Help - revise offer?

Financial_Savvy

Hi,

We have found a house we would like to purchase. Initial asking, £225, dropped to £220. We offered £215,500 but now can't seem to sell ours.

We have dropped £6K on the asking price of ours.

Can I put a new reduced offer in, if we manage to sell our?

I need some help - are there anymore options out there?

JimmyTheWig

You could ask them to meet you half way, i.e. ask them to drop 3k?

Financial_Savvy

yer I was thinking something like that.

I know what the house next door went for in March 2007.

And I know what the house next door to ours went for in July 2007.

Does this info help. What are we to base the prices on? 2007 prices? 2006 prices?

Kez100

Ask your EA if they have any serious buyers on their books in a position to proceed. If they do, then ask at what budget. See if any of those could possibly be a biter for yours if you dropped enough. Might find they say there isn't anyone around making serious offers.

geoffky

if we manage to sell our? why are you putting offers in when its taking some people over a year to sell....you are not in a position to buy simple as that...

Financial_Savvy

It was always subject to us selling our home.

Are there any more options available?

SquatNow

No, you are not in a position to buy until you have sold your house.

Currently you are wasting the sellers time and possibly preventing them from selling to someone else. Come clean with the people you are buying off of and explain that you are having no luck with selling you house and do not expect to complete. Even if you reduce your house to get a sale, you then wont have enough to buy anyway.

Financial_Savvy

I've updated the EA with our position, and they were fully aware of it. I take your points on board.

Is the market just a case of wait and see?

If doing it again, do you always sell first and then look for somewhere? We didn't want to do this as we could find much we liked until we looked further a field.

JimmyTheWig

I think you need to have a good look around before you secure a buyer, but your offer to buy won't be formally accepted until you have a buyer for yours.
If someone else came along and wanted the place you've got an offer on, the sellers would be perfectly justified in accepting their offer.

But have a good look around. Get to know the places in the area you want. Get to know what you can get for your money.
Then when you get an offer on yours you should be able to put an offer in on something you want pretty quickly.