Did I just miss out on a bargain or dodge a bullet?

Sarah1Mitty2

Ksw3 said:

Does it really matter? Or are you still thinking about buying the house? 

I think with housebuying you have to choose where to spend your energy and im not sure finding an answer to these questions will be productive or worth it in the long run (If you're not still considering buying it). 

Saving thousands of pounds on a house purchase probably matters to most people I would say.

TheJP

Sarah1Mitty2 said:

Ksw3 said:

Does it really matter? Or are you still thinking about buying the house? 

I think with housebuying you have to choose where to spend your energy and im not sure finding an answer to these questions will be productive or worth it in the long run (If you're not still considering buying it). 

Saving thousands of pounds on a house purchase probably matters to most people I would say.

So is getting the house you love, buying a house is a emotional business transaction. The less you emotionally care about the house the less likely you will go above to secure it. The more emotionally you care about a house means you are willing to pay whatever to secure. The latter usually means you stay in the house longer and thus will benefit from market increase on the value. 

ArbitraryRandom

Have to agree. 

When you're talking a purchase of (on average) several hundred thousand pounds... saving a few thousand really isn't all that.  

If it's a good property (ticks the boxes) and I think the process is going to be 'easy' (no probate, long chain, and no reason to think the sellers are going to be difficult), then that's worth at least a few thousand right there. 

mi-key

Sarah1Mitty2 said:

Ksw3 said:

Does it really matter? Or are you still thinking about buying the house? 

I think with housebuying you have to choose where to spend your energy and im not sure finding an answer to these questions will be productive or worth it in the long run (If you're not still considering buying it). 

Saving thousands of pounds on a house purchase probably matters to most people I would say.

Saving a few thousands pounds on the cost of a house is nothing. In most cases this will be less than 1% of the purchase price, and if you are getting a mortgage would make hardly any difference to the monthly payments.

Not everyone is struggling to afford houses where trying to chip off as much money as you can is worth it as opposed to getting the house you want and having a smooth buying experience

grumiofoundation

mi-key said:

If the opening offer was 14% then maybe, but it's not which is why (if I was the seller) I'd think that the OP is not someone I'd want to do business with.

Now if the OP had had a survey or a reasonable issue occurred then that is something else....

If you really wanted this house OP then I think you've played it wrong.

I don't think the OP cares about what we think anyway. He is much more astute than us mere mortals and is making so much money from his interest while he rents anyway...

Indeed, why did they start a thread asking a question when they clearly know  [think they know] the answer? 

Other than as you say to talk of their five figure returns [no figures given*] and financial acumen.

*I presume the five figures returns include some kind of estimate for how much the OP made selling their precious house at a peak otherwise with rent taken int account to way they could be making 5 figures on interest (525000*0.03 = 15750) which after tax, rent would not be 5 figures. 

Of course guaranteed they will buy at bottom of the market, no risk they will spend so long holding on for a Bargain house rices will rise again. 

Sarah1Mitty2

ArbitraryRandom said:

Have to agree. 

When you're talking a purchase of (on average) several hundred thousand pounds... saving a few thousand really isn't all that.  

If it's a good property (ticks the boxes) and I think the process is going to be 'easy' (no probate, long chain, and no reason to think the sellers are going to be difficult), then that's worth at least a few thousand right there. 

Yes, but this OP has offered 65k below the original asking price, it isn`t inconsequential amounts of money.

jimbog

Sarah1Mitty2 said:

Yes, but this OP has offered 65k below the original asking price, it isn`t inconsequential amounts of money.

But as the OP themselves said:

Thomas12346 said:

 It is strange that someone else mentioned an offer of £475,000 as that is the highest i think i would go given the market at the moment - i believe the seller almost certainly won't accept this

Offering low ball offers knowing it won't be accepted is pointless, consequently the £65K  'saving' is a moot point. In addition, as the OP has accepted, their credability as a purchaser has already been compromised 

mi-key

Sarah1Mitty2 said:

ArbitraryRandom said:

Have to agree. 

When you're talking a purchase of (on average) several hundred thousand pounds... saving a few thousand really isn't all that.  

If it's a good property (ticks the boxes) and I think the process is going to be 'easy' (no probate, long chain, and no reason to think the sellers are going to be difficult), then that's worth at least a few thousand right there. 

Yes, but this OP has offered 65k below the original asking price, it isn`t inconsequential amounts of money.

An offer means nothing unless it is accepted. I can offer £1K on a £500K house, it doesn't mean I am saving £499K 

Sarah1Mitty2

mi-key said:

Sarah1Mitty2 said:

ArbitraryRandom said:

Have to agree. 

When you're talking a purchase of (on average) several hundred thousand pounds... saving a few thousand really isn't all that.  

If it's a good property (ticks the boxes) and I think the process is going to be 'easy' (no probate, long chain, and no reason to think the sellers are going to be difficult), then that's worth at least a few thousand right there. 

Yes, but this OP has offered 65k below the original asking price, it isn`t inconsequential amounts of money.

An offer means nothing unless it is accepted. I can offer £1K on a £500K house, it doesn't mean I am saving £499K 

The real world example we are dealing with was an offer of 65k below original asking price, this was accepted "within the hour" according to the opening post of the thread.

Sarah1Mitty2

jimbog said:

Sarah1Mitty2 said:

Yes, but this OP has offered 65k below the original asking price, it isn`t inconsequential amounts of money.

But as the OP themselves said:

Thomas12346 said:

 It is strange that someone else mentioned an offer of £475,000 as that is the highest i think i would go given the market at the moment - i believe the seller almost certainly won't accept this

Offering low ball offers knowing it won't be accepted is pointless, consequently the £65K  'saving' is a moot point. In addition, as the OP has accepted, their credability as a purchaser has already been compromised 

Obviously the OP knows their local market better than we do and if they feel 475k is the limit then the seller is obviously chancing their arm, the fact that an offer of 65k below original asking was accepted "within the hour" tends to back up this view.