and so the negotiations begin!

Dooley

Well I found a house I really want, up for 99k. Been on market a few months, and the vendor told me he'd had no other viewings. (I've been twice).

so i offered 80k which got rejected. (as expected). The EA told me that they were looking for something around the asking price.

well....I sold mine for 10% less than asking price, 72/80, so I would expect theirs to drop at least that. given the current market/economic climate, etc.
what do you think?

they bought the house 8 years ago for 45k, so they've got plenty of profit!

I wonder if they're serious about selling?

The EA who dealing with the sale of my house, is also selling this one, so you think they'd want to negotiate a deal - think of the money they'll be getting!!

Anyway, I've gone in again at 85k....waiting til monday for an answer...!!!

exciting eh? and stressful. anyone else waiting to hear?

Lakey

If you went at 10%, then they are going to at least hang out til you offer £90k.
If 10% was good enough for you why should they go at 20%?

devilot

Agree with Lakey. Would you have accepted 64k for yours? I bet not!

Also the fact that it was bought 8 years ago for 45k means nothing, they may have had to release equity since then for a number of reasons - 8 years is a long time.

QTPie

Maybe they do have "within 10% of the asking price" in their minds. But value is about more than a simple "I got 10% less for mine, so I expect to pay no more than 90% of the asking price on the one that I want"...

What sort of date value did your house sell for ("Q4 2004"?)? What sort of date value is the asking price of the other house? Had you done much work to yours since you had it? Has much work been done to the house that you are looking at, recently?

Assuming that the house IS reasonably priced - and depending how motivated the vendors are to sell - then they are likely to want within 5 to 10% of the asking price.

Certainly some properties that have come to the market the past couple of months are priced to sell (but others are not!). It is about knowing the value of houses in your area. But it is always about a "tug of war" with the vendor too.

QT

Dooley

yeh I expect them to wait for 10% off, and I can afford 90k. But you've got to start somewhere low to negotiate up.

I wouldn't have taken 64k for mine, because I would have sold at a loss and it would have been pointless, as I wouldn't have been able to afford anywhere else.
I bought mine in Q2 2005 for 71500 and sold it for 72500, despite having done some improvements, most of all having a massive detached garage built, costing over 2k.

The vendors of the one I want haven't done anything to it since they bought it, only decorative.

Got to be realistic in this market, a lot of properties aren't selling because people want stupid prices. I had to take a lower offer on mine, when I really wanted a bit more, but that's the way things are.

This house I want isn't worth more than 90k, not to me.