Offered 10% below asking price

powerful_Rogue

jaelato1 said:

Thank you! Just had a quick check but most houses sold last year seem to 3 bed detached within 375k to 385k price while the house we offered 450k on was 4bed

This house was sold 2020 for £270k it seems....

Price sounds about right then.

Ignore what it sold for in 2020.

jaelato1

alelly said:

If the house has been up for that long you might have luck putting a timeline on it. Just say you are unclear if the EA has yet relayed the offer or received any feedback but the offer is on the table for the next 48hours. 

I have offered 5k more as Final offer and put it in the tables for 48hrs. thanks

DE_612183

did you offer 450 - or 10% below 450 - ie 405? ( which you have now increased to 410 )

jaelato1

it is on the market for 500k, we offered 450k initially and just added 5k more as final offer so 455k

DE_612183

jaelato1 said:

it is on the market for 500k, we offered 450k initially and just added 5k more as final offer so 455k

So where I live 375/385 for a 3 bed last year, 4 beds in the same areas are around 450-470 this year - so I think your offer is not stupid.

If they do turn it down, I'd try and make it clear to the EA that "there is no more money" and that you won't go any higher =- hopefully if they want their commission they may well speak to the vendor.

jaelato1

Managed to get more sold price within 1/4 miles from the house and the last 4bed , 2 reception sold for £407k  (similar to the one we put offer on), another 4bed but 1 reception sold for 359k (kitchen need to updated) and a 7 bed sold for 502k. So i agree that our offer is fair. I just realised our 48hrs deadline falls on a Sunday lol

Thanks for the contributions.

NameUnavailable

jaelato1 said:

Managed to get more sold price within 1/4 miles from the house and the last 4bed , 2 reception sold for £407k  (similar to the one we put offer on), another 4bed but 1 reception sold for 359k (kitchen need to updated) and a 7 bed sold for 502k. So i agree that our offer is fair. I just realised our 48hrs deadline falls on a Sunday lol

Thanks for the contributions.

What's the point of the deadline? I mean, if they respond on Tuesday to say they will accept are you going to say 'sorry, deadline has passed'?

You just have to say my final offer is X and is on the table whilst I continue looking at other property.

jaelato1

well we have two viewings for Saturday and Tuesday, we are looking to offer if the pics match what we see

Zerforax

If the vendor has left it on the market for 7 months with no price reductions or not tried to change estate agents, I do wonder how motiviated they are to sell.

jaelato1

Wondered that too but EA mentioned vendor wants to sell ASAP when we viewed, so guess we will see. Vendor has no counter offer either