Offered too much ?

sue1976

overnetworld wrote: »

Why are houses in burnley so cheap ? (if I wasn't down south i'd buy to let...but..then...(i'll research that, if anyone is from the area would be interested in your view)).

No valuation has been done at present, I'm aware i'm not committed to buy and was just thinking of the best manner of revising the offer. Will call up agent in morning, will post an update.

The skeptic in me is thinking the market is only going to get worse so I should hold out.

Which part of Burnley is it in? It seems very cheap, even for Burnley! Most semis in Burnley sell for between £90- £150,000.

GDB2222

it's at 79 Cog Lane, Burnley BB11 5BG

sue1976

It does sound quite a lot for the area to be honest. Having said that, if the property were to be let it would get around £400 a month in rent.

overnetworld

Update as promised, rang as said I was withdrawing. As explaining mentioned I was prepared to submit another offer.

Offered 54K, response vendor was not willing to go down that far, and also didn't like to fact I offered and am now going in lower.

I rang after having a think and offered 55K. EA called me back in 60 seconds, answer was No. I said I would leave it.

I'm thinking about speaking to the EA again and seeing what she thinks the vendor would accept. My inkling is it would be 56 at a push.

I'm going to view the repo on Thursday and submit an offer based on the condition. Thinking of starting at 50k.

GDB2222

I think that, having dropped your offer to £54k, you should have left it at that. Now you look like a ditherer, who may not go through on anything he promises.

sue1976

There is a repossession on the same street for £27,950 (a 3 bed terraced)

overnetworld

sue1976 wrote: »

There is a repossession on the same street for £27,950 (a 3 bed terraced)

Property i'm looking at is NOT in Burnley its in the west midlands

DVardysShadow

overnetworld wrote: »

Update as promised, rang as said I was withdrawing. As explaining mentioned I was prepared to submit another offer.

Offered 54K, response vendor was not willing to go down that far, and also didn't like to fact I offered and am now going in lower.

I rang after having a think and offered 55K. EA called me back in 60 seconds, answer was No. I said I would leave it.

I'm thinking about speaking to the EA again and seeing what she thinks the vendor would accept. My inkling is it would be 56 at a push.

I'm going to view the repo on Thursday and submit an offer based on the condition. Thinking of starting at 50k.

Wouldn't bother. Vendor has decided that you are not a solid buyer. EA would have to work hard to phone vendor with your upped offer of 55 and ring you back within the minute, unless the answer was 2 words, the second being 'off'

overnetworld

GDB2222 wrote: »

I think that, having dropped your offer to £54k, you should have left it at that. Now you look like a ditherer, who may not go through on anything he promises.

how so ? I feel properties on that st are worth 54 which is what my revised offer was (in hindsight should have started there), however due the general condition I was willing to offer slightly more, so my final was 55.

Admitted I am dithering on what to do next.

KateLiana27

Unfortunately I think you've blown it with this sale. It sounds like the vendor may not even sell to you at the original price you offered, because the trust is lost. He's human and he's annoyed. He may well cut his nose off to spite his face, because that's what annoyed humans do.

You took a risk lowering your offer - it didn't work out. I'd consider it a lesson learned in being absolutely sure before you make an offer, and move on. The repo sounds like a good start. Look on the bright side - at least you didn't lose several thousand on a property you didn't feel was worth it.