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    • Yaverland
    • By Yaverland 13th Jan 19, 10:10 PM
    • 4Posts
    • 0Thanks
    Yaverland
    Help with making an Offer
    • #1
    • 13th Jan 19, 10:10 PM
    Help with making an Offer 13th Jan 19 at 10:10 PM
    Hi,
    I'm a long time lurker and have learnt so many valuable things over the years!

    We're currently in the process of buying a new house.
    We have sold our house, to FTB, and have found a lovely house we'd like to make an offer on.

    The house has been on the market with various estate agents for 3 years! It is over priced which is why it hasn't sold in that time.

    The house was listed with Emoov but obviously disappeared from the market the day they went into administration. As soon as we sold our house we went to the house to drop in a letter expressing our interest, the owner was home and after speaking to them we have had a viewing today. We are keen to make an offer tomorrow.

    It is a 5 bed house and was listed with Emoov for 370k

    We have done extensive research into local sold prices.

    In the local area no 5 bedroom house has sold for more than 300k (with one exception but it had a lot more land). Two houses in the same road sold for 274k and 280k in the last year.

    To us the house is worth more than these sold houses due to size, style, layout, finish etc but is not worth the asking price.

    We are thinking of going in with a starting offer of 312k - which I expect will be rejected.
    Ideally we don't think we would be happy to pay more than 330k, given the sold prices nearby. Although could maybe could go a bit higher at a stretch.

    There is no onward chain. So the chain would be ourselves and our first time buyer.

    Obviously we don't know what she would be willing to accept but does our offer sound reasonable?

    We do not wish to overpay but don't wish to cause offense.
    Don't want to miss out either!

    Thanks in advance for your advice/thoughts.
Page 1
    • Cakeguts
    • By Cakeguts 13th Jan 19, 10:39 PM
    • 5,432 Posts
    • 8,302 Thanks
    Cakeguts
    • #2
    • 13th Jan 19, 10:39 PM
    • #2
    • 13th Jan 19, 10:39 PM
    It has been on the market for 3 years because not only is it overpriced but the vendors will not accept a lower offer.
    • martin1959
    • By martin1959 13th Jan 19, 10:46 PM
    • 256 Posts
    • 230 Thanks
    martin1959
    • #3
    • 13th Jan 19, 10:46 PM
    • #3
    • 13th Jan 19, 10:46 PM
    You can’t ski uphill......

    If you offer 330k and they accept it, you will always think they may have accepted less.

    Start low, but justify your offer, don’t just chuck a figure at them, and expect it to be rejected.

    Hopefully they will come back with a counter offer which will tell you whether they are likely to go anywhere near what you want to pay.
    20 plus years as a mortgage adviser for Halifax (have now retired), and I have pretty much seen it all....
    • Yaverland
    • By Yaverland 13th Jan 19, 11:02 PM
    • 4 Posts
    • 0 Thanks
    Yaverland
    • #4
    • 13th Jan 19, 11:02 PM
    • #4
    • 13th Jan 19, 11:02 PM
    [QUOTE]
    CAKEGUTS
    It has been on the market for 3 years because not only is it overpriced but the vendors will not accept a lower offer./QUOTE]

    That may well be true!
    But we won't know until we try.
    • lookstraightahead
    • By lookstraightahead 13th Jan 19, 11:09 PM
    • 693 Posts
    • 642 Thanks
    lookstraightahead
    • #5
    • 13th Jan 19, 11:09 PM
    • #5
    • 13th Jan 19, 11:09 PM
    They sound like nightmare sellers to me! Give it a go but be prepared to walk away as they are in fantasy land.
    • Yaverland
    • By Yaverland 13th Jan 19, 11:13 PM
    • 4 Posts
    • 0 Thanks
    Yaverland
    • #6
    • 13th Jan 19, 11:13 PM
    • #6
    • 13th Jan 19, 11:13 PM
    My apologies, I don't seem to be able to.quote properly on my phone!

    MARTIN1959

    Thank you for your advice.
    We will let them know that we've carried out our research and will mention the two sales in the last year to justify our offer.

    Fingers crossed that they do come with a rough idea of what they will accept.

    Is it acceptable at any point to ask what this may be? For example if they reject a couple of offers but have not provided this information already?
    • Slithery
    • By Slithery 13th Jan 19, 11:17 PM
    • 1,126 Posts
    • 1,819 Thanks
    Slithery
    • #7
    • 13th Jan 19, 11:17 PM
    • #7
    • 13th Jan 19, 11:17 PM
    You can ask them whatever you want. There's absolutely no guarantee that you'll get either...

    a) An answer.
    or...
    b) A truthful answer.
    • Yaverland
    • By Yaverland 13th Jan 19, 11:29 PM
    • 4 Posts
    • 0 Thanks
    Yaverland
    • #8
    • 13th Jan 19, 11:29 PM
    • #8
    • 13th Jan 19, 11:29 PM
    Very true!

    I'll think we'll go ahead as planned and just see what happens. Nothing to lose and I guess you never know!
    • quantumlobster
    • By quantumlobster 14th Jan 19, 7:16 AM
    • 325 Posts
    • 707 Thanks
    quantumlobster
    • #9
    • 14th Jan 19, 7:16 AM
    • #9
    • 14th Jan 19, 7:16 AM
    Some sellers are almost inconceivably obstinate. We have a friend whose house has been on the market for five (count 'em!) years at the same price. She absolutely will not lower the price.

    Offers received?

    Nil.
    • getmore4less
    • By getmore4less 14th Jan 19, 8:27 AM
    • 34,071 Posts
    • 20,651 Thanks
    getmore4less
    Talk to them about the 3 years and why it has not sold.

    have they put the property with someone else yet, its been over a month since emoov went down.

    You need to assess how motivated they are(not very) and set their expectations in line with the local market before dropping a realistic low offer in front of them.

    It might even mean walking away without a figure if they show no signs that they realise that 370k is way over the top.

    If you have been looking for a while have you had dealings with any of the agents they have used in the past try to get some feedback from those.
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