What do I do?

eamon

Will shortly be putting an offer on a house but need more guidance on what others would do if they were in my position.

Details as below:
Property has been on the market since Feb 2005 and the vendors have been living there since 1979. I would guess that they don't have any outstanding mortgage. I've been through the "why hasn't it sold scenario yet" with my partner and the only logical answer is the competitive local market and the fact that not far away new build houses are just slightly more expensive.

Downstairs in good order, upstairs just needing the decor updating. Everything else appears fine or at least not obvious.
The vendor has already reduced the price by £5000 (£115950 to £110950).

I being a keen reader of moneysavingexpert would of course like to save money (and as much as possible).

I'm thinking that my opening offer should be around £94500.

Opinions please

Sput2001

Do you know when they reduced the asking price? If it was recently then they might be less keen on your offer than if it was, say a few months ago.

TheDink

How much is the property worth to you?

Make sure that whatever you start your negotiations at, it is lower than this value, and don't go above it. The vendor may or may not accept your offer, but it has to be an offer you are comfortable with.

If I was the vendor...

I would possibly accept your offer if you are able to proceed (cash buyer etc), and I had marked up the price in expectation of buyers knocking me down.

I would not accept the offer if I had already priced the house competitively and thought that I could achieve an offer closer to the asking price.

Have you checked the prices of places which have sold in the area recently (https://www.nethouseprices.com) as this could give you some guidance on whether or not the house is realistically priced.