go with.

they have a big shed in the garden which i thought my young girls would like to have as a big playhouse but I forgot to mention it, hopefully they are seriously consdering this offer rather playing games and making me sweat;)

poppysarah

It's stressful for us too - I just saw you'd posted again and got all excited for you!
If they say no, the very best thing to do, is repeat it's your best offer and last offer and it'll be on the table for the rest of the week ...
They'd be mad to say no.

stolt

poppysarah wrote: »

It's stressful for us too - I just saw you'd posted again and got all excited for you!
If they say no, the very best thing to do, is repeat it's your best offer and last offer and it'll be on the table for the rest of the week ...
They'd be mad to say no.

thanks, yes agree with you I won't be rushing in any more, it really is getting to our limit now - just want that phone to ring and say yes!! normally they have been pretty quick in the past with their rejections but still no news.

I think there mad to say no, I don't know if the EA is palying games or he is serious but I said i really am at the top of my multiples now with my salary and there is no further money, the bank have agreed to lend this amount to me because i dont have any other loans to my name. The ea said we have pushed your side very strongly with the vendors.

poppysarah

Just wait and see.
Put the kettle on and forget about it for this evening...