What would you do? (offering on house)

nubbins

If it was me I would go in as 113 and then last and final of 115. Its like the other posters say if you love it enough and othe people do as well you may have to pay the asking price or very near to it, if you think its worth the money then go for it. I've just had an offer accepted and paid 29k over the advertised price "due to lots of interest" and thats because as soon as I saw it, to be it looked like it was underpriced and should have been on for 100k more and the open day was like trying to get into Next on New Years day sales.

Good luck.

whoschuffed

Thanks for all the advice.

I did phone back the estate agent just to query the rejection again and to see if I could glean any more info. The EA said that the vendors were looking for as close to £120k as possible - to which I thought "No **** Sherlock, which vendor isn't looking for as close as possible to asking price".

I asked her "How close is 'close to' £120k? I want to know if i'm wasting my time re-considering if they are only going to accept offers bang on £120k" to which she replied, "The only thing I can do is put your offer to them" which is fair enough really. Just going to have to mull it over tonight and decide how to approach it and maybe make another offer tomorrow.

ultrafox

whoschuffed wrote: »

Thanks for all the advice.

I did phone back the estate agent just to query the rejection again and to see if I could glean any more info. The EA said that the vendors were looking for as close to £120k as possible - to which I thought "No **** Sherlock, which vendor isn't looking for as close as possible to asking price".

I asked her "How close is 'close to' £120k? I want to know if i'm wasting my time re-considering if they are only going to accept offers bang on £120k" to which she replied, "The only thing I can do is put your offer to them" which is fair enough really. Just going to have to mull it over tonight and decide how to approach it and maybe make another offer tomorrow.

I've had bad experiences with EA which tarish my view slightly, but they will lie to you to get more money from you.

Ever house, ever on the market has had 'lots of interest'. It is rubbish to make you panic and think you'll miss out.

EDIT: I should note; do not go over your maximum. Keep strong. You are in a strong position as in no chain. It all depends on the position of the saler, but being able to complete quickly is worth alot. Remind the agent of this.

rosie383

I agree with the other posters advising to make an offer around 113k. Sounds reasonable and you can always go up another wee bit but don't go over your maximum. On the other hand don't offer a grand more, then another etc. We did that and lost a good house to someone who didn't faff around. They offered what we should have offered as a second try. Lesson learnt.

AdrianC

ultrafox wrote: »

Ever house, ever on the market has had 'lots of interest'.

Nope. We've been told that a place is fairly dead.

whoschuffed

Been discussing with partner and we can't make our mind up whether or not to just go straight to our final offer or whether to offer another amount in the middle.

From what the EA was telling us on the phone is that the vendors believe the house is priced realistically. So if they aren't talking BS then i'm not sure how much of an offer they will take from £120,000.

Wish we didn't have to deal with EA's and dealt with vendors direct! Much easier to negotiate!

nubbins

I know how you feel, you dont want to lose the house but on the other hand you dont want to pay over the odds. Ask yourself if someone came along and offered 120k and walked away with it would you be gutted? If not then and its a "will do for now" house then stick to your guns and you might get lucky. If you would be gutted and you really do love the house and can see yourself there for a good few years, think in 5 years time sipping a glass of Pinot in the garden, you could have lost it for the sake of a few grand. It really comes now to how much you want it.

One other thing, I have almost studied house prices for the last few years in search of a forever home, checked Rightmove everyday, checked Zoopla sold prices, checked how long properties have been on the market to the point I can almost tell straight away if a house has been put on the market will be reduced in the near future. The house I paid over the asking price for I am convinced a after a bit of work I could (as long as the market stays ok) put it on the market and at the minimum get my money back. Check the recently solds nearby and if you think 10k worth of work will make into say a 140k house then maybe an extra 2 k spent getting it will net you 10 -20k later.

Cheers

stator

whoschuffed wrote: »

Been discussing with partner and we can't make our mind up whether or not to just go straight to our final offer or whether to offer another amount in the middle.

From what the EA was telling us on the phone is that the vendors believe the house is priced realistically. So if they aren't talking BS then i'm not sure how much of an offer they will take from £120,000.

Wish we didn't have to deal with EA's and dealt with vendors direct! Much easier to negotiate!

It's unlikely you will spend the next 20 years regretting paying a few thousand pounds too much for a house. If you love the house and don't want to let it get away offer £115,000 and if they still refuse go to your maximum. If it's just one of a few you like go for the haggle.

whoschuffed

UPDATE : Went ahead and just offered the £115,000 earlier this afternoon rather than a**ing about with a middle offer.

The EA said she relayed the offer to the wife who had to speak to the husband and would get back to me.

Cue phone call at 5:00pm saying the offer had been rejected and that they wanted asking price and no offers due to the price of the house they were looking to buy.

The EA did say she tried everything for us and the vendors even acknowledged knew they might not get asking for their house and may potentially lose the house they are going for.

We're the only proceedable buyers atm on their property (afaik) so it's a bit of a strange situation that they are willing to lose the house they want over a few k and especially as its getting to Xmas and the market generally starts to slow down.

I was thinking of offering £116,500 as a full and final offer valid until close of play Friday but I think I'm just going to leave it and let them stew on it for a while. Maybe they will have a change of heart, maybe they wont.

SG27

Id leave it at that. I'm sure your not in a position to be funding the vendors next house for them!