How much to offer?

propertyhunter

A friend of mine offered 300k on a 375k listed property (overpriced by 50k) and the estate agent called them this week to discuss the offer. My friend then dropped to 290k on hearing the economic news, and the estate agent is still keen on engaging (this is Rochdale, Manchester). So the market is turning. You never know your luck. Stand firm for now. 

Martisha

propertyhunter said:

A friend of mine offered 300k on a 375k listed property (overpriced by 50k) and the estate agent called them this week to discuss the offer. My friend then dropped to 290k on hearing the economic news, and the estate agent is still keen on engaging (this is Rochdale, Manchester). So the market is turning. You never know your luck. Stand firm for now. 

Thanks. We are in South East. Some houses are being reduced daily and some go quickly, but the main problem is that there are not many that come on the market.

we were going to offer initially much less amount, but the EA attitude made my husband to jump and offer too much. 

I knew it will not sell at that price.
when we got back home, I started thinking of what he was saying and it did not make sense, EA has lied to us about the owner situation etc
i suspect divorce and wanting a quick sale as cash is needed.

anyway not having much hopes

london21

Wait and see what happens

If you call the EA to reduce the already rejected offer might come across as unserious.

propertyhunter

Yeah just wait - this is not 6 months ago. Sellers across the country will soon come to a realisation. the BoE gave its bleakest assessment of the economy since the 2008 financial crash. And there's always other houses, as good as this one seems. 

TheJP

Martisha said:

TheJP said:

Martisha said:

There has been no offers so far, except ours of 450k which has been rejected

EA said that vendor wants 475 and if not manage to sell for this price, he will rent it, but surprisingly reduced to offers over 450k
EA phoned me to ask if we can give £5k more we said no

the same style house on the same street, but 20 meters squared bigger, was sold  last year for £387k and was in immaculate condition

this house has not been upgraded nor looked after

If you want the house id up my offer by £2.5k and say that's the last offer you will make dependent on surveys and diligence etc.

The thing is that we think its not worth £450k
we now want to offer less
our advantage is that we are first time buyers 

is there a way back to lower offer?

You may need to walk away in that case. FYI being FTB isn't always an advantage.

martindow

Martisha said:
i suspect divorce and wanting a quick sale as cash is needed.

Buying from divorcing couples can be a nightmare.  The person who has moved out will be keen on getting their share in cash, but the other half still living in the house can try to create delays to spin it out for as long as possible.

woodpeckerx

Martisha said:

koalakoala said:

If it’s not worth it don’t buy it. Something else will come up. 

Its the location we are after and houses there not come up very often.

Location is everything, I would rather take the worst condition house in a good location than an immaculate house in a not so good location but I get the impression the majority of people don't see things that way.

If the price is in the right ball park at £450k for you and its really what you want, don't lose it over 1%, go back with a small increase 2.5k max.