what to offer?

Hutch100uk

Sorry if this sounds like a stupid question. I'm sure most people will say "just try you have nothing to lose".

We love a house that has been on the market for 16 weeks, price has dropped from £215k to £210k but our absolute maximum is £195k.

The house has no onward chain and we are not in a chain either.

In people's experience, the fact they have reduced the price and its been on the market this long (and is empty), would there be any point in making such a low offer?

I suppose we have nothing to lose but feel like I'm wasting my time viewing a house on sale for this much if we have no chance of getting it.

Is it worth asking the Estate agents if they have had any low offers or are they not allowed to tell us that type of detail?

glasgowdan

You can ask them if it's worth doing a viewing and advise them what your max budget is. Ask to speak to the agent dealing with that property. They may call the client and ask if that range is something they'd consider, then do a viewing. This saves wasting everyone's time.

Hutch100uk

Thanks, will speak to the agent first. I don't want to waste anyone;s time (or my own). I certainly don't want to fall in love with it if I can never afford it either.

Hoploz

The fact it has been reduced already is encouraging, however, if they were getting itchy and wanted to get rid I think they'd have gone to overs over 200k to generate some interest. Although the house is empty and therefore will prob need to be sold eventually, if there's no mortgage outstanding eg executors sale, they might not necessarily be in too much of a hurry as it isn't really costing anything in terms of a monthly payment etc.

Have a look at it. You might not even want it once you get in there, so better to know whether you even want it or not. Otherwise it'll always nag at you as the one that got away!
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Hutch100uk

Hoploz wrote: »

The fact it has been reduced already is encouraging, however, if they were getting itchy and wanted to get rid I think they'd have gone to overs over 200k to generate some interest. Although the house is empty and therefore will prob need to be sold eventually, if there's no mortgage outstanding eg executors sale, they might not necessarily be in too much of a hurry as it isn't really costing anything in terms of a monthly payment etc.

Have a look at it. You might not even want it once you get in there, so better to know whether you even want it or not. Otherwise it'll always nag at you as the one that got away!
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This is true. I suppose I'll never know the circumstances until I ask. You're right though, they would have dropped the price a bit further if they were in a major rush!

AnotherJoe

I'd agree, speak to EA, but be very clear that your absolute top non-negotiable because thats all you can afford price is £195 k but that you are (cash buyers / very keen to buy and can move immediately / not in a chain) or whatever else you might feel overcomes a lower price.

Even if they reject now, they may come round after a few more weeks elapsed with no takers. After 16 weeks a drop of about 2% isnt a lot so it seems they arent in a hurry to sell, but you never know and circumstances can change.

Bossypants

In 2011 I offered £195,000 on a house being marketed at £210,000. It seemed a perfectly fair and reasonable offer to me to get the ball rolling and was accepted immediately, so I guess they thought so too. The house had been on for about a month at the time.

eddddy

As others suggest, tell the EA your max budget is £195k (or perhaps £190k to give some leeway), and ask if your wasting everyone's time by viewing.

But it's very likely that the EA will encourage you to view - even if an offer of £190k/£195k is unlikely to be accepted. So don't raise your hopes too much.

But on the plus side, if the EA encourages you to view on that basis, you can then offer £190k/£195k without feeling 'awkward'.