Asking Prices- What To Offer? Help Pls!

kaylz39

Sorry this is a bit long- but I really dont know what to do...

...My bf & I have seen a house we both love. The house is on the market for £179,950 and has been on for 5 weeks. The vendor told me she had accepted an offer on the house after 4 days of being on but it fell through as the couple decided to move back to Australia. I asked her what she would accept & she said £175,000, making sure its under the Stamp Duty limit.

I also asked her why they are moving and she said its to be within the catchment area for a school he partners daughter is hoping to go to. I've see the little girl and she doesnt actually look old enough to be going to HIgh school, so not sure if this is the genuine reason. If it is, they are in no rush to move at this moment.

After doing some research I found they bought the house 2 and a half years ago for £196,000- so already they're willing to make a big loss on the property. There have been no other sales in the last couple of years so cant use them as a guide.Although there are 2 others in the same cul-de-sac which we are going to view tomorrow. All 3 are different styles and sizes so prices are different. But I know one has been on the market for 4 months and the price has just been reduced by £15,000.

We have a house to sell, to get the deposit needed we are hoping to get as much as possible for it. Were doing a couple of improvements in the next week or so and will then put it on the market.

So from this- do you think I should put an offer in so soon (dont want to miss out on it) & if so how much for?

Thanks for any adivce guys!

trynsave

If I were you I'd sit tight for now. She has told you what she wants, and you suspect that she is in no hurry. As you can't buy until you've sold there is little to be gained from offering now.

If you are lucky and sell yours quickly you'd be in a great place for haggling her below her £175k target. If you don't sell and someone else buys, it wasn't meant to be. The more offers she has on the table the less likely she'll be to drop her asking price.

Who knows where house prices will be when you manage to sell. I'd feel more akward about revising an accepted offer to a lower one in a month or two. Register your interest with the estate agent concerned and ask them to contact you if it looks like it might sell.

adandem

If it were me, I would try and put it out of your head until your own house is sold.
I still walk past a house daily which we would have loved about 15 years ago, I was broken hearted when we lost it and still occasionally wonder what it would be like if we'd got it.:o That said, I'm very happy with our house now.;)
If you've got a sale, you're in a much better position to barter and the vendors will take you far more seriously.
I know she's dropped the price and the house looks like a bargain but she will be buying for far less so she's not losing out and hopefully nor will you;)

beecher

I wouldn't even be looking at houses until you've sold your own, and I'd make sure you're being realistic about what you're likely to get it for it. You can't put in offers til you know how much you're sell for and it perhaps isn't realistic to think you can get as much as possible for it, while at the same time getting the other house at what you see as a big loss (incidentally I don't think it is a big drop if we're talking about 20% drop from peak and perhaps should be going for closer to £160,000).