FTB - How long to wait for counteroffer?

drbabbers

All,

I have found a property which I am very keen on and have submitted an initial offer which was rejected. The asking price is £147k and my offer was £133k. The property is empty and is a probate sale which is going to charity. The property requires mainly modernisation, which I am happy to take on, hence my initial offer.

My question is.. how long do I wait before I go back to the estate agent? I am being told to walk away and be patient by friends and family, but was just curious what other peoples opinions were on how long I should wait before I go back to them with a higher offer.

Also it is worth mentioning that it appears as a reaction to my sale the estate agent have relisted the property at £144K.

The property has been on the market for 6 months according to home.co.uk.

Thoughts?

Thanks.
D

cazuk11

As a seller, I rejected an offer and then played the game. I waited a month for a higher offer to come back from the buyer. You have to remember it is all a game.

Don't go back with a higher offer if you don't think it's worth it. Do some research and see what houses are selling for in the area that are similar to the one you want to buy.

The economy is all over the place at the moment so technically the ball is in your court... wait it out and see if a counter offer comes back.

How did you leave your offer with the estate agent?
Did you tell them you could afford more?
Did you let on that you loved the house?

Hopefully you'll hear back soon. x

jonny_power

I'd wait a week and then go up to £135k. If they reject then ask them what they're looking for, give them a list of reasons why it's not worth asking price (other houses in area, zoopla etc).

westv

jonny_power wrote: »

I'd wait a week and then go up to £135k. If they reject then ask them what they're looking for, give them a list of reasons why it's not worth asking price (other houses in area, zoopla etc).

Whatever else you do, do not mention Zoopla.

pararct

Be aware most stuff is actually selling between 15 - 20% under the asking price. People in here will tell you different but use the web to do your research the answers are out there if you look. Once you have that information then consider your forward strategy.

jonny_power

westv wrote: »

Whatever else you do, do not mention Zoopla.

why, i wasn't talking about the valuation, but about saying you know what neighbouring/similar properties have sold for recently. make it clear you're not going up to asking price and be patient, and you'll get some indication in the end of what they're looking for.

KateLiana27

Points in your favour:

- it's been on the market for 6 months. That tells me it is over-priced and not in hot demand.

- being a probate sale and the money going to charity can work to your advantage, as the seller is not relying on the money to fund their move/push them out of negative equity etc

- you're a first time buyer and therefore chain free

- they've just reduced the price, which is essentially an acknowledgement that they know it's over-priced and are getting fed up with having it on their hands. Plus, I might be wrong here but I believe the council tax amnesty for probate sale houses stops at six months? (or something like this)

I would sit tight and wait at least a week. If it's been there for 6 months, chances are someone isn't going to come along and snatch it from under your nose. Your offer is very reasonable in the current market, given your proceedable position (I'm assuming you have finances in place - make sure the EA knows this).

Of course it depends on how badly you want it. But personally, in your position I'd sit back and wait for a counter-offer.

drbabbers

Thank you for all your replies. :-) As this is all new to me and am still learning I appreciate everyones opinion and advice.

I think I am going to be patient and give it at least a week before I do anything, maybe 2 weeks. As you say the property has been on the market for 6 months with no sale. I would love to know why it hasn't sold! It clearly needs some work, but it is just modernisation and a general tidy up which I am happy to take on.

What would a reasonable counteroffer be? I don't want to go above 135K really. Is there any point increasing by 1K?

• From 133K to 134K?
• From 133K to 135K?

Thanks.
D

somethingcorporate

If you ceiling is £135k then I'd go to £134k initially.

westv

westv wrote: »

Whatever else you do, do not mention Zoopla.

jonny_power wrote: »

why, i wasn't talking about the valuation, but about saying you know what neighbouring/similar properties have sold for recently.

Ok fair enough.

PJD

Definitely wait. Just sit quietly. You're the one holding the purse strings, - buyers aren't easy to find in the current market.

You can bet that if they're showing other buyers around the property, they'll be telling them it's "under offer" - another interested party always makes the property more attractive.

Meanwhile I would keep looking around for other properties, - the next time you speak to your EA you could play the same game, and say "Just to let you know, I have seen another property that I love, and have also submitted an offer on that one too, - I would be happy with either property, so just to let you know that if that's accepted first, I'll be withdrawing my offer on this one". That might urge the vendor to make a decision.