How much should I offer?

Masterchef_mum

Hi

We are first time buyers and have found a house that we like.

It was on for £220k and was then reduced to £210k before being reduced again to £199,950.

The family has moved back to America so there is no chain and it's sitting empty.

We offered 185k on Monday and it was rejected, what should we offer next?

Thanks

[Deleted User]

What's it worth and how much do you want it?
They've already dropped 10% and you've offered another 15% below that - worth a try that unfortunately they didn't go for ...

Or bide your time- it may come down in price again. A long time ago we had an offer accepted (reluctantly) on a property. We finally didn't proceed and moved on, but the property was eventually sold for £12500 less than what the sellers had reluctantly accepted from us.

kinger101

I'd come up to £188K, then £190K. First offers often get knocked back. It's assumed you're testing the water. Might leave it a day or two before I make another offer though. Let 'em stew.

kinger101

Sleazy wrote: »

What's it worth and how much do you want it?
They've already dropped 10% and you've offered another 15% below that - worth a try that unfortunately they didn't go for ...

Or bide your time- it may come down in price again. A long time ago we had an offer accepted (reluctantly) on a property. We finally didn't proceed and moved on, but the property was eventually sold for £12500 less than what the sellers had reluctantly accepted from us.

They haven't dropped 10%. It was already overpriced by at least £20K when it was first marketed. And they've offered 7.5% below the current asking.

Masterchef_mum

It's in a really popular village near the a very good school and there's lots of much more expensive houses in the village so I think that's why they tried to get £220 for it. There was a similar house on the same street which went for £186k last January so I really thought theyd consider our offer.

kinger101

Masterchef_mum wrote: »

It's in a really popular village near the a very good school and there's lots of much more expensive houses in the village so I think that's why they tried to get £220 for it. There was a similar house on the same street which went for £186k last January so I really thought theyd consider our offer.

That would imply you don't think there has been any increase in property values in said village in the last year.

phoebe1989seb

Sleazy wrote: »

What's it worth and how much do you want it?
They've already dropped 10% and you've offered another 15% below that - worth a try that unfortunately they didn't go for ...

Or bide your time- it may come down in price again. A long time ago we had an offer accepted (reluctantly) on a property. We finally didn't proceed and moved on, but the property was eventually sold for £12500 less than what the sellers had reluctantly accepted from us.

Similar experience here. A few years back we had an offer of £250k accepted on a house being marketed at £280k, that had originally been on for almost £100k more. We withdrew our offer after discovering the vendor had omitted to inform us of a new build development to the rear. Eventually the house sold for about £60k less than our offer. Other than the new development, the house was in a very pretty, highly sought-after village.

Similarly, we got our current house for considerably less than a previous accepted offer that fell through. It had sat empty for some time after the vendor bought in a different area.

If the vendors have moved on you may still stand a chance at getting it for less if you hold your nerve. Houses sitting empty - even those in desirable locations - don't appeal to everyone

Crashy_Time

Masterchef_mum wrote: »

Hi

We are first time buyers and have found a house that we like.

It was on for £220k and was then reduced to £210k before being reduced again to £199,950.

The family has moved back to America so there is no chain and it's sitting empty.

We offered 185k on Monday and it was rejected, what should we offer next?

Thanks

Can you post a link?

Davesnave

Crashy_Time wrote: »

Can you post a link?

That will bump up the Rightmove stats and might convince the seller there's some renewed interest.

I wouldn't!

Masterchef_mum

Thanks for the advice.

We upped our offer to £188,500 and it's been accepted.

Crashy_Time

Masterchef_mum wrote: »

Thanks for the advice.

We upped our offer to £188,500 and it's been accepted.

So they came down about 30K?