Do i go that extra 5,000 Pound?

[Deleted User]

Had our second offer knocked back today on a house, they want another 5,000 Pound. We did say we were not prepared to go that far, but after looking around there's nothing in our small area that is of interest to us and if we have to rent somewhere for the next 6 months (min lease) then we will spend that in rental costs whilst still looking that a house suited for us will come up.
Not sure what to do now, tbh the house I am looking at is 50,000 under the initial valuation what they want for it, am I being daft...

jk0

Split the difference? (Offer a further £2500.)

getmore4less

Overpriced £50k sure it was not £60k?

Anyone else interested you have a narow search otheres may not and be finding better vallue elsewhere that could be why it has not sold.

do they want to move

AlexMac

Do the tossed coin trick; let fate decide... or rather, let it force your hand...
the point being that if your stomach churns as the coin falls 'the wrong way', you'll know if you're happy with the outcome...

and if it does persuade you to buy, you'll take comfort that in some regions, prices will go up by more than £5k in the months ahead (if trend graphs on Zoopla continue to go up at the rate they have in the past year!)

[Deleted User]

It is in a good area, has exactly what we want but we did set ourselves a line and we reached that with our 2nd offer, I totally agree with the prices going up again as well...
Hmmmmm

BitterAndTwisted

Go back to the agent and tell them your last offer was right at the top of your budget but you'll have another look at your finances and see what you might be able to do.

If you can afford that extra five grand and think the property is worth it, then pay it.

[Deleted User]

My wife has said no that's it final amount and wished the agent good luck with selling it, the agents are disappointed as they thought it was a reasonable offer too. Hey ho back to the drawing board.

Boyley

£5,000 quid is £5,000 quid but you essentially answered your own question in terms of shelling that out in rent payments.

If you want the house, offer more. You will have forgotten about the extra in 5 years.

[Deleted User]

I remember when we were selling our old house... We put it on the market for £229k, expecting to sell for £220k.

So, one couple really wanted it, but to be honest, I needed a couple of extra grand for costs in our new home. I pushed them to £222k.

Now, little did they know that if they'd just held out, we would have been ok to go with £220k. We had done some sneaky background research on the couple (god bless facebook) and realised they were getting married in the coming months so they had a 'pressure' to find a home.

So - you need to find out; how long has it been on the market. Has it had any other offers? Why are they moving house? (i.e. what is their pressure to move?)

Boyley

"We had done some sneaky background research on the couple (god bless facebook) "

Sneaky is not the word!!

Dan-Dan

Oh dear , that thumb must give you a right headache!