What to offer? Price already reduced.

Chanes

Find similar that have sold nearby and that'll be the going price.

alchemist.1

CuteMole wrote: »

Thanks guys!

I think that they probably bought at height of house prices around here (2006) and so what they paid for it 8 yrs ago might not be a good indication.

So, in general, offering low to start with and see what they say wouldn't make them think we were being unreasonable? Then, if they reject, go a few grand higher but not straight to max? At the moment we are not aware that they've had any offers at all. Might be in our favour!

I dont think you would be unreasonable.

Just don't make about 5 offers with incremental increase of a couple of thousand each time.

CuteMole

From what we can gather the vendors have split and are now having to sell up. Might this affect how low an offer they would accept? They have no onward chain and seem pretty keen to sell quickly and get their situation sorted.

It seems the market is fairly slow in the area. Quite a few properties on Rightmove have been listed for 6months or more.

We wondered why it had been on the market for so long with no offers and when we asked the EA they said there had been lots of viewings but with various reasons given for not putting in an offer (wrong area, too small, not big enough garden etc. - nothing particularly 'major').
Our thoughts were:
- overpriced - I guess they were hoping for a higher return considering how much they'd bought it for
- other similar properties have sold in the area for the same but with nicer garden/bigger extension/newer kitchen/boiler etc. but not many properties like this come to the market - streetchecker shows only 15 sales in the street in 20 yrs! A lot of people bought the houses new and have stayed! Surely a good sign?
- for the area it is not quite a FTB/starter property or a 'growing family' home and not right for downsizing - a bit inbetweeny!! But almost exactly right for us!
- downstairs rooms/layout is great but bedrooms and bathroom are on the small side
- the boiler may need replacing within the next couple of years, kitchen might need the same but these are things we are prepared to do.
- good potential for bedroom/bathroom extension above garage (others in the street have done the same) but maybe people haven't wanted to take on the extra expense or plan this into their homeowning future!

Difficult to second guess why a house hasn't sold isn't it? Maybe the right buyer hasn't come along yet? Maybe it's fate and it was destined to be ours!!!

Time2move

Daerve wrote: »

I wouldn't do that, I'd offer twice and if they were both refused with no counter offer I'd go to max.

No one outside Londinium or the South East expects to get asking price for their house. I certainly didn't after realising how bad the market was round here.

Actually in Kent area, houses are going above the asking price at the moment.

ARTiSAN

I agree with one of the posts above .... the value of something is what someone else will actually pay for it.

If they bought it in 2006 then they probably overpaid. So they ideally want to recover as much of this especially if they're splitting up.

As FTB you're in a strong position so can put in a low offer. If they refuse you could increase it by a couple of thousand. If that's not accepted I'd then ask what they are really looking for. Have a chat with the EA as they're not earning any commission if it doesn't sell.

CuteMole

Thanks for the advice. We have a second viewing this morning so might get a better idea of exactly what the vendors situation is. I don't want them to think we're 'too' keen as this might cause them to hold on for a bigger offer.

As an aside, any tips for second viewings? Is it ok to take a tape measure and ask to take some photos? Don't want to seem too keen at this stage while we're still deciding what our offer might be!

Daerve

Time2move wrote: »

Actually in Kent area, houses are going above the asking price at the moment.

Daerve wrote: »

No one outside Londinium or the South East expects to get asking price for their house.

My geography isn't great but Kent does appear to be in the bottom right hand corner of the map.

[Deleted User]

Yes Kent is definitely experiencing increases in house prices, by considerable amounts, and is definitely South East. Its the good train links. I'm only 16 mins away from St Pancras. Prices are ridiculous as a consequence.

socmwils23

It is worth what you are prepared to pay for it. set a limit and do not go over it. Start the bidding below your limit and go from there. If they want more than your limit then walk away.

Personally id bid 165k and see what they say back to you. Don't tell the et agent you would be prepared to go higher as he would just tell the seller and they will ask for more. I usually ay this is my offer and if it is not acceptable they are more than welcome to come back with a counter offer which i would then consider.

ARTiSAN

How did the second viewing go ... I hope you didn't take a tape measure with you (that would def be too keen !!)