First offer refused - next step...

jizadine

alexa_cat wrote: »

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)

Okay - Alexa_cat is right (well she always is ) we didn't get chance to look at the one that sold for 212K but I think it probably isn't as nice as the one we have put the offer on. Anyway we've had a chat about it and I think we are sticking to our original plan of upping our offer next week it may be a little higher over 212 - we haven't decided yet but room for negotiation is getting tight over this amount because of our borrowing limit...

Anyways - thanks for all your comments.:D

carpetbelly

If you're that desperate for the property then fine, I'd personally go back with 210 then. Say you've borrowed an extra 2k from family and this is the highest you're prepared to go. As someone else mentioned, state the fact 212 was the highest for the area and prices have dropped since so 210 is a great offer and it's on the table for a limited period. From what you've said, that would still be more than a fair offer.

jizadine

carpetbelly wrote: »

If you're that desperate for the property then fine, I'd personally go back with 210 then. Say you've borrowed an extra 2k from family and this is the highest you're prepared to go. As someone else mentioned, state the fact 212 was the highest for the area and prices have dropped since so 210 is a great offer and it's on the table for a limited period. From what you've said, that would still be more than a fair offer.

Thanks for your advice. Well I have done some more research (to be used as bartering tool ) and checked out the all 13 streets on the estate through nethouseprices - how sad am I ?!?.

Again - I would like to point out what OH said that not all the houses are the same, but I think the biggest are possibly same size to one offered on. So, having said that the most expensive sold in Jan 08 for 222k - it has a conservatory and a bigger garden. So I would definitely say that the one we are after isn't worth that much.

Jz

happywarmgun

Depending on your ethical threshold....

Send a relative around to look at it. And have them put in an offer (which is actually on your behalf) at another ten grand LESS that you have just offered. A week later do the same again and make the offer 12 grand less.

Give em two weeks then raise the offer from yourself a grand. They'll have been spooked at the collapsing market and take it!

It's kind of a reverse of the estate agent ramping tricks from the boom time. What goes around comes around.

I can understand many people being uncomfortable with this approach. (I am myself to be honest!)... but anyone who has ever gazumped someone else should not be holier than thou with their judgement!

ukjoel

It depends on the original price as to what the accepted discount will be.
I have a house on the market. It was up for 239 which was me being greedy and it took me 4 weeks to realise.
Its now on at 229 which is where it needs to be to match similar houses in area (which is London).

I have had offers at silly prices in the last few weeks and said no to several sub 220 offers. Have now accepted 225 from a FTB and am reasonably happy.

What you need to remember is the person selling may need a certain amount to buy their next house and if there seller wont take a 10% reduction then they cant to afford to do so either.

Just becuase the press are giving it all doom and gloom the reality is going in offering 10% below asking price on a fairly priced property wont get them hugging you and thanking you for rescuing them from the evils of negative equity.

Most houses are fairly valued by estate agents who are caught between the two lines of not being the cheapest but also ensuring the price they give can be achieved.

This panic out there seems to be affecting buy to let flats of which there are far too many and they are all disposable at the end of their tennancies.

Family houses (of which they havent been building enough) seem in shorter supply and have a family sitting in them that need to move to another family house which explains why the offer was rejected.

Its all very well asking them if they have seen the news but if things are really that bad why would you want the property in the first place.

As long as lots of Polish people keep moving into certain areas there will be more demand than supply for houses.

nutmegman

This is a really simple process;

Forget what houses have sold for, forget what the estate agent says and work out a deal for yourself that YOU are happy with and can afford.

This is a negotiation exersise and it is a matter for both parties to reach an acceptable position. Emotion plays a huge part here, unfortunatly you have already declared your hand in that you want the house, think about what you talked to the vendors about, how many viewings have you had?

We are in the process of viewing houses, my wife and I show no emotion on the day and don't try tp build a relationship with the vendor as this is a transaction.

Work out your max price and work your way up, DONT go over it. Even if you end up paying more than you think it is worth it is a matter of the intrinsic value you place on the house.

hope this helps


x

nutmegman

did it help?