Making An Offer In The Morning :-)

nubbins

I would probably say a bit hopeful mainly because of the percentage but it all depends on the area and how deluded the owner is. There is a property near me was on the market for 700k and I knew it was on for way too much and the vendors have now dropped to 625k but at that price I expect it to go soon. There are obviously people out there that whack 10% on the EA's valuation just to see, but if they are doing that I would presume they are in no hurry and they certainly are not going to drop 20% in one go. So I think its a big fat no at some point tomorrow or Monday.
You might want to ask the EA why they think the house is worth 80k more than the one sold in March 2014.

jbainbridge

You've not exactly given a great deal of information ... but 'asking price' is just that. Good luck!

steveodan

Thanks Obm,


As you say, an offer can only be rejected so nothing to lose. I had planned to offer more, but after researching sold prices I just cannot justify going much higher

Thrugelmir

steveodan wrote: »

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

On the basis that I had a budget in mind. I would have viewed other properties in the locality. This would then give me benchmarks as to what offered potential value. After all property is subjective as a purchase. If I was seriously interested then my offer would reflect this. So on £350,000 asking. My opening gambit would be above £300k.

steveodan

Thanks Thrugelmir,


Perhaps I am being unrealistic, I just don't want to make a poor financial decision. We could afford to offer over 300K but I think at this stage I would walk away if a counter offer above 300K was made

Alchemilla

It very much depends on how much they want to sell. We are about to put our house on the market but if we don't get an offer we like then we simply won't move.

Mickygg

If I was selling for that and had an offer 19% below my asking price I'd be instructing the EA not to waste any more of both our time.

Think about it, if they would accept £283k, the easiest thing to do would be to drop the price substantially to entice more buyers, but still would be no where near your offer.

A lot of people think what have you got to lose. I think you are wasting peoples valuable time with an unrealistic offer and you should look at other houses within your budget.

However it's easy for me to say as I don't know the property. If it's a wreck and sellers are desperate to sell you could have a very slim chance.

steveodan

Thanks for the feedback everyone, Based on what has been said I have revised my offer and have offered 293,500 rather than 283,500. Excluding myself the vendors have had just one other viewing in two months so I feel this offer is more than fair.


Mickygg, the property is actually within my budget and I could afford to go higher, so its not an affordability issue, its just I don't think it is worth any more than this. I don't see it as wasting there time, The vendor now has a choice whether to accept my offer or leave it....surely that choice is better than no offer to consider at all?

Mickygg

steveodan wrote: »

Thanks for the feedback everyone, Based on what has been said I have revised my offer and have offered 293,500 rather than 283,500. Excluding myself the vendors have had just one other viewing in two months so I feel this offer is more than fair.


Mickygg, the property is actually within my budget and I could afford to go higher, so its not an affordability issue, its just I don't think it is worth any more than this. I don't see it as wasting there time, The vendor now has a choice whether to accept my offer or leave it....surely that choice is better than no offer to consider at all?

Fair enough. Yes you are absolutely right to offer what's it's worth.

I just meant that if they would seriously consider that level of offer they would drop the sales price to encourage a wider audience.

Thrugelmir

steveodan wrote: »

Excluding myself the vendors have had just one other viewing in two months so I feel this offer is more than fair.

Only requires one viewer to buy.