Making An Offer In The Morning :-)

steveodan

Hi,


I am going to place an offer on a house in the morning


Asking price is 350K, been on market for just over 2 months with few viewings and no offers.


I have looked on Zoopla and an almost identical house two doors down sold for £259K just 2 months ago and another similar one on the road sold for £267K in March 2014.


Based on the above I feel the house is greatly overpriced and therefore I am going to offer a lot below asking price. At the moment I would like to put in an opening bid of 283,500K which is 9.5% above the one that sold 2months ago and 6% higher than the one that sold 9 months ago.


I think this is a fair price but it is £66,500 off asking price! Am I being ridiculous? Or is this reasonable in peoples opinion?


Thanks in advance

DUTR

What's the worst thing that can happen? They reject your offer.
Then again they maybe realistic about the value, it depends also on what condition the other sold properties were in and also if they are on the same side of the road (eg north facing rear garden).

steveodan

Thanks DUTR,


The other sold ones look very similar condition from the photos (all ok but would benefit from updating. One is two doors down on the same side of the road. Other one is on the other side of road with smaller garden but river frontage and southerly facing

inatdeepend

I tried to use similar rationality when making an offer recently, and my offer was rejected.

Be prepared for a no and be prepared to walk away if you don't believe it's worth more than what you're offering is all I would say. There are a lot of deluded sellers out there at the moment (and even more deluded estate agents, but that's a whole different kettle of fish!)

DUTR

steveodan wrote: »

Thanks DUTR,


The other sold ones look very similar condition from the photos (all ok but would benefit from updating. One is two doors down on the same side of the road. Other one is on the other side of road with smaller garden but river frontage and southerly facing

It's hard to know until the day, I have been looking with one eye at properties in another ward, when I apply all my tick boxes the possibilities soon reduce, the most ideal one has been on the market a while, so I don't know why it hasn't sold yet other than folk cannot manage the asking price or near it.
Good luck with the offer, I guess the EA will come back and try te old dutch auction technique.

steveodan

Thank you both for the advice. I am expecting a "no" and as hard as it is to walk away from a house we really like, I am prepared to do it if we can't agree on a realistic price

Thrugelmir

steveodan wrote: »

I think this is a fair price but it is £66,500 off asking price! Am I being ridiculous? Or is this reasonable in peoples opinion?

Realistically no chance. Not at 19% below asking.

been on market for just over 2 months with few viewings and no offers.

Means absolutely nothing. Perhaps Xmas had something to do with this.

samba

Supply and demand - the other 2 houses may have sold for less but they aren't on the market now are they?

Unless they are desperate, then they will hold out for a better offer. I made an offer of £250,000 on a house marketed for £270,000, and it took the seller 4 months to finally decide they weren't going to get any more and agreeing.

steveodan

Hi Thrugelmir,


Thank you for your feedback.


Out of interest and based on the information in my original post, what would you suggest as an offer price?

EverGreen_2

steveodan wrote: »

Hi Thrugelmir,


Thank you for your feedback.


Out of interest and based on the information in my original post, what would you suggest as an offer price?

Have you been to the house? have you checked everything possible inside? You can not compare from the outside look or from published pics of different quality and timing.

oldbaldman

steveodan,

make the offer as you wish. No one can really know what the reaction will be. Houses offered at ridiculous prices will sit on the shelf and be there months from now with little or no interest apart from the pretend viewers that agents bring in from other branches or their own stock of local pseudo viewers.

You may be pleasantly surprised?

The advantage of making an offer is that you are in the game, and if the offer is supported with reasoning why it is below asking price, and the agent has a "wake up smell the coffee chat" with the vendor you may get lucky?
The agent also has a prospective buyer to tempt and work the vendor with.

You have nothing to lose.

obm