should i buy it?

Doglover88

right here goes..

fallen in love with a house in the village i was bought up in, i can just about afford its asking price. offered the asking price of 180k 3 months ago hoping it would be saved for me whilst i sell mine. now mines sold, i took 6k less that my asking price for a quick(ish) sale. returned to offer 175k for the same house, needs a bit of work doing plus its been on the market for a year (im guessing maybe a little overpriced?) and it'd leave me 5000 to play with. offer turned down, as was my next offer of 177,500. i am prepared to pay the asking price but cant understand why the seller wont accept my offer?
i guess im just asking your opinions TBH or any suggestions
cheers
glen

thaylock

If you haven't done so already, get a home buyers survey, this will give you some leverage on negotiating the price downwards, especially if the house needs work/repairs to be carried out. You should be looking to pay approx. 5% below the asking price, it's a buyers market.

ffacoffipawb

glenbat wrote:

right here goes..

fallen in love with a house in the village i was bought up in, i can just about afford its asking price. offered the asking price of 180k 3 months ago hoping it would be saved for me whilst i sell mine. now mines sold, i took 6k less that my asking price for a quick(ish) sale. returned to offer 175k for the same house, needs a bit of work doing plus its been on the market for a year (im guessing maybe a little overpriced?) and it'd leave me 5000 to play with. offer turned down, as was my next offer of 177,500. i am prepared to pay the asking price but cant understand why the seller wont accept my offer?
i guess im just asking your opinions TBH or any suggestions
cheers
glen

Wait a year and you may be able to pick it up for £150,000.

m00nie

ffacoffipawb wrote:

Wait a year and you may be able to pick it up for £150,000.

more like £200,000..

martin_fisher

Some people just stick to their guns. That said if your offer is hanging in the air they will get tempted to accept particularly if they are not getting any other offers- that I'm sure.

At the end of the day don't over stretch yourself and at least you'll know that you tried up to the point you know you can afford.

Martin F

loafer_2

Survey the place hard (Tell the surveyor you want to know about every little thing). Every item is a negotiation point and your first contact to them should start with disappointment about its results.

Altarf

loafer wrote:

Survey the place hard (Tell the surveyor you want to know about every little thing).

So you demonstrate to the seller how much you want their house by spending hard cash on a survey. Rather than be worried as losing you as a buyer, if I was the seller I would now be more confident on sticking firm on the price (or even push it back up).

Poppy9

If its been on the market over 12 months I would do a bit of digging. Ask the Estate Agents have there been any other offers and surveys done, has there been much interest in it etc. They will probably tell you as they will want to shift it now. If no little interest,offers or surveys sit tight its obviously over priced. I agree the seller will get worried at lack of buyer.

alison

My humble opinion is that they have already had their appetite wetted by your offer 3 months ago. They now feel you are willing to pay the right price so are sticking to their guns. Although you could play cat and mouse with them, someone else could easily come along and beat your offer. A house is worth what someone wants to pay. Think long and hard about your saving £2.5k. If you want the house enough and can afford the extra, it may be worth paying to get what you really want.

My daughter and boyfriend have just bought their first home. They went to see it and fell in love with it and when they came back I told them to put an offer in of the asking price, as others were going round to see it. It got accepted, and they heard that someone who saw it after them tried to gazump them. So, if you really want this house, take a deep breath and go for it.

Debt_Free_Chick

If you haven't done so already, get a home buyers survey, this will give you some leverage on negotiating the price downwards, especially if the house needs work/repairs to be carried out.

Sometimes this works .. but not if the seller believes they have already reflected the work in the asking price.

John_M_Business

The real question is - how much do you want it (the property)?

Before going back, take into account:
- Whether the property 'ticks' all your requirements
- Whether this is the 'real' value for a property in this area (at this level of upkeep)
- Whether not getting it would be a disaster

Generally speaking, unless it is rare that such a property comes up or you really feel that this is EXACTLY what you are looking for - I'd set a limit and stick to it which is what you had done.