Help - house price offer

ViolaLass

Even if your husband is right, dropping just a couple of thousand would mean the property costs £22k more than you have to spend, which seems a bit of a non-starter as strategies go. At the very least, any offers you make should be ones you can afford!

tyllwyd

Do you mean dropping a couple of thousand from the asking price, or from your maximum offer of £200k? If it is priced at £224, I'd have expected that the seller would be hoping for £200k minimum so you might well be struggling to get them to accept your offer. Personally I wouldn't offer £185K, unless you honestly think the house is massively overpriced at the moment, it just feels too off the mark for the seller to even consider. What do you think would be a fair offer compared to other similar houses in your area?

martinthebandit

more_money_for_me wrote: »

As has been said. Research the local market. There is a very good tool called property bee which works with the Firefox browser. It shows all changes since a house came on with an agent, so you can see if local market is falling. Also look at sold prices, which has been suggested, available through various sites for free. I would also advise going in low, don't let on that this is your ideal home to the agent, you are someone in a position to buy quickly but you are lokking for a deal. I personally would aim to start 185-190 with an aim of getting it for 200. The vendor may not go for this but don't rush, walk away for a bit and see what they come back with after a week or two. The agent will tell you they have someone else interested/ someone prepared to pay the asking price. Good Luck.

This seems the right answer to me, after all 200k is only a smidging over 10% off the asking price so you may be lucky.

But if you don't try then you definitely won't be lucky

Paulahill

thanks for your help!!
There is NO forward chain on their side no ties on any side actually it was seeing if they could drop their asking price of 224,000 we only have 200,000 so if he says no to a drop of 24,000 its a no go zone really!!
its been done out nicely inside quite basic bog standard 3 bedroom house, its on a main A road with a massive drive way. will look at other prices from around that area - looking at what you have all said I may say we put an offer in for 190,000 and see. but if they say no to that and then we bump it up i take it by 5000 and then they still say no so we then basically say ok 200,000 final offer will do you reckon they will say no because we have been cheeky to ask so low and that they may be !!!!ed off with us and just want rid of us??

Paulahill

just had a quick look in Aug 2007 a house a few doors down went for 185,000 would prices have changed in 4 years????

tyler80

Depends on the area, round here prices tend to be lower than 2007 prices

Paulahill

portsmouth well just out of portsmouth city centre

KateLiana27

Paulahill wrote: »

thanks for your help!!
There is NO forward chain on their side no ties on any side actually it was seeing if they could drop their asking price of 224,000 we only have 200,000 so if he says no to a drop of 24,000 its a no go zone really!!
its been done out nicely inside quite basic bog standard 3 bedroom house, its on a main A road with a massive drive way. will look at other prices from around that area - looking at what you have all said I may say we put an offer in for 190,000 and see. but if they say no to that and then we bump it up i take it by 5000 and then they still say no so we then basically say ok 200,000 final offer will do you reckon they will say no because we have been cheeky to ask so low and that they may be !!!!ed off with us and just want rid of us??

It's entirely your call, but in your position, provided you think it's worth at least £200 000, I'd just offer that. Be honest that it's all you can afford, sell your good position, and hope for the best. If they say no, thank them and walk away. Either they really cannot go that low (in which case you never had a chance), or they are seeing if you'll come back with a higher offer (and when you don't, they may well call you back to accept if they are prepared to go that low).

Edit: sorry, just saw your update. A neighbouring house selling for £185 000 at the peak of the market (ie 2007) is not encouraging that it's worth £200 000. Any idea if that property was in bad condition? Different size, etc?

more_money_for_me

If you are happy to put up a rightmove link then people may be able to offer further help.

geoffky

prices are lower now than in 2007 in Portsmouth according to home.uk they are 14% down..