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Offer advice (FTB)
Comments
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Why?
The asking price doesn't really have much to do with the value.
Say the price on this same house was £200k, does that mean it's worth it? Or that you should be offering £190k? No, not in a million years.
Why oh why oh why would you want to make an initial offer of £5k more than the vendor paid 18 months ago?! I don't understand. I mean if I put myself in the vendors position, I have just bought a house and want to move again after 18 months because I don't like it any more, I'd be thinking "damn, I've lost a few grand here" not "cool, I've made a quick few grand".
I paid 75% below asking price for a place last year. Not that I got a great bargain, more like the initial asking price was deluded. If my initial offer had been 10% below asking rather than 30% I would have massively overpaid and never known.0 -
DannyboyMidlands wrote: »Why?
The asking price doesn't really have much to do with the value.
Say the price on this same house was £200k, does that mean it's worth it? Or that you should be offering £190k? No, not in a million years.
Why oh why oh why would you want to make an initial offer of £5k more than the vendor paid 18 months ago?! I don't understand.
I paid 75% below asking price for a place last year. Not that I got a great bargain, more like the initial asking price was deluded. If my initial offer had been 10% below asking rather than 30% I would have massively overpaid and never known.
Wow what was your opening offer to settle on 75% off asking?0 -
DannyboyMidlands wrote: »Why?
The asking price doesn't really have much to do with the value.
Naivety?? And assuming that the two might be vaguely related!
Hence coming here for advice... where there are plenty of people who've been through the process before. You were only killing time and it'll kill you right back0 -
john_white wrote: »Wow what was your opening offer to settle on 75% off asking?
70% and I reckon that was fair rather than cheeky.0 -
DannyboyMidlands wrote: »70% and I reckon that was fair rather than cheeky.
I think it's the 75% off asking rather than 75% of asking that was impressing john
0 -
Good point, thanks.
Either way, having got stuck into the decorating and started to rack up costs, I should have paid less.0 -
Is there not a risk that an offer which is considered (way) too low by the vendor could result in an early / immediate breakdown in negotiations?You were only killing time and it'll kill you right back0
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no not really as they will indicate early on what they are looking for:T:T :beer: :beer::beer::beer: to the lil one :beer::beer::beer:0
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Went to a second viewing last night and found that the vendor has also replaced the carpets upstairs (no carpet downstairs, so irrelevant there!), the patio doors and front door. They've also changed the garden wall from half wall / half fence to all wall.
Just rang the estate agents to book a third (and possibly final) viewing with my parents for the weekend - she had to check the property hadn't been sold, returning saying "no, haven't tied that one up yet" which I queried and apparently there's another party interested who are taking the weekend to consider it, so possibly an offer in from them early next week.
Is this likely to be the EA 'encouraging' us to place an offer, possibly by bending the truth? Would reconsidering an initial offer of 105k be advised or am I just panicking for no good reason??You were only killing time and it'll kill you right back0 -
I think it's highly likely that the EA is trying to play you and would be doing the same even if you offered £120k. It's funny how properties sit on the market until you're interested then suddenly there are potential offers all over the place.
However there is always a chance that they are not playing and that somebody else is genuinely interested.
If you cannot bear the thought of not buying this place then offer more and risk overpaying. If you are prepared to let it go unless it's cheap enough, then offer circa £105 but risk missing out.0
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