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

Housebuy12345

@fosterdog I’m finding a lot of houses are selling very quickly so £250k has been on for quite a while

lookstraightahead

Well you offer what you can, and the seller accepts or not. It really is that simple.

Personally I think offering 170 on a 190 property is acceptable. But the vendor might not so just be prepared to walk away.

ACG

How long ago did the other properties sell?

In the last 6 months or so there has been more news about the investment that will be happening in stockport over the next decade or so. House prices are probably only going to go in one direction.

You offer what you think it is worth, if you and the vendor disagree then you keep looking. My mate bought a house about 2-3 minutes down the A6 (closer to stepping hill) from the property you are looking at at the back end of last year. It is now worth more than he bought it for 6-7 months ago.

markin

I think 180 then 2/3 days later 185, and then its up to you if you really want it, or if its your best and final.


If you really don't think its worth 190 or cant afford it then you will just have to keep looking.

Housebuy12345

They obviously want that much or else they wouldn’t market it for that much?

lookstraightahead

I think knocking 10% off is more than reasonable. But that's from your perspective.

ddc79

There is also the supply and demand aspect to consider.

If there are other properties like the one you like currently for sale, then go for those. If not, a lack of supply drives the price up.

I’m in a similar position. Offer had to be reduced but that’s now put me into a situation where I’m slightly lower than other offers that came in for the vendor. There’s very limited supply of good stock where I am so the price I’m willing to pay goes up!

Good luck!

warby68

If your offer was rejected quickly, without counter offer and without the agent entering a discussion with you about increasing your offer, that probably suggests you were too low to be taken seriously by the vendor at this stage.

Multiple small increases tend to be annoying.

Ask the agent that seeing as your first offer didn't get a negotiation going what is their view on how to start the ball rolling. This may guide you.

If this is all the information you have for us though, I'd suggest increasing your offer by not less than £5k so you look serious.

AnotherJoe

Housebuy12345 wrote: »

They obviously want that much or else they wouldn’t market it for that much?

It doesn't often work that way. usually sellers ,expect to be playing the game where they get knocked back and so increase their price to allow for that. Eg I might think I'll get 200 so I ask 210 or 220 and expect to be bargained down to 200.
The one time I tried to be clear, eg 200 is a fair price and my lowest price so I advertised at 200 no offers, many people still wanted to play the game.. When I sell this place I'll probably give in and play as well, because too many think they will be getting a bargain if you advertise as 220 and they "bargain" you down to 200 yet would never pay AP on the same house at 200 no offers.

Housebuy12345

^yes there seem to be no wrong or right way ��