House offer dilemma

ambioni

Hi

I put in an offer on a house a few days ago (offer of 172,500 on a place advertised at O/O 169,999.). Home report values home at 185K, and other similar ones in the street sold for up to 193K back before the crash in 2007. House is 10 yr old, 3 bedroom, and current owners paid 173K for it when it was new. Nothing else similar in the street has sold for about 10 yrs now but similar properties in the area would go for 169-190K.

Owners have refused the offer but are willing to negotiate as EA says they just want a bit more. Owners already know that I am first time buyer with no chain and willing to wait for them to find a place to move to. House is perfect for me, no problems on the home report, lovely decor and most white goods are built in and thus being left.

Any advice?- up the offer or walk away and let them stew a bit? House has been on market for 6 months, no price reduction, and only two other notes of interest. There are several other places I would consider offering on if this falls through, but this house is really nice.

thanks

nubbins

I would 100% let them stew. I wouldn't have even offered over especially if its been on for 6 months. Personally I would hold tight and let them come back to you letting them know you have others to see, I would definately not be increasing it.

skintpaul

Ditto. Restate your position, with a time limit on offer.

ellie27

Depends how much you want it - it sounds like there are plenty other houses as good so I wouldnt up offer at the moment.

You are in Scotland?

I am in Glasgow surrounding area and the last 6 months have been very quiet. Ours went back up for sale almost 6 months ago now (sale fell through before that)

For us things have only just picked up so the owner could be feeling exactly the same. And wants to see how the next month goes.

You are saying similar houses going for £170-£190k, middle being £180k so £172k does seem low. If you know similar houses are going for £170-£190k the owners will know that too and £172 doesnt sound fair offer to me.

Our mortgage interest rate is very low, interest is £25 per month so I wouldnt be rushing to accept an offer that sounds very low to me.

Good luck!

DaftyDuck

Well, you could offer £172,650. But, that might just rile them, even if it is a bit more....

Me, I'd wait a week or more, then ask if they've reconsidered. You did say it was "really nice", but there are others you'd consider, so consider away. If it was the only one in a school catchment area, and time was pressing to get Peregrine & Hermione into your preferred primary... I might suggest upping the offer.

ambioni

thanks for all the advice- i DID let them stew and almost got the house, but someone came in at the last minute on a second viewing and offered much higher than me....disappointed but I could not have gone any higher and would have been very lucky to get such a great house for 13K under the valuation in a hot market.....however, i offered for my number 2 choice house and late on Friday the vendor accepted! Great house, great area and am very happy....just need to get the mortgage now!

audigex

1) Can you live without this house?
2) Can you find something else similar for similar money?
3) Can you maintain your current situation a little longer? (Ie you don't have to buy immediately)
4) Is the offer you gave fair and reasonable?

If you answered yes to all of the above, let your offer stand. They priced their house fairly, you offered a fair price and they're now playing the game to see if you're worth an extra £2.5k or £5k. Unless you've fallen in love with that house to the tune of £5k, tell them to take it or leave it. Restate your position, perhaps mention that your offer is at your financial limit in terms of mortgage and deposit and regretfully you can't increase it.

Unless they've got a very good chance of a better offer, they'll take it.

Bossypants

ambioni wrote: »

thanks for all the advice- i DID let them stew and almost got the house, but someone came in at the last minute on a second viewing and offered much higher than me....disappointed but I could not have gone any higher and would have been very lucky to get such a great house for 13K under the valuation in a hot market.....however, i offered for my number 2 choice house and late on Friday the vendor accepted! Great house, great area and am very happy....just need to get the mortgage now!

Sounds like it all worked out then, congrats! (And thanks for letting us know how it went! :beer:)