First offer refused - next step...

jizadine

Hi all,

Just wanted to get an ooutsiders view on this....

Put an offer in on a house today for 208K asking price is 235K. It was rejected which we sort of expected. The last house on the street accoring to nethouseprices sold last sept(07) for 212K which made that house the most expensive on the street - the house we are looking at could be slightly bigger/newer/different builder - i'm not exatly sure - but both are 4 bed. What I am wondering is where the hell the EA got a valuation of 235K from based on historical selling prices....!??!

Don't want to seem to keen, so we are resisting the temptation to put in another offer, the vendor - they reckon theyv'e got viewings at the weekend and lots of interest - it's been on the market approx 4 months. Just wondering what sort of price increment you would go to next... and when to make the offer - We are thinking of waiting till next Monday and ask if the viewings went well :cool:


Jizadine

JimmyTheWig

Depends on how much you would be happy to settle on, but I'd be tempted to offer 212k.

ginvzt

Offer 210 and say that the other 4 bed house sold in September 2007, which was before hosue prices started going downhill and the credit crunch?

Commonsensesearcher

jizadine wrote: »

Hi all,

Just wanted to get an ooutsiders view on this....

Put an offer in on a house today for 208K asking price is 235K. It was rejected which we sort of expected. The last house on the street accoring to nethouseprices sold last sept(07) for 212K which made that house the most expensive on the street - the house we are looking at could be slightly bigger/newer/different builder - i'm not exatly sure - but both are 4 bed. What I am wondering is where the hell the EA got a valuation of 235K from based on historical selling prices....!??!

Don't want to seem to keen, so we are resisting the temptation to put in another offer, the vendor - they reckon theyv'e got viewings at the weekend and lots of interest - it's been on the market approx 4 months. Just wondering what sort of price increment you would go to next... and when to make the offer - We are thinking of waiting till next Monday and ask if the viewings went well :cool:


Jizadine

I reckon you don't need advice - seem to be pitching things pretty well yourselves IMO. On the market for 4 months then a flurry of viewings after you put an offer in... I can smell two things - estate agent fear and estate agent bullsiht in equal measures...!!!

Benefits_Blagger

i echo the posters here, that you seem to have priced this up quite well and have put in a reasonable offer (despite their asking price), if anything it could be argued that your offer is too generous considering the climate now.

As to phoning them on monday, let them phone you, i think they will as it sounds like these viewings are bogus. If you phone them, it will be you who has blinked first.

you seem quite keen on this property and are willing to up the offer, feel free to do that, but dont do it too quickly or they will try and squeeze another rise out of you.

Datasafe_2

Yeah offer 210K max and tell the EA that is based on current declining prices, not their last price sold plus 10% valuation.

mikthe20

Personally, I wouldn't offer anything near peak 2007 prices. Anyway, trying to be more positive, I would suggest the following:

- Wait, let them stew at least a week but preferably until they contact you
- When they chase you up, explain to them/EA that £212k is peak price for the street and say your offer is therefore extremely reasonable considering that newspapers are saying house prices are down 10% - ie. make the same offer again.
- Tell them if they do not accept your offer within the week that you will reduce the offer by £10k, and will do so again every two weeks, but will otherwise look for other properties

It's a buyer's market - you have the power!

HTH.

trudiha

This is another example of the awful stalemate that's happening at the moment. The vendor thinks (knows) that their house is the nicest/biggest/best house on the street. A nice estate agent has been round and told them that it's worth £235k and he had a clip board, so he must know what he's talking about. Now you've pitched up with an offer that is even lower than the house down the road which sold in September and they will know that their house has been earning more than them since September because prices won't go down where they live because it has school/jobs/quite a big Tesco.

You won't pay more than you think it's worth, they think that they will get the price they're hoping for in the summer.

It's going to come down to who is the most desperate so keep looking at other houses, sooner or later you will find someone who is being a bit more realistic.

alexa_cat

I don't think you have given the full story there Jizadine.....

To elaborate, the house that went previously for £212 is certainly a different style to the one that is up for sale. This street is not like a row of terraced houses the houses are all very different and the two can't really be compared. I admit that the house is certainly overpriced but not to the extent that Jizadine is under the impression that it is.

I was the one that made the offer and when the EA turned me down I asked what they were looking at getting for it. She was reluctant to tell me but then said, defo in the 220ies. The plan now is to wait until next week and go back with an inflated offer, but not up in the 220ies.

Yes we need advice and we have had some good stuff so far, but I felt I had to just clarify some points to give a more realistic picture. We really like the house. (I love it) and we are getting married on the 5th September and don't even currently live together, so we would like to move sooner rather than later.

(ps yes that is right I am Jizadine's fiancee sorry to crash your thread babe)

BenL

"they reckon theyv'e got viewings at the weekend and lots of interest"

Tell the estate agent that you have got viewings booked in as well, and ask them what else they have got on their books that might interest you.

They need to think that the offer being rejected has lost them a buyer for that house.

lonestar1

I would probably make the offer at 212k and let them know its on the table for 2 weeks if you hear nothing time to start looking elsewhere