WWYD - offer negotiations

monita_uk

We are currently in rented accom; a large house on a very popular road in a lovely area for very cheap rent (much less than market value) but as it comes with my husband's job we'd like to buy somewhere of our own. We've been looking for a month or so and after having seen several places we've finally seen a possible.

The house is in a nice road, it's big enough, enough bedrooms etc and is affordable because it's in absolutely gash condition. Carpets need replacing, fireplaces need sorting, no fitted kitchen just random bits of furniture but it is livable until we save up to do the bits that need doing. I'm not too worried about what the market is doing as it has the potential to do us indefinately, plenty of spece etc. but neither do I want to pay over the odds. I'm finding it difficult to make my own appreciation of what it's worth as nothing in the road has sold for several years and there is nothing similar on the market at the moment.

In summary! I love it, but it's not 'perfect' (what is?), no private parking, no kitchen, lots of superficial work to be done. It's on at £185,000 we offered £175,000 friday and were knocked back, the agent seemed to be indicating the vendor was looking for at least £180,000, when the offer was refused I ummed and aahhed and said I'd have to speak to my husband but didn't ring back on friday, I half expected the EA to ring today but he hasn't and I'm wondering what my next move should be..... we could concievably do £180,000 but it would be a stretch and I'd rather not so in my place what would your next move/offer be?

Well done for getting this far!

Kaz2904

I would carry on looking around at other properties (especially those listed with that agent). Emphasise what a great position you are in (ie mortgage agreed in principal, nowhere to sell etc). Go out and roughly cost the work that needs doing and factor that in.
If after all this the EA hasn't phoned up to accept the initial offer (and assuming you can afford it) offer them £178500 and tell them it's your best and final offer- but be prepared to walk away if they won't take your money.

mr.broderick

The old war of nerves..aint it great...who's gonna buckle 1st..can't wait to find out...

monita_uk

KAZ2904: That's what my brother says but he suggested £178,000.

They've already rejected £175,000 and we're happy to go to £178,500 but would you ring them or wait and see if the agent rings you? Which in your opinion puts you in a stronger position?

Also interested to see you wouldn't go up in smaller increments - is there a particular reason?

Thanks for your reply.