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What would you offer to start?

(15 Posts)
Stumbleine Sun 15-Feb-15 11:02:33

The house ticks all our boxes and is in a desirable and ideal location for us. It is well presented (not immaculate but very tidy). It was reduced last month from 435k to 420k. It apparently sold once but sale fell through. It has been on the market for 11 months now in total (inc previous sale), which is a very long time for the type of property in this area - it's a 4 bed, detached house in a village popular with families.

The vendors haven't found anywhere yet as far as we know. We are first time buyers with a mortgage agreed in principle. The bottom line is we can't afford to go more than 400.

Where to start?

noddyholder Sun 15-Feb-15 12:47:17

Start at 395 If its a popular village then its overpriced if its on the market that long Go up to your max but I would go 397 first

Stumbleine Sun 15-Feb-15 15:38:01

Thanks. We really like it but at the same time don't want to pay too much, bearing in mind how long it's been on!

noddyholder Sun 15-Feb-15 15:39:59

I would probably offer 375 if it was me but I buy old properties and do up and am cheeky grin

Bowlersarm Sun 15-Feb-15 15:41:57

£390,000

littlemonkeyface Sun 15-Feb-15 17:09:51

I would start at 390,000 as if you go in lower you may offend (odd, but does happen) and if you are serious about this property I would not try to be too clever.

If rejected (likely) go up to 395,000, but expect them to insist on a figure starting with 4.

Go up to 400,000 (401,000 if at all possible as psychological better) and if not accepted walk away.

noddyholder Sun 15-Feb-15 19:10:02

Offend?

littlemonkeyface Sun 15-Feb-15 20:09:02

Yes, offend as some people think you are dissing their home and then refuse to negotiate with you further.

Stumbleine Mon 16-Feb-15 08:39:46

Thanks. I agree about not wanting to offend. We've decided to go in at 388 and see what the reaction is to that.

noddyholder Mon 16-Feb-15 10:50:27

After a year they would be wise to negotiate further and tie this up pre election

Stumbleine Mon 16-Feb-15 10:53:27

I agree Noddy! Also the first show homes on a brand new development are due to go up by May. They are five minutes walk from this house and the equivalent (4 bed detached etc) is priced at 445.

Stumbleine Mon 16-Feb-15 10:53:54

The house is around 20 years old.

Bowlersarm Mon 16-Feb-15 13:57:16

Anything happened op?

RaphaellaTheSpanishWaterDog Mon 16-Feb-15 16:33:04

Any news Stumbleine?

You say the vendors haven't yet found anywhere to buy, so obviously they may not be in any rush - especially as they're no doubt aware of the popularity of their vilłage - and this therefore is a slightly different situation, but this was our situation when we were selling a house that was valued by four EAs at £450k (which we always thought ambitious) -

We marketed at £435k, had a few viewings but no offers, dropped to £420k and had one offer of £360k which we declined. Despite counter-offering at £385k, the buyer didn't increase their offer.

Being keen to sell, as we had our eye on a house, we dropped our price again to £385k with a view to accepting £375k (our bottom line). We then had a flurry of viewings, an increased offer of £375k from the first guy, another offer at £375k and an asking price offer of £385k which we accepted.

We did go back to the person that made the second offer to see if they'd match it (cash buyer, so a good prospect) but they wouldn't. The first guy was an arsehole so we didn't waste our time with him....

I agree that you should be embarrassed by your offer - they can only say no, after all - and if they are keen to sell they will surely counter-offer....

GL!

Stumbleine Mon 16-Feb-15 17:59:10

Hi. No offer put in as yet (we've been taking through some questions raised after chat with estate agent). Plan on offering first tomorrow. smile

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