Next offer for new house?

Danpy

I'm a first time buyer and have found a house that I want. The house price was given at 195,000 by the estate agent. We offered 170,000 which was rejected then a week later we offered 173,000. Again it was rejected but the estate agent said that he would come down to 185,000. What should our next offer be and when? Do know if we should play it cool and keep going up slowly. Or should we try and meet him halfway? Soory if the question is a bit vague but any advice would help. Thanks

Duskylady

Depends what is the maximum price you are liking to pay and how much have other properties sold for recently.

I'd be tempted to put in a best and final at this stage if you keep going up in increments they will keep asking for more.

Also might want to keep viewing other houses and if through the same agent so much the better.

Tancred

Danpy wrote: »

I'm a first time buyer and have found a house that I want. The house price was given at 195,000 by the estate agent. We offered 170,000 which was rejected then a week later we offered 173,000. Again it was rejected but the estate agent said that he would come down to 185,000. What should our next offer be and when? Do know if we should play it cool and keep going up slowly. Or should we try and meet him halfway? Soory if the question is a bit vague but any advice would help. Thanks

Stop messing around! If you want the house then offer £185k or just walk away. Playing around like this doesn't help anyone.

makeyourdaddyproud

Tancred wrote: »

Stop messing around! If you want the house then offer £185k or just walk away. Playing around like this doesn't help anyone.

I like your thinking, except this house probably isn't in dear Reading!

Danpy

Hi again. The house is in north wales. No other offers. I just found it odd that he came down 10,000 in a week. Didnt know if we should still keep the offer low or just go straight to our highest offer?

makeyourdaddyproud

Look at the market for the area and house: are similar properties selling for that sum? How fluid is the market there?

On balance, you might find if you wait a week the agency will call you for a new offer. In this case it might be prudent to simply show interest but mention the fact that the £185 is too much without being specific on your next offer amount. Let them stew a bit.

Creating tension works for your advantage.

Danpy

Market not very fluid and the house next door which is a 2 bedroom detached just sold for 180,000. The house we want is a 3 bedroom semi detached. Thanks for the advice

paddedjohn

Wait a couple of days and then throw a final offer of £180k onto the table and be prepared to walk away.

Dan-Dan

Danpy wrote: »

Market not very fluid and the house next door which is a 2 bedroom detached just sold for 180,000. The house we want is a 3 bedroom semi detached. Thanks for the advice

And you wonder why they rejeceted 170 and 173 ?
i doubt they are taking you very seriously

Prothet_of_Doom

You discribe the Location as NORTH wales. That's a bit vague. Wrexham or Holyhead ? Bit of a distance and difference in values across the patch.

Anyhow, either you treat house buying like a clinical operation with no emotion, or you fall in love and you make the best offer you can afford becuase you don't want to loose it.

If you adopt the clinical operation, find 3 houses, which would do you, and tell all three estate agents that you want them to make you best offer by Friday, and choose the 'best' (best as in best compromise of price vs features and how important the features are to you.)
If you fall in love with the house, offer £185K. You'll get it. Can you afford it ? if you must go for the deal, make it provided they throw in the carpets, or the sofa, or the kitchen appliances or whatever you might need that they might not need in the next house.
If you must negotiate from £185K do it only if the Survey throws up £5K of essential work that wasn't obvious.