Advise for FTB - offers rejected

Zizi

Hi

My partner and I recently did a 2nd viewing on a house that we quite like.

Its on the market for £97,995 and we put an offer in for £89,000.

This offer got rejected and a few days later we offered £92,500 stating that we are FTB's looking to complete quickly, and that we wanted to do a bit of work on the house which is why we were offering what we were.

The 2nd offer was also refused and the seller said they wanted 94/95k.

However, after looking on a few of the houseprices websites I found out that they only paid £78,000 for it in December 2004 (just under 2 years ago).

Our original thought was to offer 89, 92500 and then 94000 as a final offer, but after seeing how much they paid I cant help but think that our 2nd offer was good and we shouldnt go any higher

I'm not sure that when we come to sell it that it would actually sell for a hell of alot more than the 100k mark so we dont know whether to bother or not now.

The house is a semi-detached 2 bedroom'd house...

Any thoughts?

Cheers

tomstickland

If you're not desperate for it then leave your maximum offer with them and see what happens.

clutton_2

what someone has paid for a house is totally irrelevant. They, and you, have no control whatsoever over what has happened in the property market in the intervening time period. What is the house worth ? how much have other houses in the street and nearby streets sold for ? THAT is what is the important factor.

When you come to sell, you will be in the same position as he is now.

Zizi

There are 2 others on the street. Both are 2 bedrooms.

One is on for £98,995 which has a modern bathroom with shower etc but crap L shaped front room

The other is £108,995 which has a modern bathroom with shower but again, crap L shaped room but a conservatory

The one we offered on doesnt have a shower - just a bathtub with taps. The owners havent done anything on it to add value that I can see

Maybe I am just miffed that they rejected the 2nd offer considering how much they paid :P

clutton_2

ZiZi - i was not asking you what other houses were offered for sale at byt EAs, but, what other houses have actually sold for - may i suggest you consult https://www.rightmove.co.uk - far right there is an option "Sold prices" and you can see actual sales prices.

Zizi

Ah, ok.

Only 1 of the other 2 2 bedroomed ones are on, which sold for £87,000 in 2004

david29dpo

lets get this right. you dont want to pay there price because you know what they paid for it, but when you sell you want more than you paid?

terrierlady

Is that not normal thinking?

seven-day-weekend

What they paid for it is irrelevant. We paid £3k for our terraced house in 1976. Are you saying that I should not sell it for £150k now because it was so cheap then?

lush_walrus

As others have already said really what a property has been brought for is absolutely no consequence to anything, times change, prices change. If the vendors want a certain amount, then that is what they want. The only way to bend this may be to offer £500 less than the price they want and then argue your case. Imagine if you were them and had set a price you needed or wanted to achieve, would you just say oh well Ill accept a few thousand below, or would you hold out (in a rising market) and see if someone offered what you want.

tomstickland

Well, what they paid for it does have some consequence on your thinking. Did they pay above or below the "going rate" at the time? Are they asking above or below the "going rate" now? Have they done anything to improve it since?

Of course, a house is worth what someone else is worth paying for it. So, is it worth what they are asking to you personally now? I think the OP suggests not, in which case I'd leave the offer as is.