Lowering your offer ?

GingerFurball_2

Smb3088 wrote: »

Haha, thank you. £2k is a large amount of money. In my opinion. Reason I think it's worth about 160 only, is based on other flats that are similar on the market ATM. I've seen a few in that area for around the 160 mark. And thought if I can save myself 2k by gazundering... Wouldn't you , if it was justified? Not trying to be immoral, but like toners mentioned above. Sellers don't have issues asking for inflated prices.

It really isn't when you're proposing spending £160k on the house anyway.

It's not your momey you're saving anyway; it will cost you £200 more to put down a deposit for this place (assuming 10%) and your mortgage, assuming a rate of 3.99%, will be £10 a month more expensive. The cost to you is barely anything in the grand scheme of things.

Now if your lender was only willing to lend you £144k so the maximum you could pay was £160k then that would be a different story.

KRB2725

You offered 162 YOU must have felt it was worth that? Now you have changed your mind. It is not the vendor or agent over inflating the price, when you made your offer, you obviously didn't feel it was too much. The time to negotiate is when you make your offer(s) or on the back of a survey down valuation.

In any case, I doubt you can call 2K and over inflation of price.

If there are others at 160 that offer you the same or more then pull out of the purchase and buy one of those instead. I'm guessing though that you still want this one? If so, then why, what is it offering you that others aren't? Is that worth 2K?

You sound like a flaky time waster, you may not be, but that's what I would think if I was the agent/vendor. Especially so if you then quoted Hoopla as one of your information sources!

kilby_007

GingerFurball wrote: »

It's not your momey you're saving anyway

Err, yes it is.

But I agree, 2K isn't a lot, especially compared to how much negative equity you'll be in this time next year anyway! :rotfl:

illusionek

Your lender will value the property anyway, if you are really paying over the odds then they will down-value it especially if you have smallish deposit. Last year I placed an offer on the house, had 10% deposit and the surveyor down-valued the house by 12%. I am in the process of buying a house right now. Zoopla valued it over £100k lower than my lender so I would not really on it too much. If you think you are overpaying and want to have a real shot at price reduction you need to have surveyor report confirming it is worth less otherwise no chance unless there is something wrong with the property that can affect value.

Marvel1

In regards to £2000 less, every little helps seeing as this is a moneysaving site.

Borrowing £100,000 25 years at 3.0% is £474 a month and £98,000 is £465.

Most people for example would haggle over this increase for broadband.

exiled_red

You said you think that the property is worth about £160k as other properties are selling for about this value. Well £162k is about £160k, you either want the house or you don't surely if you want the house then it's worth paying te extra £2k to secure it. If it isn't worth that to you why did you offer £162k - surely you looked at the prices similar properties were sold for, or on the market for before putting in your offer. As others have said Zoopla prices are a nonesense. If you want to lower your offer that is up to you but as others have said there may be consequences, you could lose the property and you could lose out on other properties if the agents think you are wasting peoples time. On the other hand you might save yourself £2k.

In future I wouldn't put an offer in for a property that is more than you think that the property is worth.

glasgowdan

worth about 160 only

£162 is ABOUT £160 though.

mark55man

Personally I think you should either leave this transaction and start again, or keep to your word at £162K. £2K over 25 years is not a big deal.

However, if you want to play hardball then you should wait for the survey. Either the survey will reflect your view of the value giving you a better reason than "because zoopla" or it will highlight some work which you might tolerate if you were getting a bargain but not if you paying top price.

Thrugelmir

Smb3088 wrote: »

Haha, thank you. £2k is a large amount of money. In my opinion. Reason I think it's worth about 160 only, is based on other flats that are similar on the market ATM. I've seen a few in that area for around the 160 mark. And thought if I can save myself 2k by gazundering... Wouldn't you , if it was justified? Not trying to be immoral, but like toners mentioned above. Sellers don't have issues asking for inflated prices.

One day you'll be a seller yourself. Doubt that you'll hold similar views then.

Crashy_Time

Sure it`s "only" 2k over-priced? Can we see a link?