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Making an offer on an overpriced house
michiko19
Posts: 12 Forumite
Hi everyone,
I was hoping to get some advice from experienced home owners. Me and my partner are FTB and have found a house that we really like. We are both very lucky to have good jobs and our budget is 190k. The house is up for 210K which we believe is really overpriced! The same style house which is 4 houses down sold 6 months ago for 194K, and from the pictures on Rightmove it looks much more modern inside, whereas the house we like requires a fair bit of modernisation. The current owners are an older couple (late 60s, early 70s) and according to the land registry they bought the house in 2007 for 205K.
Please could people advise us what would be a suitable to offer as a starting point, and really what to do in this situation? We don't believe the house is worth more than 190K.
Thanks
I was hoping to get some advice from experienced home owners. Me and my partner are FTB and have found a house that we really like. We are both very lucky to have good jobs and our budget is 190k. The house is up for 210K which we believe is really overpriced! The same style house which is 4 houses down sold 6 months ago for 194K, and from the pictures on Rightmove it looks much more modern inside, whereas the house we like requires a fair bit of modernisation. The current owners are an older couple (late 60s, early 70s) and according to the land registry they bought the house in 2007 for 205K.
Please could people advise us what would be a suitable to offer as a starting point, and really what to do in this situation? We don't believe the house is worth more than 190K.
Thanks
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Comments
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The house is for your own joy so you should think the price you pay is actually what you deserve to get from what you wrote, it is unlikely that the couple would accept the price lower than the one they paid in 2007. My suggestion is you start with something 10% lower than asking price and see how it goes. 0
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In some areas house prices have increased in the past 6 months. By putting in low offer you run the risk of not being considered a serious buyer. Talk to the EA, try to gauge whether he thinks house is overpriced.If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales0
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also, they had the house up for sale a couple of years ago but then took it off the market, I don't know whether that's a good thing or a bad thing though?0
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Your last sentence implies you would be paying over the odds if you paid more than £190k. So go in lower with a view to paying that as the top bid.
I don't think offering £190k on a £210k house is cheeky. It is only 9% below.
As for asking the EA if they think it's overpriced, what nonsense. The EA is an agent for the seller, they lie through the teeth. Do your own research and rely on that (as you have done)."The only man who makes money from a gold rush is the one selling the shovels..."0 -
It is no harm if you put an offer, rejected and ask for counteroffer.0
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spunko2010 wrote: »
As for asking the EA if they think it's overpriced, what nonsense. The EA is an agent for the seller, they lie through the teeth. Do your own research and rely on that (as you have done).
Some EAs know and will tacitly acknowledge when they have an overpriced house on their books, especially when they know they'll never shift it at that price.If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales0 -
If your budget is limited to 190k and you are happy to pay 190k then that's all you can offer
If you are happy to go higher then increase the offer by 5k after they reject your first.Changing the world, one sarcastic comment at a time.0 -
Do you know anything about the owners' situation? They may not actually need to move any time soon and just want to see if they can get a better price than they paid for it; if they can't they will just bide their time and try again later. OTOH, if they actually need to move and there aren't any other interested buyers, they will negotiate.Let's settle this like gentlemen: armed with heavy sticks
On a rotating plate, with spikes like Flash Gordon
And you're Peter Duncan; I gave you fair warning0 -
It'll be pot luck. We offered on a hugely overpriced house and were rejected. It didn't sell until three years later, and in the end for not much more than we offered. Some vendors just want more than anyone is prepared to pay at that point in time, and there's nothing you can do about that.
Sound serious. Tell the EA you love the house, you're committed buyers who want to move quickly and you have your finances and solicitor in place/mind, but that your best offer on that house is £x. If it's rejected, tell them your offer remains open until you find another house - ie they can come back to you later if they change their mind. Then move on.
One point I would make is how long would you see yourself in this house for? Our last house was originally going to be a five-year house and we only ended up staying for three. We were careful with what we paid for it, as we knew it was a short-term purchase. With our current house, we knew it was a 20-year house, so ended up going £5k over the max we originally set for it because we wanted it. Over the long term, paying a bit more for it will make very little difference.0 -
Do you know anything about the owners' situation? They may not actually need to move any time soon and just want to see if they can get a better price than they paid for it; if they can't they will just bide their time and try again later. OTOH, if they actually need to move and there aren't any other interested buyers, they will negotiate.
When I spoke to them at the viewing they said the reason they are moving is because they want a bungalow0
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