We have been looking for a property for a while and although we have viewed several have only seen one that we like enough to offer on. This property has been on the market for 18 months (with no price reductions) and ours is the first offer they have received.
We believe it to be considerably overpriced, given comparable properties that have sold in the last 6 months, so put in an offer of 20% below the asking price. The vendor turned it down, stating the price he was after, so we went back with a counter offer meeting him halfway between our original and the price he wanted. This offer was also turned down, even though we felt it was actually slightly on the high side if anything.
The house needs a fair bit of work doing to it but has loads of potential and a fantastic 4 acre garden, however we're not willing to pay above what we think it's worth, particularly as ours is the only offer he's had in 18 months.
We don't need to sell and have money in the bank so you'd think he would bite our hands off but the agent says he is committed to getting his price.
What would you do? Do we sit tight and hope he'll change his mind (we're in no rush, but then it seems neither is he...), do we forget about it and hope something better will come up (not certain given our criteria), or do we bite the bullet and give him what he wants with the risk that we are paying over the odds? This would be a forever home (hopefully) so it's not as though we need it to make money for us.
As it stands the house is not ideal, but it ticks loads of boxes and could be fantastic with a bit of work, and much as I am trying not to get emotionally involved I can't stop thinking about it!