Offer under asking price

mi-key

linda.b_4 said:

Thanks. It sold for 150k in 2014. Wasn’t going to go silly, probs 220k. 2nd viewing on Monday so plenty of time to think about it. Vendor desperate to sell in case they lose onward purchase. We are in rented, cash buyers and sols have all our ID and proof of funds as house we were buying last month fell through. Buyer changed his mind just before exchange. 😡

220K is a perfectly reasonable offer, hopefully they will accept that and you are in a good position to buy

fackers_2

linda.b_4 said:

Thanks. It sold for 150k in 2014. Wasn’t going to go silly, probs 220k. 2nd viewing on Monday so plenty of time to think about it. Vendor desperate to sell in case they lose onward purchase. We are in rented, cash buyers and sols have all our ID and proof of funds as house we were buying last month fell through. Buyer changed his mind just before exchange. 😡

I can’t comment specifically since I don’t know the area and property. Keep us updated and best of luck  

youth_leader

Good luck with your second viewing, and ask lots of questions, the previous sale might have failed because of the survey.  I found this website with second viewing tips after I'd offered, and  I will forever kick myself for not asking the vendor if she had ever had any work done on the floors here. 

How to View a Property For the Second Time | Top Tips | Move iQ

Just after my offer was accepted I bumped into a local who had also wanted to buy it.  She reluctantly congratulated me on having my offer accepted - then said 'I hope you can find the source of the damp'.  I thought she was just being nasty, but did ask my surveyor to check for damp.  Unfortunately as he was unable to lift the carpets/move the heavy furniture the rotten floors were a horrible surprise to us both.  I wish I'd gone the whole hog and had a damp/timber survey too.

ThisIsWeird

Good luck, Linda.

As said by others, I don't think that £220k is a cheeky offer at all, and there's a very good chance the vendor will go 'phew', since they appear to be very keen to move.

Tbh, knowing the situation the vendor is in, many potential buyers would very likely be looking at trying a cheeky offer to begin with, and hope to arrive at a middle ground with a few extra £k saved - having gnawed their nails to the quick, and p'd off the vendor in the process.

If you are happy that £220k is fair for both parties, are happy to offer this, and would be pleased to get it for that amount, then I think you can be quite bullish with the EA when you submit this offer. Along the lines of "I know the previous sale fell through, and I know the vendor is very keen to sell as they are worried about losing their 'onward', but I'm prepared to come straight in with what I believe to be a very fair offer for both parties, and I'm not going to try and take advantage of their position. This is, of course, depended on the vendor also being fair and not taking the mick..." Paraphrase to your personality In essence - "I'm not going to 'try it on', as long as your vendor doesn't either."

But that's your call.

Another point - both the EA and the vendor will know why the other purchase fell through, and when you ask them about this, they must be honest in their replies. They either tell the truth, claim they don't know (hmmm...), or tell a fib. Have a way - eg a good witness - of recording what they say. The sale fell through after exchange of C? You really want to know the honest reason why.

Sarah1Mitty2

linda.b_4 said:

Thanks. It sold for 150k in 2014. Wasn’t going to go silly, probs 220k. 2nd viewing on Monday so plenty of time to think about it. Vendor desperate to sell in case they lose onward purchase. We are in rented, cash buyers and sols have all our ID and proof of funds as house we were buying last month fell through. Buyer changed his mind just before exchange. 😡

How many other offers do they have?

mi-key

Sarah1Mitty2 said:

linda.b_4 said:

Thanks. It sold for 150k in 2014. Wasn’t going to go silly, probs 220k. 2nd viewing on Monday so plenty of time to think about it. Vendor desperate to sell in case they lose onward purchase. We are in rented, cash buyers and sols have all our ID and proof of funds as house we were buying last month fell through. Buyer changed his mind just before exchange. 😡

How many other offers do they have?

Probably worth making an offer of £110K then you think? 

[Deleted User]

mi-key said:

Sarah1Mitty2 said:

linda.b_4 said:

Thanks. It sold for 150k in 2014. Wasn’t going to go silly, probs 220k. 2nd viewing on Monday so plenty of time to think about it. Vendor desperate to sell in case they lose onward purchase. We are in rented, cash buyers and sols have all our ID and proof of funds as house we were buying last month fell through. Buyer changed his mind just before exchange. 😡

How many other offers do they have?

Probably worth making an offer of £110K then you think? 

Start low, you can always come up.

mi-key

Probably worth making an offer of £110K then you think? 

Start low, you can always come up.

Well there is low, then there is low ! 

Patr100

youth_leader said:

A house is only worth what someone will pay, so offer what you can afford without stretching yourself too far.  The vendor will counter offer if interested. 

They might, but they might after your first offer then also immediately simply ask for your "best and final offer" so be prepared for that.
 

Sarah1Mitty2

mi-key said:

Sarah1Mitty2 said:

linda.b_4 said:

Thanks. It sold for 150k in 2014. Wasn’t going to go silly, probs 220k. 2nd viewing on Monday so plenty of time to think about it. Vendor desperate to sell in case they lose onward purchase. We are in rented, cash buyers and sols have all our ID and proof of funds as house we were buying last month fell through. Buyer changed his mind just before exchange. 😡

How many other offers do they have?

Probably worth making an offer of £110K then you think? 

Too low, that is less than they paid for it, most sellers will resit that unless really desperate for whatever reason. There was a thread recently where the poster was glad to have been offered what they paid in 2016, of course the buyer could look at the market and drop their offer further but we won`t know unless the poster comes back to update us. With rates and mortgage rates now predicted to go higher and stay higher longer if this seller gets 2014 price or just above they will be doing well in my opinion, but if the buyer on this thread must offer now for whatever reason don`t go above 200k, allow yourself some room to cushion future losses.