Making an offer - it was rejected. House is 20% than sold prices close by

ReadingTim

Housebuy12345 wrote: »

I don’t want to offer £190 simply because the other house that sold for that much is in better condition and also has a loft conversion.

So go buy that one then.

Oh, you can't...

Sold prices are only useful to a limited extent, generally in aggregate form, eg the average sold price for a 3 bed semi in a particular area in the last year - not for specific negotiations such as this.

Here you need to be pointing to comparable examples which are currently for sale and are in competition with the one you're looking at. Basically you need show that you can find somewhere better and cheaper than the vendor, which is why they need to lower their price and accept your offer, not reject it. You can't do that with places which aren't on sale any more.

getmore4less

if that was the house then this is what has sold within 1/4 mile in the last year

this sold for 190 in march

the other was sept last year 165


have a look at what others are offering on between 170 and 190 within a mile

Housebuy12345

@getmoreforless can you tell me how long they were on the market? (Tell me how to find that information)

need_an_answer

Housebuy12345 wrote: »

I don’t want to offer £190 simply because the other house that sold for that much is in better condition and also has a loft conversion.

But the crucial fact is that's not for sale anymore you missed that one so you shouldn't expect to get the house you are now looking at for the same as something that sold last year.

lisyloo

need_an_answer wrote: »

But the crucial fact is that's not for sale anymore you missed that one so you shouldn't expect to get the house you are now looking at for the same as something that sold last year.

Agree that it down to individual sellers, but why is it not reasonable to use recent selling prices as a guide? People are told to do that all the time on here.
Obviously it doesn’t guarantee that individual seller will accept market price, but it does give an indication of recent market values.

sannytwist

Why don't you offer the most you are willing to give in increments of £2000 or £3000. Once you hit your threshold and seller still isn't willing to budge then leave. Good luck.

mandragora_2

Work out what it's worth to you. If you're comfortable to go up to that straight away, do so. Make it clear it's your best and final offer, and stick to that. Alternatively, go up to a couple of grand below that, to give yourself a bit of margin - surveys and solicitors always throw up issues you may not have considered - and make that as your offer. If not accepted, and if you still want to, then go to your best and final. What else can you add to make your offer more attractive? Is your mortgage all up and ready? Are you cash buyers? Have you got conveyancing agent or solicitor on standby? Can you move quickly, if that's what they want, or be flexible if that's what they need? Sometimes it's not all about the £££.



Keep looking though - what else is around? And be prepared to walk away. Our purchase (which had stalled at the legal research sale due to vendors solicitors being a bit rubbish) soon picked up pace again the day we walked in to the EA office with brochures under my O/H's arm for other properties and asked how much longer the delay was likely to be.

wine_night

The house that sold for £190k looks to be in a similar condition to the one you offered on. It was also marketed as a 3 bed- plus attic - not a 4 bed which suggests no building regs.

I’m not sure every buyer would agree that a conversion (with no regs, restricted head height perhaps) justifies an extra £20k.

The one which sold for £165k needed modernisation. How much would you need to spend to bring it up to standard? I reckon more than £5k (which is what you offer says).

Ultimately though, as PPs pointed out, only the vendor knows their bottom line.

sheramber

The other seller may have wanted a quick sale. Your seller may not be needing a quick sale and be prepared to wait.

Fosterdog

Looking at houses in the area there is this https://www.zoopla.co.uk/for-sale/details/50926215?search_identifier=970de8d4d7f66f88153941cf11592588

That's a 3 bed end of terrace that's just around the corner from the one you are looking at and it's up for offers over £220000 so the one you offered on may not be over priced.

Or head 5 minutes away and go for this https://www.zoopla.co.uk/for-sale/details/50712928?search_identifier=a977a271894c4f8e0d453ba9717c05d1 a 4 bed semi for £180000.