Shall I increase my offer?

Racky_Roo

Hello,
Please can I have some advise on whether to increase my offer on a flat i'm looking at.....

I have sold my house, the purchase is all going through. I saw a 2 bed flat in the area I want to move to and really liked it. After the 2nd viewing, I put an offer in for £152k (it's on for £165k) and then increased to £155k, which was also rejected. The EA says the owners want £160k but I don't think the flat is worth that, for the following reasons;
* only 3 people inc me have viewed and i'm the only one who has gone back for a 2nd viewing and put an offer in
* There are new build flats 1/2 a mile down the road on for £155k (will be ready in the summer) but aren't quite as nice
* 2 bed houses are selling for about £155k in the same area
* the bathrooms need cosmetic work doing to them

I am prepared to go to £157,500 but am unsure as to whether I should hang on until the vendors have found somewhere as at the mo they have no incentive to take an offer lower than they want or go in with a full and final offer and leave it on the table

Any thoughts?

thanks for reading

CloudCuckooLand

Patience is a virtue.

Rockporkchop

Do nothing for now. They will come back to you soon enough.

Out of interest, if two bed houses are selling for the same price as this flat, why aren't you buying one of them instead?

BitterAndTwisted

Do not contact the agents again. Ask them to make appointments to view other properties even if you're not really interested in them. This will send a clear message back to the vendors. You know that they won't consider any offers lower than the asking until they have found another property that they've falling in love with. Then you can start to play poker with them.

BitterAndTwisted

Rockporkchop wrote: »

Out of interest, if two bed houses are selling for the same price as this flat, why aren't you buying one of them instead?

Yes, I was sort of wondering that myself. I'd always buy a freehold over a leasehold any day, most especially if the difference in price between them was not that great.

Doozergirl

Buy a house!

buckfast67uk

I'm not sure if these vendors are in the same position as me, but i'll tell you where i stand.

We have had our house on the market for just over a week at £235k and have had eleven viewing already and some second viewings this week.

We would like to move, but don't need to. If we can get £230k, we will start looking at some of the numerous new developments nearby and choose a house then.

If we don't get what we're after we'll simply stay where we are for now.

It could be that these vendors are in a similar situation

Wyndham

buckfast67uk wrote: »

I'm not sure if these vendors are in the same position as me, but i'll tell you where i stand.

We have had our house on the market for just over a week at £235k and have had eleven viewing already and some second viewings this week.

We would like to move, but don't need to. If we can get £230k, we will start looking at some of the numerous new developments nearby and choose a house then.

If we don't get what we're after we'll simply stay where we are for now.

It could be that these vendors are in a similar situation

I have to admit, I don't really understand this view. Either you want to move, or you don't. Why would you put up with viewings and the hassle if you're not serious about selling.

It's annoying for buyers too....

CloudCuckooLand

buckfast67uk wrote: »

If we don't get what we're after we'll simply stay where we are for now.

Wyndham wrote: »

I have to admit, I don't really understand this view.

Agree with Wyndham.

Would it not be an idea, buckfast, to understand exactly how far you could push the developers - there are some massive discounts being offered, if you push hard enough, or pick the right site/time/plot.

Then, you can decide how that helps you re-price your own sale...£230k might be way above what you need, in the overall sell/buy deal...until you get serious about buying, you won't be able to know that though.

poppysarah

Wyndham wrote: »

I have to admit, I don't really understand this view. Either you want to move, or you don't. Why would you put up with viewings and the hassle if you're not serious about selling.

It's annoying for buyers too....

one very useful thing about the HIP was that it committed people to actually be serious sellers.

doire_2

Racky_Roo wrote: »

Hello,
The EA says the owners want £160k but I don't think the flat is worth that

There's your answer

buckfast67uk wrote: »

I'm not sure if these vendors are in the same position as me, but i'll tell you where i stand.

We have had our house on the market for just over a week at £235k and have had eleven viewing already and some second viewings this week.

We would like to move, but don't need to. If we can get £230k, we will start looking at some of the numerous new developments nearby and choose a house then.

If we don't get what we're after we'll simply stay where we are for now.

It could be that these vendors are in a similar situation

So you just waste peoples time then?