Would you offer 5K under the asking?

[Misscf81]

We lost out on a property we loved in November. It was on at 190K, we offered 198K, it sold for 202K. It’s now back on, and I am aware that there are uncertain times, but we were going to make a cheeky offer of 185K...does this seem too high? Too low?

Like I have said, we know the timing is rubbish, but the way we see it, this could take 6 months to go through and we’ll know where we are in 6 months and we’ll just pull out if absolutely necessary?

You can make the offer. They don’t have to accept. If it was valued at £190,000, then you might have to have a bit of flexibility to move upwards as you did offer £198,000 before. Have you sold? Are you in a position to buy? If you are, the vendors would be mad not to negotiate with you.

We are FTB, we are in a good place, even have a mortgage in place for a property we pulled out of last week, all we would have to do is call our bank and get the offer updated.

Definitely make the offer - you have nothing to lose.

I'd make a very low offer, but make it clear you are willing to increase your offer to a one the buyer may accept. If someone puts in a higher offer the buyer may be so desperate now to sell they accept that without waiting for a bidding war.

Why did you pull out of a house last week?

It needed way too much work doing to it, we had a homebuyers report and there was lots of issues flagged up. We were just going to shelve the whole thing, but then this house that I loved and lost out on cane back on the market. I know the timing is bad, but I would kick myself for it making an offer. I have put the offer in now and not heard anything bank so we’ll see. It’s probably a no, but I am not offering over the asking in this market.

For *not making an offer

Well the people who offered more didn’t cough up the money so it’s back to square one. They might not want to sell now of course. The agent should have informed you of the latest position.

Do you know why the sale fell through? Something in the report that is going to put you off anyway?

I’d be much cheekier than that. It will be a buyers market very soon I expect.

wow right now I'd be offering very low as it is not the time at all to be in the market.

It fell through because the buyer is self employed and lost his biggest contract. We are both employed, and we know with everything going on there’s a high risk we will lose our jobs, but if accepted, it’ll take a while to go through, which would give us time to get a new job, plus it doesn’t need any work doing to it, and after our deposit, worse case scenario we still have some money in the bank to hopefully tide us over until we get sorted. She hasn’t got back, so it’s probably a no.