Offers and Timescales

John_Jizzle

Hi I've seen a property for 200k. Its been on the market for over a year.

My question is - I only want to pay 190k - prefer 185. What should I do with the offers and how long in between each one?

I was thinking of starting around 165

thanks in advance guys

GAH

The fact that you say you are willing to pay £185-£190 suggests you feel the property is worth that.

How you arrive at the figure you want to pay is dependable on how you want to play the game and how much the vendor will accept.

You could start with £165k, but im sure you would get an immediate rejection.

amblondon

165 sounds right to me as a starting point. If it's been on for a year they will either be (a) desperate or (b) absolutely unwilling to move from 200 or very close to it.

If 165 is rejected then I'd ask the agent what the vendors are looking for because you have some flexibility but not much. Don't tell them at any point anything about how much flexibility you have. I'd be tempted to go to 175 after a couple of days if they reject and then leave them to stew, even if they come back with a reject. But I like playing hardball!

Risk that you lose the house to someone else if it's been on for a year is limited - but not zero.

DannyboyMidlands

I'd offer £165k then let them stew for a week, then £170k and wait another week, then £175k final offer and never contact them again. You can guarantee that the agent will get in touch anyway. I like hardball too.