Help with an offer

darbsterj

So, viewed a house we love. We have accepted an offer on our empty property and they are in rented so no chain as such. Mortgage is just being ported from one property to another for us so is already prearranged. This makes me think we are in a good bargaining position as the vendor has seen a property he likes. The house has been on the market for a year and is currently 399 how much would you offer? Just after more opinions. No bashing or negativity

fairy_lights

Do you know why it has been on the market for so long? A year is a long time.
Has it come down a lot from the original asking price?

samba

darbsterj wrote: »

Mortgage is just being ported from one property to another for us so is already prearranged.

All porting a mortgage means is that if you are approved a mortgage for the new place, they will let you keep the same deal you had previously as long as you don't extend the term or borrow more. Afaik it is essentially still a full mortgage application.

darbsterj

It is very rural (but round corner from where we are renting) no he hasn't brought price down in the year

inatdeepend

What do YOU feel it is worth?

What are similar properties selling for in the area currently?

Are you prepared to offer the full asking price if needbe?

darbsterj

I have a mortgage offer letter done already - we have already gone through the process

LEJC

Perhaps the fact that its not selling is because he's not open to offers....
If the price hasnt been reduced perhaps he's in no mad rush to sell ans will sit and wait it out for an asking price or close offer.


In your position I would offer what you think the property is worth to you...if thats a different figure to the one that will be acceptrd by the vendor then you need to walk away or consider more.
It strikes me that you have found a vendor that my not move for any less than the asking price,irrespective of whether he has another property in mind to move to.

quidsy

My feeling would be, on the market for a year, no drop in price, this is not a serious seller or someone who needs or even wants to sell in particular, just someone who if the price was right, would sell & his price is 399.

Have you asked the agent if other offers have been made & at what level?

darbsterj

No offers been made he was not bothered or in a rush to sell before as he hadn't found anywhere to move to. He is selling as his wife has died and is downsizing. He has now found a bungalow he wants.

quidsy

Then I'd go in low. State about it being on for a year without an offer, rural local limits buyers blah blah, offer 350 & see what happens. He can only say no.

fairy_lights

can you post the rightmove link?