More FTB Advice Please!

LSM_2

Hi,

I'm sure you must get fed up with all the FTB asking questions, so here's another one for you if you could be so kind!

Looking at a bungalow that's been on the market for a few months which states - "offers in the region of £250k" - made our first offer £230k (rejected) then £235k (rejected) - apparently the seller wants £242k for it.

I like the bungalow but aren't prepared to pay over the odds for it. Would you agree that "offers in the region" would suggest it's overpriced anyway?

What should I do next? I'm 'cooling' off for a few days. I would of thought a FTB offering 94% of the asking price for a house that's had no offers & been on the market a few months would be snapped up?

Cheers,

pcwilkins

If I was the seller I would certainly accept your last offer. They are probably hoping because you have made two offers that you will follow it up with a "third and final". If it's been on the market for a few months you can afford to wait and see. They may change their mind if it starts to look like that really was your final offer.

Peter

poppy10_2

If its been on the market for a few months the vendors will be desperate. They have just been chancing it because you have been upping your offer.

Offer them £235 again, state it is your final offer. If they don't accept, walk away - you can always go back in a few months time when they have been forced to drop the price further.

LSM_2

Thanks guys - I was hoping for that reaction...

As you say, I'll leave it a bit (a week or so) & then re-offer £235 again.

I'll keep you posted, thanks,

wolvoman

Of much more interest is why as a first time buyer you are buying a bungalow?!!

LSM_2

Why not!?

Just had a decent pay rise - want to get on the ladder - flats aren't for me, just like the house! Is it such as crime!!!!!

oliroe

There's always a massive premium on bungalows in terms of cost per square footage. It's no coincidence that so many new builds are being built as 3 storeys. Semi's have always appeared to be the best value for money to me

Doozergirl

OIRO £250,000 doesn't mean anything to me. I take each house on it's merit. You've got them down to £242,000 at least. Nice going so far. If you do offer again, even if they don't accept that £235,000 they may be prepared to drop down a bit more.

The longer you can wait, the further you can get them down. Once they have an offer that isn't coming to fruition, vendors do start to worry and compromise on the price.

wolvoman

LSM wrote: »

Why not!?

Just had a decent pay rise - want to get on the ladder - flats aren't for me, just like the house! Is it such as crime!!!!!

I meant it slightly in gest!
I just think as a FTB I'd not want to be surrounded by old people.

LSM_2

wolvoman wrote: »

I meant it slightly in gest!
I just think as a FTB I'd not want to be surrounded by old people.

Don't worry, I have a sense of humour! I was pulling your leg also!

LSM_2

just an update - seller came back unprompted & lowered price to £240k, we went back & offered £235k but they said they couldn't go any lower.

Looks like stalemate...

Looks like I'm going to have to leave it for now, another few viewings booked for us this weekend...