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FTB's and making an offer

Hi, firstly thanks for taking the time to read this, I know this type of subject has been done to death on here. I have read a few but wanted to get advise in the context of the current market conditions.

The house has been on the market for a year. It's up for £250k. We liked it when it was put on but wasn't in a position to proceed back then. However, this changed later in the year and I was surprised to still see it advertised. We have now had viewings and want to make an offer. 

I know from reading on similar subject a lot of advise says just offer what you think it's worth to you and there is no set rule. I don't want to go in with our max budget as it wouldn't leave us any room for negotiation. Was thinking £220k but worried it will pee off the seller with such an offer, but considering current market and how long it's been on? Got the impression that they would be open to offers but God knows, might just be me and my naivety being new to all this. 

Is 30k below taking the proverbial? 

Thanks 


Comments

  • penners324
    penners324 Posts: 2,603
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    30k is pretty low. Maybe go 230k and see what the seller says
  • You can certainly try, but it might have not sold in a year because the seller isn't interested in an offer and waiting for the full price. 
    There is a house near me who are doing just this. House hugely overpriced, they have no viewings but they leave it online and have done for 18 months.
  • chanz4
    chanz4 Posts: 10,850
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    I would say bye your not serious
    Don't put your trust into an Experian score - it is not a number any bank will ever use & it is generally a waste of money to purchase it. They are also selling you insurance you dont need.
  • Herzlos
    Herzlos Posts: 14,618
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    Talk to the EA and see if they have an idea of what the seller will actually accept.

    £220k isn't unreasonable and worst that can happen is they say no.

  • lika_86
    lika_86 Posts: 1,731
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    100% you need to speak to the agent. Why is it still on the market after a year? What other offers have they had and what has their reaction been? 
  • Thanks so much for your responses to my question. 

    So we put the £220k offer in last week and provided the relevant info to the EA to show we are serious. EA came back saying they haven't rejected it but asking if we can increase. I thought they would have counter offered at least to give us idea what figure they were thinking?? We said no anyway and left it at our original offer were we feel comfortable. 

    Response today from EA stating they have now got another viewing next week and seller will make a decision after that.

    To be honest, I don't fancy waiting and the EA is putting me off now dragging it out all week without a straight answer and now wanting us to wait into another week. I'd rather they just reject or accept the offer so we know where we stand and stop wasting time. Oh well, must be how the game is played I suppose. 


  • RHemmings
    RHemmings Posts: 3,187
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    edited 14 December 2023 at 7:20PM
    RumKing said:
    Thanks so much for your responses to my question. 

    So we put the £220k offer in last week and provided the relevant info to the EA to show we are serious. EA came back saying they haven't rejected it but asking if we can increase. I thought they would have counter offered at least to give us idea what figure they were thinking?? We said no anyway and left it at our original offer were we feel comfortable. 

    Response today from EA stating they have now got another viewing next week and seller will make a decision after that.

    To be honest, I don't fancy waiting and the EA is putting me off now dragging it out all week without a straight answer and now wanting us to wait into another week. I'd rather they just reject or accept the offer so we know where we stand and stop wasting time. Oh well, must be how the game is played I suppose. 


    I'm less experienced than others, but to me this looks positive. If the viewing doesn't pan out, then I suspect the seller will be more motivated to consider your offer. If you are offering low, it's reasonable for the seller to try and get a better price. Of course if the viewing is real and there is a better offer, you may lose the house. But, it certainly doesn't sound to me as if the seller is ruling your offer out or is insulted. 

    There's nothing to stop you viewing other houses and even making offers on them. Tell the agent that you are going to resume searching for a property and to get back to you if the seller is interested in your offer. 
  • RumKing said:
    Thanks so much for your responses to my question. 

    So we put the £220k offer in last week and provided the relevant info to the EA to show we are serious. EA came back saying they haven't rejected it but asking if we can increase. I thought they would have counter offered at least to give us idea what figure they were thinking?? We said no anyway and left it at our original offer were we feel comfortable. 

    Response today from EA stating they have now got another viewing next week and seller will make a decision after that.

    To be honest, I don't fancy waiting and the EA is putting me off now dragging it out all week without a straight answer and now wanting us to wait into another week. I'd rather they just reject or accept the offer so we know where we stand and stop wasting time. Oh well, must be how the game is played I suppose. 



    It's not the EA, it's the seller.
  • bobster2
    bobster2 Posts: 443
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    RumKing said:
    Thanks so much for your responses to my question. 

    So we put the £220k offer in last week and provided the relevant info to the EA to show we are serious. EA came back saying they haven't rejected it but asking if we can increase. I thought they would have counter offered at least to give us idea what figure they were thinking?? We said no anyway and left it at our original offer were we feel comfortable. 

    Response today from EA stating they have now got another viewing next week and seller will make a decision after that.

    To be honest, I don't fancy waiting and the EA is putting me off now dragging it out all week without a straight answer and now wanting us to wait into another week. I'd rather they just reject or accept the offer so we know where we stand and stop wasting time. Oh well, must be how the game is played I suppose.
    So you've put in an offer well below asking price and you're annoyed that the seller hasn't immediately accepted or rejected it?
    If you want the house - just leave your offer on the table. Getting grumpy with the seller at this early stage might be a good way to convert a "maybe" into a hard no.

  • RumKing said:
    Thanks so much for your responses to my question. 

    So we put the £220k offer in last week and provided the relevant info to the EA to show we are serious. EA came back saying they haven't rejected it but asking if we can increase. I thought they would have counter offered at least to give us idea what figure they were thinking?? We said no anyway and left it at our original offer were we feel comfortable. 

    Response today from EA stating they have now got another viewing next week and seller will make a decision after that.

    To be honest, I don't fancy waiting and the EA is putting me off now dragging it out all week without a straight answer and now wanting us to wait into another week. I'd rather they just reject or accept the offer so we know where we stand and stop wasting time. Oh well, must be how the game is played I suppose. 



    It's not the EA, it's the seller.
    Yeah fair enough. 
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