Probate being greedy or is it me?

duchy

If you've offered what you feel it is worth to you -then walk away - but if you think it is worth more to you (and odds are if it is it'll be worth more to another buyer too) then offer a bit more.


You think you are right....and the seller thinks they are right - either you negotiate towards the middle or you walk. The seller isn't emotionally invested and has no need to sell quickly and legally is bound to get the best price - so your cash buyer status is less of an advantage than if the seller was wanting to sell to buy another property.

LateStarter

spunko2010 wrote: »

..but is 5% below asking price considered "way below" nowadays? Looking at sold vs asking prices round here in this price range the norm seems to be 5-10% below.

I don't think 5% is "way below" but I've been involved in a couple of house sales (in the south east) over the last year or so - both went for about 98% of asking. In the second case after 4 months EA suggested they drop the asking by £60k. Seller didn't, and after another couple months got the price they wanted.

My point being that averages are figures after the fact, and can't tell you much about your specific case. It's down to how patient the seller is, and how much you want the house.

jimpix12

Thanks for the advice so far. The thing is, if I up my offer now, the executor will just reject it as it's still early days. It's a bit of a catch 22 situation, but then someone has to offer first.

Think I'll wait a few weeks, and think it over a bit more. My most recent offer is not going up by a great deal, I know that much

KRB2725

If I was intending to stay in the house long term, I would pay (within reason) whatever it took to get an offer accepted and the house off the market. I wouldn't risk losing a house I really wanted just so that I could feel I'd got a good deal.

The house we're in now was purchased just shy of 20% below asking, we made our offer, it was refused and we walked away. They then called us a few weeks later & accepted. We really liked the house, but it was not especially unique.

The property before however, we offered asking price on the day we viewed. It was perfect and we did not want to risk losing it.

AdrianC

spunko2010 wrote: »

The thing is, if I up my offer now, the executor will just reject it as it's still early days.

Will he? He might well decide that a higher offer is worth taking now, rather than waiting. Or somebody else may come in with that same higher offer, and he accept that.

Dan-Dan

Have you actually offered the asking price as yet?

jimpix12

Have you actually read this thread yet?

No, I haven't... And I won't as it's over the odds (in my opinion, yada yada)

Dan-Dan

spunko2010 wrote: »

Have you actually read this thread yet?

No, I haven't... And I won't as it's over the odds (in my opinion, yada yada)

Then the whole threads pointless , as you havent actually given what the vendor wants, hence its still for sale

G_M

and even if you offer what the seller 'wants' (asking price), if another buyer offers 5% over the asking price what do you think the seller will do.....

It's not being greedy, it's business. Market forces.

jimpix12

Dan-Dan wrote: »

Then the whole threads pointless , as you havent actually given what the vendor wants, hence its still for sale

That would be true, if every property sells at its asking price. But unfortunately back in the real world, they don't.