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Hello everyone,
As a first time-buyer I was wondering if anyone had any advice on our situation. We have made an offer on a property of £170,000 (£10,000 below the asking price), which has been rejected. We are keen on the property, but are reluctant to pay full asking price given that we have mortgage approval, and are able to move instantly due to having no chain - and are also aware that the market is quite flat currently (also aware that the average sale price is 94% of asking price, hence the initial offer of £170,000.
The property is vacant at present...
Any suggestions on a sensible next offer? And should we wait a bit before going back to the agent following the rejected offer at the end of last week?
Any thoughts?
Thanks in advance!!!
As a first time-buyer I was wondering if anyone had any advice on our situation. We have made an offer on a property of £170,000 (£10,000 below the asking price), which has been rejected. We are keen on the property, but are reluctant to pay full asking price given that we have mortgage approval, and are able to move instantly due to having no chain - and are also aware that the market is quite flat currently (also aware that the average sale price is 94% of asking price, hence the initial offer of £170,000.
The property is vacant at present...
Any suggestions on a sensible next offer? And should we wait a bit before going back to the agent following the rejected offer at the end of last week?
Any thoughts?
Thanks in advance!!!
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Replies
Find out from the agent what price the vendors wants, they'll have an idea. Tell them you've got no more money, what's the lowest they'll come to? You'll have to borrow from parents to get it...
If you want the house badly, the next offer should cut the difference between what you're first offer and what they want. Make it clear that it is all the money you have. This should really get them thinking!
If your offer was vehemently rejected, in your position, I'd do the waiting after my second offer.
As far as I know it has been on the market for 6-8 weeks, and I believe at its current price. My understanding is that the vendor has a little bit of leeway in their price - so will do as you suggest, split the difference between our previous bid, and their likely price and keep our fingers crossed for a while!
Thanks
Where you are Lushy prices are always rising. That's because you live in Estate Agent land.
I've never once met an agent who admitted that, on his patch, prices were falling.
Actually, I live in Essex, where I believe you are, and the market is dead here. Just look at the latest Hometrack figures, if no one believes me.
But anyway, apart from that one comment, I agree. The OP needs to know about the history of the property and the position of the lender.
For all you know £180K might be a drop from £200K, so you're actually offering much less than 94% of the original asking price.
Rather than just "split the difference", if you can afford to play the waiting game, then do so. The vendor might lower their expectations in another 6wks time.
If you really want the place then do what others suggest.
Good luck!
Hey Meanmachine, True Im partly in West Essex, partly in Herts and partly in Berkshire, but Essex is where my heart is!!.