Offer rejected

firstTimeBuyer_2-2

The house I put in an offer for was offers over £75,000 in the South West of Scotland, the price in the area is normally 8% - 10% (this can be achieved apparently) over the asking price.

After a couple of lower offers a few days later I offered 8% (£81,000) and the seller (property developer) declined and said he wanted 10%. I walked away as the house although a very nice house with a new bathroom and kitchen, it is not perfect and I didn't feel it was worth the full 10%.

In this area there are houses for sale all over the place and none of them are selling, I think the guy was mad to refuse my offer and I made the right decision to walk away. Has anybody else had somebody holding out for the full value in the current market?

neas

thats a cheap house compared to the are im in.

soupdragon52

I have a neighbour who says he's desperate to move but house on market at top wack and he refuses to budge. H e's fed up still being here but not many people want to move at present. I think those that stick at high prices are either greedy or naieve(sp?!)

Alias_Omega

hang out..

in the meantime, view other houses with the estate agent, this information will get back to the guy if he is wise, and your offer probably be good.

firstTimeBuyer_2-2

I don't know if I would even take the house now, I told the estate agent I was walking away anyway. I said I would come up if he gave me a figure, he just said he wanted the full 10% and it wasn't negotiable.

I don't think he'll get that for the house, I know it is probably a cheap property compared to other areas but the principle is what is the property worth and what others in that area have sold for.

The front & back doors don't even close correctly and they will probably need replacing. I thought that's fair enough but he'll need to reflect that in the price. I made the right decision and he won't get that for the house.

I was just whundering if anybody has any tips for negotiating a price for offers over in Scotland.

pickles110564

soupdragon52 wrote: »

I think those that stick at high prices are either greedy or naieve(sp?!)

No it is their choice what they want for their home and yours if you want to pay their price.

firstTimeBuyer_2-2

I would probably agree with you pickles110564, although I'm not asking whether it is right or wrong to ask for a certain price for a property. I'm just asking if anybody has any advice on negotiating a price for offers over in Scotland.

I will say though, in my particular case the guy bought the house for 54k in Feb 2008 and 2 months later wants £82,500 for it and wont budge. Granted he has done a lot of work to it but it still needs further work done which would cost me money.
In my opinion (and it is just an opinion), on this particular occassion I would agree with soupdragon52 and the guy was being greedy. so life goes on and I give someone else my money for their property, so it's no big deal.

If anyone does have any advice on negotiating offers over in Scotland it would be appreciated.

beecher

What % over a property goes for varies so much from place to place, and estate agent to estate agent. I think you've done all you can - now I'd just wait for it to go on fixed price at 10% over as it invariably will, and see if he eventually sees sense. Whether he will or not - who knows - some areas just seem to have houses which just sit whereas where I am in the south side of Glasgow, fixed prices are coming down.

firstTimeBuyer_2-2

Thanks for that.

Would you say it is wise to start with a really low offer to see what kind of figure they are looking for, and if they say no then come up higher (especially as the market is slowing down).

Or go in just below the lower percentage for that area (in my case it is 8 - 10% over the asking price), then work your way up.

People have told me not to go in with a really low offer first time as you might offend the buyer or they might not take you seriously. I'm a first time buyer and in my opinion I don't think there is anything wrong with doing this, but then again I am a first time buyer and new to this.
Can I ask what's your thoughts on this.

Cheers

zebulon

firstTimeBuyer wrote: »

offers over £75,000

What about £75,001


This system is annoying!

sorry, just trying to avoid working this afternoon.

Good luck with your quest :-)

Guy_Montag

My thoughts:

1) Offers over £75k, but we're not taking less than £82.5. WFT not put it down as OO £82.5 then. F'ker.
2) I think you were probably misguided to start low & increase quickly; start low & wait. Let them come back to you. If someone came to me & went: I'll give £2k for the car mate. Not enough. £2,200. Not enough. £2,400. Not enough, hmm, how far can I push this mug. £2,600. Not enough. £2,800. Not enough *snigger*.

Anyway, I'd keep looking, find someone that needs to sell.