Sit and wait or up my offer?

inatdeepend

Seen house I like, was on market at 237,500. Based on my "research", I think property is worth more like 205-215. Vendor eager to sell (property on for 4 months, no other viewings), me FTB but no urgency on my part to buy.

I made offer of 195. Cheeky, perhaps, but I want to buy a property not be the vendor's best friend. Offer rejected as kind of expected. I said I would not increase my offer and wished the vendor good luck.

Three days later, notice on rightmove property has been reduced to 220. Still too high in my view.

Now had call from EA asking if I would be interesting in "discussing a more reasonable offer". Having not had a lot of sleep and being a bit grouchy, I pointed out my offer was perfectly reasonable to me and listed all the reasons why (again). I didn't ask for a figure of what "reasonable" might be, but found out that there are still no other viewers or bidders.

House is suitable for all my needs, not most amazing place, but I would be happy enough living there. But it should be a fairly straightforward transaction - one other place I liked look of would mean entering into a chain with two buyers above which has put me off.

Would you up your offer? Or stand your ground?

Paully232000

If you are in no hurry maybe wait a while and see if the EA comes back to you again, or get back to them and ask what is a reasonable offer if 195K is not in their opinion.

On a side note, i would not settle for a house I was not happy with, and sounds like this house to you is 'just alright'. Why not wait a while to see what comes on in the new year if you are in no hurry. This house may still be on the market, may have reduced further by then.

penguingirl

I think you've admitted that you offered less than you think it's worth and you know 195k is cheeky. Would you consider upping it to 200k?

Zola.

Sounds like you should sit tight!

inatdeepend

Yes, it's alright, but then I'm not a massively sentimental person either. So I think the idea of "dream home" is never going to materialise. It ticks all the practical boxes, especially the big two for me (quiet location, not overlooked).

I guess the other thing is now that the price has been reduced whether it will stimulate more viewings in the new year - it's only been reduced a week and perhaps this time of year there are less people looking to buy. So it could end up working against me if I decide to sit and play the waiting game!

I think 200 is probably the most I would be willing to pay, but then I said that originally about 195. So I don't know!

ReadingTim

I know EAs can be persistent, but given you've told them twice (the 2nd time in fairly blunt terms) that you're not going above £195k, you might have to do a bit of sweet talking to get yourself back into the game - do you want to do that?

Or, put it another way, how gutted would you be if someone else got the place at or around the price you've valued it at?

Lokolo

So you think the property is worth £205-215k but you will only be willing to pay £195-200k and you think thats a resonable offer? Ridiculous.

inatdeepend

There will always be other places available, so I wouldn't be massively gutted if I don't get it.

And not that ridiculous. Like I said above, I'm not interested in being the vendor's best friend and as a buyer I, rather logically, want the best price possible. My perceived value is not enough on its own to dictate what price I offer.

Paully232000

Lokolo wrote: »

So you think the property is worth £205-215k but you will only be willing to pay £195-200k and you think thats a resonable offer? Ridiculous.

I'm not sure why that is ridiculous either. Why would you not start lower that you are willing to pay/think it is worth. You are not trying to make friends and can always go higher on subsequent offers when/if they say no.

The price i was willing to pay on my current house was 10% more than my initial offer, and in the end we got it for 5% less than i would have paid and thought it was worth to me. If i had gone straight in with what i thought was worth/willing to pay i would have paid more than i had to.

jbainbridge

I can understand why you offered low ... but the vendor might not be in a hurry or desperate. And you say yourself the property is probably worth more, so if your not that interested - move on.

Lokolo

Paully232000 wrote: »

I'm not sure why that is ridiculous either. Why would you not start lower that you are willing to pay/think it is worth. You are not trying to make friends and can always go higher on subsequent offers when/if they say no.

The price i was willing to pay on my current house was 10% more than my initial offer, and in the end we got it for 5% less than i would have paid and thought it was worth to me. If i had gone straight in with what i thought was worth/willing to pay i would have paid more than i had to.

Well that would be the case if the OP was thinking of upping their offer, but they've said later on that "£195k was the most I was originally willing to pay", when they also thought the property was worth £205-215k.

So if I was the vendor, and £205-215k was a realistic valuation, why would I accept £195k?

Yes if the OP was willing to start a bit under valuation and go up then fine, but thats not what the OP has done...

I also didn't bother with "negotiation". I offered what I thought it was valued at and stated that it would be my only offer. It was accepted a week later.