Putting in an offer today

Jack_Johnson_the_acorn

I've viewed a place that I really like, It's on the market for £135k.(was on sale with a different EA last week for £140k)

It needs very little work and is in good decorative order,

They bought it for around £40k in 1999, there has been very few sales of similar properties since then, I have found 1 that was sold for £140k in 2008 but I'm unsure of the particulars of that property.

I am going to put an offer in today for £122k,

Willing to go up £1k but otherwise I will continue to save, I will get a better rate in 4-5 months and it probably won't sell in that time, as flats/apartments aren't doing to well in my area.

Wish me luck, I will update with outcome after 12. :T

Southend1

Fingers crossed for you!

Jack_Johnson_the_acorn

Thanks,

I should also say, the sellers have no chain and the property has been up for around 4 months according to property bee.

But a lot of sellers in my area seem desperate to hold onto the crazy notion that they can achieve 2007 prices, some properties have been up for sale with little or no movement on price for 1 - 3 years.

Leah26

Good Luck with the offer, it sounds like a fair offer for the asking price, although I'd personally go in lower if your maximum is 123k - not leaving much room for negotiation.

We are in a similar situation and getting annoyed at those who believe they should be getting the price they paid or how much it was value at in 2007/8 - they don't seem to understand that the market has fallen 10-15% since then. But I can understand if they are in negative equity that they probably aren't able to sell for the current market value - we are trying to avoid these houses!

Jack_Johnson_the_acorn

Leah26 wrote: »

Good Luck with the offer, it sounds like a fair offer for the asking price, although I'd personally go in lower if your maximum is 123k - not leaving much room for negotiation.

We are in a similar situation and getting annoyed at those who believe they should be getting the price they paid or how much it was value at in 2007/8 - they don't seem to understand that the market has fallen 10-15% since then. But I can understand if they are in negative equity that they probably aren't able to sell for the current market value - we are trying to avoid these houses!

I know, if they aren't prepared to negotiate a realistic price then there is really no point in marketing the property at all... Prices are only going down for the next 6 months IMO.

Jack_Johnson_the_acorn

Well the EA closed at 4PM today, so they've either taken my number incorrectly or we're playing the waiting game with the vendor, how long should I wait before contacting the EA again, I'm thinking this time next week :undecided

cjmumto2

Or they couldnt get hold of the vendor, don't be too keen

Jack_Johnson_the_acorn

cjmumto2 wrote: »

Or they couldnt get hold of the vendor, don't be too keen

Yh, that's true.... I'm not going to rush into contacting them again.

geoffky

Jack_Johnson_the_acorn wrote: »

I know, if they aren't prepared to negotiate a realistic price then there is really no point in marketing the property at all... Prices are only going down for the next 6 months IMO.

why just six months?:D

Jack_Johnson_the_acorn

geoffky wrote: »

why just six months?:D

Thats a pretty certain guestimate... but could be 10 yrs who knows..... certainly not me!:think:

Jack_Johnson_the_acorn

Still no response, I am sitting this one out until I hear from the estate agents....

If Sunday comes and goes with no response this week then I will begrudgingly make contact.