What offer to put in?

Redbedhead

We have decided to offer on a house that we like. We have been advised there is no chain and the owners are going to move in to rented. The house has been on the market for 3 weeks but has already had the price dropped from £415k to £400k. From looking at the local market, it was a bit overpriced at £415k.

We have put in a first offer of £375k which has been rejected with them saying they want closer to the asking price as they have already dropped the price once.

What would you next offer be? And when would you put it in? Would you leave it over night or put it in now? We had a first viewing on Thursday and the 2nd viewing today and put in the first offer a few hours after the 2nd viewing.

Thanks

Rover

Do absolutely nothing. And when their agent rings say your waiting to see if interest rates will go up in July.

Interestingly, I wonder why the vendors are selling to rent ? Do they know something you don't ?

Redbedhead

I don't believe they are selling to rent. I understand they are looking to buy again but want something specific in a local village and want to be in a position to proceed - although this may of course be estate agent blarney.

Waiting till July is not an option as I would prefer not to lose the buyer on our current house. I accept there may be a correction in values but we are planning on staying in the house for a good 10 years or so and expect to weather out a storm and have a reasonable amount of equity to put in the house.

golfnutt

Go in with £390 & tell the Ea that this is a final offer, its a good increase and not million mile's away from thier asking price. It worked for me.

KingKenny

Do nothing, if you are not embarressed by your intial offer then it is way to high?

Its a buyers market!

mr.broderick

A 15k drop within three weeks of being put on the market means it was initially marketed at the wrong price so try and pretend it was never ever marketed at that price.
It is now £400k which is probably the value it should have been. Your first offer was a good offer, id stick with it maybe even put a time limit on it.

Redbedhead

KingKenny wrote: »

Do nothing, if you are not embarressed by your intial offer then it is way to high?

Its a buyers market!

There was some embarrassment with the offer:rotfl:

Round here it still feels like a sellers market - one house we saw last night which was the first day on the market had gone by this morning!

Redbedhead

mr.broderick wrote: »

A 15k drop within three weeks of being put on the market means it was initially marketed at the wrong price so try and pretend it was never ever marketed at that price.
It is now £400k which is probably the value it should have been. Your first offer was a good offer, id stick with it maybe even put a time limit on it.

I have to say I think at £415 it was overvalued and £400 is definitely closer.

We spoke to the EA who said he understood they wanted £390k. We offered £385 and told him that was final.

He came back and seemed slightly surprised that they had turned it down and had told him they were looking for about £395. He asked what we wanted to do and we just told him £385 was final and we wouldn't be making another offer. Just have to hope now they change their minds or something else comes on the market.

Rover

As you have eluded to, you know you're buying at the top of the market and I suspect the vendor and their EA know that. Stick it out, don't chase it.
If you lose it, c'est la vie. I'd put money on better houses for less money coming to your area soon.

papermoney

Fingers crossed for you RBH