Should I hold out?

glos1983

This is my first time buying a house privately (bought first home new build - big mistake, but that's a different story!!). We have put some offers in for a house we love on the market at £220k. £200k was rejected, then £205k, so put final offer of £210k in. Estate agent has just come back and said they will accept £213k.

I'm kind of in two minds what to do now. In the current market a £7k drop from asking price doesn't seem a lot, especially considering we dropped £12k on a much lower value property. I'm thinking they are try to squeeze a bit more and will probably accept £210k in the end if I hold firm.

That said, we do really like the house and the area, it's not really an investment as such as we plan to be there for 20/30 years, so is it really worth risking it for the sake of £3k?

Ciderarmy1987

Pay what you think the house is worth, no more but hopefully less.

How much do you like the house? If you are prepared to walk away wait it out, if you love it offer the extra money

Old_Git

you have three option
1 stick to £210
2 offer £213
3 stick to £210 but offer to pay towards their legal fees .
Only you know the best option for you

Ciderarmy1987

Old_Git wrote: »

you have three option
1 stick to £210
2 offer £213
3 stick to £210 but offer to pay towards their legal fees .
Only you know the best option for you

Why would you ever decide to do option 3!!!! Crazy idea

Thrugelmir

glos1983 wrote: »

That said, we do really like the house and the area, it's not really an investment as such as we plan to be there for 20/30 years, so is it really worth risking it for the sake of £3k?

How long has the property been on the market? Is it a popular area?
What's the likelihood of a similar property becoming available? Have you seen another house you like as much?

Strapped

Go £213k, and renegotiate after the survey :whistle:

moneyistooshorttomention

Why lose a house for the sake of £3,000? Offer the £213,000.

....and NO...don't play "silly b****r" games by not actually meaning £213k at all and coming back with whatever excuse you can think of from the survey. The survey might be a perfectly acceptable one and they'll see straight through any excuses for reduction at that point and find another buyer instead.

mrsmchapman

If you like it enough I'd pay the £3k, in regards to the £12k drop you accepted this price, this was your choice and you could have held out for another offer.

tim123456789

You can't judge whether the amount is right just based upon the difference from the AP.

Without further info the AP could, depending upon seller's motiation, be anywhere from 20% over value to 5% under value.

And we don't have enough info to tell

hazyjo

^^ what Tim says. See what similar nearby properties have sold for.

Do not just think you need to get £X off an asking price. Has it been on the market long?

Jx

martinsurrey

tim123456789 wrote: »

You can't judge whether the amount is right just based upon the difference from the AP.

Without further info the AP could, depending upon seller's motiation, be anywhere from 20% over value to 5% under value.

And we don't have enough info to tell

exactly,

I walked away from a house that was up for £310k after my final offer of £282k (it eventually sold for £275k after he realised what a mistake he'd made) a 12% drop, I bought a house for £278k that was up for £285k a 2% drop.

asking price alone isnt enough, you need to give us details of the local market and recent selling prices.