PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
We're aware that some users are experiencing technical issues which the team are working to resolve. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!

Offers

Options
Hello,



I have made an offer on a flat of £190,000, which was declined.


I am thinking of raising my offer, but am unsure as to what increment will be taken seriously.


The flat was originally on the market for £225,000, but was reduced to £215,000.


This price includes a ground rent buyout, so that the rent will only increase by the rate of inflation, rather than doubling every ten years.


Other similar properties appear to be on the market for around £200,000, but are unlikely to include a ground rent buyout, and it is doubtful that they have better views. The flat I have my eye on has allocated parking, some of the others may/may not have this benefit.


If you were interested in the flat what increment would you offer as the next step? The agent indicated in passing that £200,000 might be appropriate, but stated that it was a matter for the vendor. The vendor is in no hurry to move.


I am a cash buyer and not in a chain



Regards
«1

Comments

  • gash
    gash Posts: 52 Forumite
    I wouldn't take any notice of what the EA says. Offer what you think it's worth, and up to what you'd be prepared to pay for it. Good luck
  • anon_private
    anon_private Posts: 171 Forumite
    gash wrote: »
    I wouldn't take any notice of what the EA says. Offer what you think it's worth, and up to what you'd be prepared to pay for it. Good luck


    I believe that the estate agent obtained the figure in a conversation with the vendor
  • GrumpyDil
    GrumpyDil Posts: 2,023 Forumite
    Eighth Anniversary 1,000 Posts Name Dropper Combo Breaker
    Doesn't really matter where the figure came from. Offer what you think it is worth to you. If you get pushed into paying more than you feel comfortable with you will likely regret it.
  • Thrugelmir
    Thrugelmir Posts: 89,546 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    I am thinking of raising my offer, but am unsure as to what increment will be taken seriously.


    How much do you want the property? EA has indicated that the vendor is looking for something in the region of £200k+. Personally I'd split the difference and go for £195k. If you are serious. Then see if the vendor reduces their expectation again.
  • anon_private
    anon_private Posts: 171 Forumite
    Thrugelmir wrote: »
    How much do you want the property? EA has indicated that the vendor is looking for something in the region of £200k+. Personally I'd split the difference and go for £195k. If you are serious. Then see if the vendor reduces their expectation again.




    I do want the property. It ticks most of my boxes.


    Splitting the difference between the minimum that the vendor expects and my original offer could be the next step. I accept that my orginal offer was a little on the low side. But it was worth a try. The estate agent was guessing was he said in passing try £200,000
  • gash
    gash Posts: 52 Forumite
    Then try £195,000 and position it as your max offer. You can always make another offer of £200k later if it doesn't work. God loves a trier.
  • BrassicWoman
    BrassicWoman Posts: 3,217 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Mortgage-free Glee!
    gash wrote: »
    Then try £195,000 and position it as your max offer. You can always make another offer of £200k later if it doesn't work. God loves a trier.


    I'd see it as timewastig and refuse to deal. Every vendor is different!
    2021 GC £1365.71/ £2400
  • jackieblack
    jackieblack Posts: 10,490 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    As a seller hoping for £200k, I'd struggle to turn down £198k.
    Everyone's different though.
    2.22kWp Solar PV system installed Oct 2010, Fronius IG20 Inverter, south facing (-5 deg), 30 degree pitch, no shading
    Everything will be alright in the end so, if it’s not yet alright, it means it’s not yet the end
    MFW #4 OPs: 2018 £866.89, 2019 £1322.33, 2020 £1337.07
    2021 £1250.00, 2022 £1500.00, 2023 £1500, 2024 £1350
    2025 target = £1200, YTD £690
    Quidquid Latine dictum sit altum videtur
  • gash
    gash Posts: 52 Forumite
    I'd see it as timewastig and refuse to deal. Every vendor is different!


    Wow, I'd struggle to see many vendors considering a £5k increase as timewasting.
  • BrassicWoman
    BrassicWoman Posts: 3,217 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Mortgage-free Glee!
    gash wrote: »
    Wow, I'd struggle to see many vendors considering a £5k increase as timewasting.


    It's still way under asking, below what they've indicated they'd accapt, and looks to be one of those annoying "death by a thousand cuts" negotiations. Not the kind of business I like to do.
    2021 GC £1365.71/ £2400
This discussion has been closed.
Meet your Ambassadors

🚀 Getting Started

Hi new member!

Our Getting Started Guide will help you get the most out of the Forum

Categories

  • All Categories
  • 350.7K Banking & Borrowing
  • 253K Reduce Debt & Boost Income
  • 453.4K Spending & Discounts
  • 243.7K Work, Benefits & Business
  • 598.4K Mortgages, Homes & Bills
  • 176.8K Life & Family
  • 256.9K Travel & Transport
  • 1.5M Hobbies & Leisure
  • 16.1K Discuss & Feedback
  • 37.6K Read-Only Boards

Is this how you want to be seen?

We see you are using a default avatar. It takes only a few seconds to pick a picture.