Just put first offer in...

liam_h

House is on for 136,500. First offer is 116,500

Looking at past prices they bought the house back in 1999 for 50k. The last house to sell on the street was in 2006 at the peak for 126k. I think that's a reasonable first offer. Hoping to get it for between 120k and 125k.

125 is the most we can go to, but we'd be willing to pay that. The area is good, house is big, just about all of the boxes ticked. Very little work needed. Hopefully they will be the negotiable type.

Very nervous, but excited! Start of the journey...

Jackinbox99

liam_h wrote: »

House is on for 136,500. First offer is 116,500

Looking at past prices they bought the house back in 1999 for 50k. The last house to sell on the street was in 2006 at the peak for 126k. I think that's a reasonable first offer. Hoping to get it for between 120k and 125k.

125 is the most we can go to, but we'd be willing to pay that. The area is good, house is big, just about all of the boxes ticked. Very little work needed. Hopefully they will be the negotiable type.

Very nervous, but excited! Start of the journey...

Good luck!

The peak in my street was 2007, and current prices seem to be around 2006 prices at the moment based upon what my house has just been valued at and comparing that to sold prices in my street.

Depends on the seller really as to what they want to accept for their house, but ive offered on 3 houses this last 8 weeks and none of the sellers wanted to reduce their asking price by any more than about 1 or 1.25%. So in your case, thats 134k. But, as I said, depends on the seller as to what price he feels happy with.

Benji_Brown

Personally, I wouldn't hold your breath. That seems a low offer to me. Does that seem realistic compared to what else is on the market? Chances are the property was put on the market within the last six months which means that it will have been valued at the current market value. People don't seem to understand this and seem to think that offering 20% below market value is a matter of course. Would you accept this? I wouldn't but without seeing the property, it is hard to say.

Good luck though!

liam_h

Yes it was rejected as we expected. What you have to remember as well is there are past prices. The simple fact is the most a house has sold on this street was for 126k at the peak in 2006. This is on for 10 grand more than that and is exactly the same style house in terms of size. Granted we don't know what the condition of the house was, I'd expect it to be very good, but since then house prices in this area haven't got close to that.

You also need to take into account the agent - the ones they are with are notorious for over valuing houses - Think Foxtons in London!

Anyway, offer was rejected. However me and the agent had a very good conversation. She encouraged me to make another offer (as you'd expect) even if it was still low. Her exact words were the offer was "a bit too low" and they are "open to negotiating".

I am optomisic and confident we can get this for what we want.

liam_h

So second offer went in this morning for 119k

Half hour later got a phone call back.

Accepted :dance:

Just looking at the past prices and the current sale levels I knew we'd have a good chance of getting this house in our budget.

Hard work starts here now

GavB79

:beer:Congratulations, that sounds like a reasonable discount

aqueoushumour01

well done. i'm in a similar situation, house overpriced (in my view and relative to prices in recent past) but seller wants close to asking price. looks like i will have to focus my efforts on a different house unfortunately.

em-1986_2

Congrats Liam :-) x

liam_h

Hi all.

Just a quick update. We had a look at the house again last night with some other relatives, and they pointed out a few issues we had misse. Little problems I have no problem sorting like a piece of guttering held to the wall by string, but there's a few major problems such as a 4 inch bow in the front window. I know these would have come up in the survey, but we've sadly taken the hard decision of not progressing with the sale any further.

Back to house hunting again then. Market is dead at the moment in the area we're looking at, and we don't have many options :mad: