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Property/DIY

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Original poster

Offering below asking price

18 replies

Lovethesea · 07/04/2011 15:27

Looking for collective wisdom here.

We like a house that has been on the market since October 2010. They dropped the price from 240k to offers in excess of 232k in January.

We only have 217k if we put every penny we can borrow and have ever saved into one pot. We know it will probably drop in value for a while but the area is popular and I think it will eventually rise and we would plan on being there for many years (family friendly, good schools etc).

We have just sold ours and are chainfree.

What is the best approach - a one time offer of 217k stating it is our one and only final highest possible offer, stressing chainfree and can complete asap? Then leave it on table if refused while persuing other options?

Or another approach?

We think it's an extreme longshot so just want to go for it to have no regrets.

OP posts:

scurryfunge · 07/04/2011 15:29

You will lose nothing by making a one time only offer but they will probably say no. It hasn't been on the market very long. How are similar houses moving at the moment in the area?
Have you looked at what the house last sold for and see how much they are hoping to recover?

Original poster

Lovethesea · 07/04/2011 15:51

It last sold for 211k in 2005. They haven't made any major changes (no conservatory or anything). Its a 4bed detached, probably 90's. Nice and suits us, but kitchen and bathroom are not flashy. Garden ok but not huge.

The estate it is on seems to move them fast so we are wondering why it is still there. We think probably because the vendors are in no rush. We know they want to move to a larger place with aging parents but they mentioned they could move to rented 'for the right price'.

There is hardly anything in that area that has stayed on for that long tbh, just a couple of uninspiring bungalows and one or two houses that need substantial work on busier roads. Everything else on rightmove/propertybee has come and gone within 2 or 3 months.

There is a planned development that will probably go ahead on the fields behind the house - but others in the area are shifting. We didn't even get to view a similar slightly smaller one nearby as it came back onto and off the market again in one day.

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scurryfunge · 07/04/2011 15:54

It is difficult if they are in no great hurry. Try it!

They can only say no.

stealthcat · 07/04/2011 15:55

Your idea sounds good. It does sound like a long shot, but you never know.
Emphasising your love of the house might help, I know some people who have got houses at a good price because the vendors wanted them to be the ones who bought it.

noddyholder · 07/04/2011 15:55

You have nothing to lose. If it was me (but I am cheeky) I would offer 215k and expect it to be turned down flat then offer 217 as if you have scraped your last few pennies together and it might work.I did this once and told the agent I would have to pay solicitors fees on my credit card and he managed to convince the sellers to let me have it becasue it had been on their book ages. Good luck

Original poster

Lovethesea · 07/04/2011 16:02

noddyholder - thanks, was wondering about that. It would be the truth too!

Right. Now just to summon up the calm to call the agents. Who I think are playing games with us.

We viewed it last Saturday. Were called Monday. Gave positive interested feedback. Got another call from the agent less than 2 hours later to say they had received an offer of 222k on it, vendor had said too low, had another higher offer on it which was being put to vendor couldn't tell me that amount until the vendor has ok'd that.

I explained we were waiting for our sale to finalise (in Scotland so legally binding when missives are concluded). Might be interested. Polite but not desperate.

Spoke to a different member of staff yesterday, explained we were interested but waiting on sale confirmation, she didn't mention any other offer at all .......

Are they playing us with a phantom offer or is it really bad timing? Surely they wouldn't make a buyer up would they?!!

OP posts:

Original poster

Lovethesea · 07/04/2011 16:53

Just put offer in. Gulp.

OP posts:

scurryfunge · 07/04/2011 16:54

Gulping for you.

LoopyLoopsChupaChups · 07/04/2011 16:57

Fingers crossed.. Keep cool.

Original poster

Lovethesea · 07/04/2011 17:26

Ah well. They said no. Apparantly they wanted to deal with us as they know we have sold in Scotland, but they need 225k as they've already agreed a price for the new build they are going on to.

We can't get there so for 8k it's still on the market!

The agent did mention another offer so perhaps the other buyer can do that price but is in a chain ... if they exist obviously

On we go ....

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noddyholder · 07/04/2011 17:26

Probably no other offer. Fingers crossed!

scurryfunge · 07/04/2011 17:42

That is a shame.

Bunbaker · 07/04/2011 17:50

Also, you have to factor in stamp duty on top of the asking price, so it would have cost more than £217k anyway - in your case an extra £2,170.

lalalonglegs · 07/04/2011 18:17

have you spoken to a mortgage broker to see if you can borrow the extra?

Original poster

Lovethesea · 07/04/2011 18:40

We have factored in the stamp duty, solicitors etc when we worked out our maximum - we've jiggled the figures often but just can't get more.

We have a really good tracker rate we can port so we want to hang on to our mortgage and we've tried to get them to lend us more but they are really strict on their salaryx4.25.

Ah well. I am looking for work and if I get a job soon our mortgage can go up. By then I have a feeling the house will be gone, but hey, you never know!

Of course part of me is hoping they are just playing hard to get and expect us to come back tomorrow or Monday with more..........I can dream

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MrsCampbellBlack · 07/04/2011 21:08

We made an offer at 20% under the asking price on a house in the first week of November - it was turned down

Agent called me first week of January to say vendor had decided to accept if we were still interested.

We completed last week and move in tomorrow - we were chain-free and the vendor just wanted to sell and move in the end which was the key thing. As so may houses I looked at - well I just don't think the vendors really did want to move unless they got a certain price.

So good luck!

tyler80 · 08/04/2011 08:18

MrsCampbellBlack That gives me hope

We've left an offer 7% under asking on the table, so to speak, for a house we like. The house has been on the market for a while, I'm hoping they'll come back to us sooner or later...

Original poster

Lovethesea · 08/04/2011 10:43

We left ours on the table too

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