What to offer?

katepnlo

Long story short.
House is on at 299,999. Been this price for 6 months.
It is in the town of a huge business (world wide huge...people buy in the area to work there).
All teh other houses i am watching in my fav list have dropped by about 15k (still not selling) New houses are coming on about 10-15k cheaper than they would have when i first started looking (and not selling).

Sooooo. at 299k it is over priced for the area and has been up a long time.
Do you think 250k offer is taking the pee? i know there is a chance and it all depends on the owners. Just pondering really. it's what, 16-17%?

I curse rightmoves search options to let me look higher than we want to spend :rotfl:

hazyjo

Some will drop, some won't - as you say. They might not be able to sell at £250k. Not saying that makes it worth more as it's obviously only worth what people will pay.

Personally, I'd talk to the EA to say you're very interested at £250k but appreciate it's a very low offer. Say if they're not willing to drop now, when (rather than if!) they do drop, can they please remember you and get in touch. Say if prices continue to drop and it's a year's time, your offer might obviously have decreased too, but for the time being, and maybe the next couple of months, you're prepared to pay £250k. Obviously you can keep an eye on it on RM anyway.

If it's that nice a house in an area that sells, they might well sell for £280+. You takes your chances...

At the moment, they know if they drop a penny, they'll be forced down to that £250k figure. They're probably hanging on for as long as they can at the £300k mark.

Bloomin' stamp duty... why can't you just pay the increased percent on the amount over the threshold price. Ridiculous.

Jx

Smick100

katepnlo wrote: »

Long story short.
House is on at 299,999. Been this price for 6 months.
It is in the town of a huge business (world wide huge...people buy in the area to work there).
All teh other houses i am watching in my fav list have dropped by about 15k (still not selling) New houses are coming on about 10-15k cheaper than they would have when i first started looking (and not selling).

Sooooo. at 299k it is over priced for the area and has been up a long time.
Do you think 250k offer is taking the pee? i know there is a chance and it all depends on the owners. Just pondering really. it's what, 16-17%?

I curse rightmoves search options to let me look higher than we want to spend :rotfl:

There is no such thing as taking the pee when it comes to buying a house. There is no such thing as taking the pee when someone has no expectations of you and you have no obligation to them.

The bottom line is that they want to sell a house, you want to buy it. You can only afford 250 and they have the chance to say no.

The estate agent will want to get it shifted off his books and would gladly take the reduced commission of a lower offer rather than showing more people around it.

Put all your cards on the table:

• Will commit to buying the house subject to survey
• Can move quickly
• Priced more than other houses locally
• Interest rates are going to rise soon so there will be a reduction in house prices across the board
• First time buyers' incentives will drop house prices

Finally, remember that you are going in with your head held high. There is no taking the pee. You are offering a large sum of money to buy a house and will not beg, grovel or concede any ground.

Make your one and final offer. If they say no tell them that you will look elsewhere so they have to be quick if they later want to accept.

And if that doesn't work then it isn't meant to be!

gingertips

Go for it, make the offer - if its not accepted then the agent might offer up another number that would be acceptable, but I suspect if its been on for 6 months at same price then they are in no rush to sell just yet & either want or need as close to the asking price as they can get.

Initial offers with 20% discount arent uncommon - always worth telling the agent why your making offer at certain price, like other similar properties coming on are already £15k cheaper, thats just the asking prices too, so those vendors might take offers for another £15k off their asking price...its not sold in 6 months....that sort of thing

birduk

If they wanted to sell, they would have put it on at a realistic price, or dropped it by now. Put in your offer, but don't expect a positive response. They have an idea in their heads of what they want to sell at and if you don't meet it, they won't sell- no matter what common sense says. SO then move on and find somewhere else to buy!

InkZ

I've just offered 250 on a 270 house, still waiting to hear after 2 days. If they decline, personally I think they would be mental if they actually want to move. I'm about to exchange on my flat and have mortgage arranged so in a really good position. :S

Marvel1

Offer what you like, they can only answer yes or no.

Contessa

Bloomin' stamp duty... why can't you just pay the increased percent on the amount over the threshold price. Ridiculous.

Jx[/QUOTE]


I totally agree!

evoke

I think offering £250K on a £300K house is taking the pee. Chances are that the owner won't accept anything below £275K to £280K.

DannyboyMidlands

No offer is taking the Pee. If they don't like it they say no. No harm done.

When buying anything I was always taught that if you are not cringing with embarrassment as you make the first offer, it is not low enough.