Final offer

ReadingTim

Thrugelmir wrote: »

I'd simply back off for a while. If the property still doesn't sell then the vendors may revise their expectations. Meanwhile I'd be monitoring the market still.

Ah...the Crashy Time strategy! It's done well for him hasn't it?!?

Exodi

Haha, exact same figures & dates on the house I've just bought!

When we were viewing I asked the EA on the offers received. They said they'd had a two rejected offers of 280 and some crazy lowball ones by FTB'ers preaching brexit. After some consideration me and my partner offered £288,000 as our first offer (with the sentiment being we don't want to muck about with an artificially low starting offer we knew wouldn't be accepted), the EA called up saying the vendor asked if we could stretch to £290,000 - we accepted and the rest is history.

One thing to remember (and my surveyor evidenced this) - people generally don't just lick their finger and stick it in the air to work out their house price, their guide price will likely be the average of several valuations (albeit most people like to start at the top end of the valuation and negotiate to the lower end). When I had the house surveyed, the surveyor had an 'off the record chat' saying he believed the house to be worth between £325,000 - £340,000 (which would make the original starting price make sense) but it was commonplace to value the house at the accepted price.

Obviously this is just in my circumstances but thought it was worth sharing as it's such a coincidence the dates & values are identical!.

patch9495

By the wording of the asking price, the OIEO to me indicates that 300k is the absolute lowest the vendor at this moment in time will accept, and that they are actually holding out for somewhere closer to 310.


As mentioned above I would place this house on the back burner and keep scouring the market, and return in a few weeks/months time if still available, if you aren't willing to pay the 300 (minimum) asking price

Crashy_Time

ReadingTim wrote: »

You said that last spring. And the spring before. And the spring before that.

How did those predictions work out for you?

The prediction that the housing market/country/economy would eventually hit crisis point came true, and lets face it the last time there was a real Spring Bounce was some time ago?

Crashy_Time

ReadingTim wrote: »

Ah...the Crashy Time strategy! It's done well for him hasn't it?!?

Are you expecting to do well out of Brexit?

lookstraightahead

I don't even look at OIEO properties. I hate this marketing tactic.

Gwendo40

ReadingTim wrote: »

How many incremental offers below what you're looking for would you entertain before you write someone off as a timewaster?!?

An alternative question could be how long does a property have to be sat languishing on the market for, with no offers at an over inflated asking price, before you write off the vendor as a time waster?

Crashy_Time

Gwendo40 wrote: »

An alternative question could be how long does a property have to be sat languishing on the market for, with no offers at an over inflated asking price, before you write off the vendor as a time waster?

Great question.

ReadingTim

Gwendo40 wrote: »

An alternative question could be how long does a property have to be sat languishing on the market for, with no offers at an over inflated asking price, before you write off the vendor as a time waster?

I think you'll find they're different sides of the same coin - the point of negotiating being to either agree on a price, or agree you'll never agree and end the discussion.

And the answer remains the same too - you ought to have arrived at a decision by 3-4 rounds.

[Deleted User]

They've reduced the price by £25k just this week and you tried to get them to go down a further £25k? Maybe the house was grossly over-priced in the first place, but if it wasn't your offer was cheeky and I have no doubt your ears would have been burning.

If you really want the house offer them the £300k they're asking for on the condition they stop marketing it. If you're ambivalent about it make your final offer £295k and tell them it's final - it might be just close enough for them to agree, but please only do that if you're serious about proceeding if they accept.