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House offering frustration
KatieMoo
Posts: 16 Forumite
We viewed a property we really like last night which is within budget and ideal for us (first time buyers) .
The property was originally on for offers over £105,000 however was reduced last week to offers over £103,000 and the home report value is £110,000 (I'm in Scotland by the way).
I figured that you wouldn't reduce it to o/o £103,000 if that wasn't the minimum you would accept so we went ahead and instructed solicitor to make offer of £103,000 which was then rejected so I then offered £104,000 which was then also rejected within minutes as according to the EA the seller is looking for "closer to home report value and has another viewing on Thursday".
This is a whole new thing for me. If you want the home report value surely you would either put it on fixed price or set the o/o value higher.
We do need to get something sorted soon as current accommodation is being sold from under us and we are willing to go to £96k as we really like the house but I don't know how to go about this without looking desperate but I now feel that they will definitely hold out on accepting anything until after this viewing on Thursday to see what comes of it, so I don't know whether to then get solicitor to tell them offer still stands if no other offer comes their way or whether to just wait until Friday and go in with best and final.
It's been on the market for about 6 weeks now and there are plenty of houses that have been sitting on the market for considerably longer that aren't going anywhere fast which I assume is just the time of year etc.
Any advice or insight would be very welcome, I get the feeling it's just a big game but we are squeezed for time and really like the house so would like to know what our best bet is for winning the Game!
The property was originally on for offers over £105,000 however was reduced last week to offers over £103,000 and the home report value is £110,000 (I'm in Scotland by the way).
I figured that you wouldn't reduce it to o/o £103,000 if that wasn't the minimum you would accept so we went ahead and instructed solicitor to make offer of £103,000 which was then rejected so I then offered £104,000 which was then also rejected within minutes as according to the EA the seller is looking for "closer to home report value and has another viewing on Thursday".
This is a whole new thing for me. If you want the home report value surely you would either put it on fixed price or set the o/o value higher.
We do need to get something sorted soon as current accommodation is being sold from under us and we are willing to go to £96k as we really like the house but I don't know how to go about this without looking desperate but I now feel that they will definitely hold out on accepting anything until after this viewing on Thursday to see what comes of it, so I don't know whether to then get solicitor to tell them offer still stands if no other offer comes their way or whether to just wait until Friday and go in with best and final.
It's been on the market for about 6 weeks now and there are plenty of houses that have been sitting on the market for considerably longer that aren't going anywhere fast which I assume is just the time of year etc.
Any advice or insight would be very welcome, I get the feeling it's just a big game but we are squeezed for time and really like the house so would like to know what our best bet is for winning the Game!
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Comments
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Noticed I've typed that we would be willing to go to 96k that should read 106k my brain is not fit for purpose!0
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If you'd be willing to go to £106k, offer £106k. If they still reject it because they want closer to £110k, then so be it.
The rest is just marketing.0 -
If it's not somewhere with a fast-moving market, I would just sit tight and see what the supposed viewer on Thursday does.
Isn't your solicitor offering any useful advice?0 -
The price reduction would be to generate interest - if you can go up to £106k I would offer that or wait to see if it goes to a closing date which means that the other viewer is interested tooThe mind is like a parachute. It doesn’t work unless it’s open.:o
A winner listens, a loser just waits until it is their turn to talk:)0
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