Advice on first offer please

Yorkie1

£285K to £279K is a miniscule drop - 2% of the initial asking price.

I suspect that the sellers are aiming to achieve more or less that price; keeping the price at that level keeps it quite a way from the stamp duty threshold and therefore might indicate they won't accept offers under the threshold.

If it's been on the market that long with only that amount of a drop, you may well find that the sellers aren't that desperate to move and therefore will hold out until they achieve what they want.

If your offer was quite near the stamp duty threshold, and you think it is overpriced at £279K, then perhaps go up to the threshold but no more.

Thrugelmir

Jenny.W wrote: »

Yes it was but we had taken into account similar properties in the area, condition, work required and comparative prices.

Then vendor without second thought probably said no. As simple as that.

Ball is back in your court to up your offer. Or like many people in my own experience who make low initial offers. They walk away.

Jenny.W

Well if the EA had called us instead of writing then we could've discussed it but by writing with a simple 'offer refused' and not being around over the weekend then he's just closed down the lines of communication for us

The EA told us that the vendors are keen to move however I feel that they will hold out to nearer the AP, as you say 2% over 8 months is a tiny drop

Oh well, we'll call Monday to discuss further

mummyroysof3

Let us know how the call on Monday goes

Jenny.W

mummyroysof3 wrote: »

Let us know how the call on Monday goes

Yes I will report back.

There is also an open day planned for the bank holiday Monday 6th May, perhaps they are hopeful that will bring in some offers

Thrugelmir

Jenny.W wrote: »

Well if the EA had called us instead of writing then we could've discussed it but by writing with a simple 'offer refused' and not being around over the weekend then he's just closed down the lines of communication for us

The EA told us that the vendors are keen to move however I feel that they will hold out to nearer the AP, as you say 2% over 8 months is a tiny drop

Oh well, we'll call Monday to discuss further

You'll need to consider your next offer. The Agent may well not know what price the vendor will agree to.

Jenny.W

ok update for you all and I still feel as frustrated...

Husband called for feedback. EA said that he phone the offer through and vendor flatly refused - end of conversation.

Husband asked if the vendor had a figure in mind. EA said vendor wont tell him so all we can do is keep putting through offers until we get to what he expects :eek:

I just feel a bit numb about it all. Husband said the best he will offer considering the work to be done is £255K. But to get to this price, I don't know if we should go up in increments, if so, I feel it will be a very long week still resulting in a refusal.

I personally feel we could be dealing with a very stubborn older gentleman who thinks the AP is what he should be getting.

EA doesn't give us much confidence either....

What do you think about the offer increments?

DRP

Jenny.W wrote: »

ok update for you all and I still feel as frustrated...

Husband called for feedback. EA said that he phone the offer through and vendor flatly refused - end of conversation.

Husband asked if the vendor had a figure in mind. EA said vendor wont tell him so all we can do is keep putting through offers until we get to what he expects :eek:

I just feel a bit numb about it all. Husband said the best he will offer considering the work to be done is £255K. But to get to this price, I don't know if we should go up in increments, if so, I feel it will be a very long week still resulting in a refusal.

I personally feel we could be dealing with a very stubborn older gentleman who thinks the AP is what he should be getting.

EA doesn't give us much confidence either....

What do you think about the offer increments?

You could be right - but if they have time on their hands they may be able to wait it out and as the market peaks during the summer, they may achieve what they want.

IF i were in their shoes i defo wouldn't accept a low offer i f i had an upcoming open day... what would be the point?

Jenny.W

DRP wrote: »

IF i were in their shoes i defo wouldn't accept a low offer i f i had an upcoming open day... what would be the point?

yes I do believe they will want to see what the open day brings.

We can only go on what the EA has told us, ie no interest because of garden, no offers or no 2nd views. I just thought there would be a bit more communication from the vendor with regards to the figures.

Husband has just told me that EA didn't get chance to put forward our reasons for the offer so from that point of view, we have no chance!

Better_Days

I think in these circumstances I would put in a final and best offer of £250k (not £255k because of the extra £5k in SDLT it would cost you) and be prepared to move on.

From what you have said it will probably be refused, but it may be that the vendors change their mind in a month or so if they get no further interest. In the meantime you can be looking around for other properties.

I have had a similiar experience recently - property needing repairs and updating, vendor refusing to say what they wanted to achieve. My final offer refused. But EA's parting words were 'it's not over yet, the vendors may change their mind if they don't get any other offers'

Also bear in mind that although you are not worried about the small garden, when you come to sell it appears that it will be an issue for future buyers.