Offering more than 10% lower after research

Majoggy

If you think a property is *really* overpriced, ultimately the only real thing that will bring the seller down to earth is time.

I've put reasonable offers on properties that seem overpriced to me - but all of them have been instances where I've been willing to walk away. If you're unwilling to walk away but the seller is unwilling to budge then you'll drive yourself mad.

Crashy_Time

Majoggy said:

If you think a property is *really* overpriced, ultimately the only real thing that will bring the seller down to earth is time.

I've put reasonable offers on properties that seem overpriced to me - but all of them have been instances where I've been willing to walk away. If you're unwilling to walk away but the seller is unwilling to budge then you'll drive yourself mad.

How long ago was that though? Every time sellers expose themselves to any form of media now they are being hit with a barrage of negative economic news, that weakens their belief about how much the property is worth eventually.

bradyhv

Hi everyone,
A few people asked if we went to see the house, made an offer etc, so just incase anyone is interested here is an update. We waited a few months to see if there was any change in the asking price (went up for sale mid June with an asking price of 270k) but had only 1 low offer which was turned down. They eventually changed the listing to "offers in access of 260k" at the beginning of September, and we booked a viewing in at the end of September. I was initially convinced it couldn't be worth more than 240k but some things were in better nick than we expected so we ending up making an initial offer of 247.5k due to a few things we still felt needed attention but that was rejected.We discussed it and we were prepared to go to 250k but absolutely no more, so we counter offered and made this clear to the EA and the offer was accepted

Crashy_Time

I still think you are overpaying, but 20k off a delusional price is something I suppose. Best of Luck!

bradyhv

Thanks! I did totally think 270 was delusional too but I think we have done fairly well with the 20k off as even the smaller semi-detached houses in the local area have been coming to market at 230k recently. Our max budget was 260k but we weren't maxing out the budget on this house, we do love the house and are so happy with it but we would have walked away if they rejected the 250k

Crashy_Time

Great result then, well done!

badger09

Crashy_Time said:

Great result then, well done!

Well done?
According to your earlier post..

" My take is that it probably isn`t even worth 200k with the way things in the economy are panning out, be very careful unless you don`t care about negative equity."
..OP is paying £50k more that your considered valuation of this property.

[Deleted User]

What is the valuation of the property?

badger09

dahj said:

What is the valuation of the property?

Whose valuation?
Vendor? Purchaser? Mortgage lender? Surveyor? Crashy_Time?

Crashy_Time

badger09 said:

Crashy_Time said:

Great result then, well done!

Well done?
According to your earlier post..

" My take is that it probably isn`t even worth 200k with the way things in the economy are panning out, be very careful unless you don`t care about negative equity."
..OP is paying £50k more that your considered valuation of this property.

Yes, but it could have been 70k, and they sound like they really wanted the property.