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Original poster

What would you offer?

50 replies

Austereorange · 03/11/2020 22:41

I’ll try to be succinct.

Property we liked was listed originally at £450k. This is overpriced hence the house being on the market for ages.

They reduced to £420k (top end of our budget) so we viewed, just as ours was going ‘live’. We loved it.

A lot of messing from our prospects and the one we liked then sold. We then removed ours from the market as nothing ticked our boxes.

Call from their agent couple of days ago and theirs is back on...many weeks in the sale has fallen through. They are now £££ into their own onward purchase and worried. They need a buyer. Are we any more proceed-able/still interested?

We put ours back on and have had an offer today. Buyer is not in a chain and keen to proceed immediately. Only need a mortgage for 30% so lending is all okay with them. Our position is relatively good too with 50% of the purchase LTV.

BUT

They’ve put theirs back on at a whopping £460k. £40k over what we viewed it at and £50k over what we would be able to afford.

It is NOT NOT NOT worth that. It’s worth £400/£410 at a push.

Do we put in a £400 offer, or go straight to best and final at £410?

I told their agent it wouldn’t have even come up in our alerts at that price. We could only consider it on the cost basis that is was viewed at, and even then we would only have offered lower due to affordability. She didn’t seem phased but I don’t know if agents ever do! I was waiting to see my buyers DIP/savings etc, but that’s all done so we can offer tomorrow.

So.... £400? £410? Or what?

OP posts:
Mallemo · 03/11/2020 22:47

I don’t mean this in a flash way but why did you view it at 420k anyway when your top budget is 410k? Why view property you can’t afford? Of course you think it’s worth exactly your own too budget, could you be even a tiny bit biased? Honestly just offer what you can afford and look at other houses too. Good luck!

ethelredonagoodday · 03/11/2020 22:51

I'd just ask the agent outright if it's worth your time pursuing at that price. They should be able to advise if you are straight with them
about your budget.

Burnthurst187 · 03/11/2020 22:54

@Mallemo

I don’t mean this in a flash way but why did you view it at 420k anyway when your top budget is 410k? Why view property you can’t afford? Of course you think it’s worth exactly your own too budget, could you be even a tiny bit biased? Honestly just offer what you can afford and look at other houses too. Good luck!
Our current house was more than our budget so we offered lower and here we are in it ten years later
pineapplepalmtree · 03/11/2020 22:58

@Mallemo I'm on house 7 and never paid within 10k of asking price

planplan · 03/11/2020 23:05

What have they done to it for it to be suddenly worth that much more?!

If they couldn't sell at at less before and dropped the price why are they thinking it will go so high now?

Go in for what you can afford and walk away if they piss about.

Original poster
Austereorange · 03/11/2020 23:21

We viewed it because we’ve never owned a house we paid 100% for. In this area the trend rarely seems to be houses selling for the asking price. £5/£10/£20k variations from offer seem to be very normal.

We can ‘afford’ £420 but not for a house worth £410. I don’t want to pay over what it’s worth.

I just feel cheeky offering so low under the current listing price.

To answer; they’ve done nothing in the intervening weeks to substantiate that uplift. Nor has ours increased or the local market.

OP posts:
Fennelandlovage · 03/11/2020 23:25

Just offer what you can, make the positives of your position clear and that you are committed to the purchase/ love the house and see what they think. Just be straight basically. I would go in with top offer and be willing to walk away if they say no.

BooFuckingHoo2 · 03/11/2020 23:30

Out of interest what has made you decide it’s worth 410?

DespairingHomeowner · 03/11/2020 23:31

@ethelredonagoodday

I'd just ask the agent outright if it's worth your time pursuing at that price. They should be able to advise if you are straight with them about your budget.
@Austereorange: your offer of 410 would be 98% of a 420K asking price, and completely reasonable/great offer

I would tell the EA you like the house, are proceedable & had just started looking, happy to buy, but 410 is top of your budget: make the 1 offer and stick to it

Your risk is that they will 'accept' you as a back up & keep marketing the property (this has happened to me twice: I got wise & pulled out second time round): so if they accept your offer they need to stop marketing before you commit any money

They SHOULD see you as more committed buyers as you've had time to 'cool your jets'/see what else is out there in last weeks, so if you are keen I would see you as more reliable - but as we all know, house buying/selling is an unpredictable business!

Funf · 04/11/2020 07:28

We just bypassed the agent spoke to the house owner, and told them we could afford 10% less and move at the speed they could choose, they took it well, and said if they could get some movement on the one they wanted they would go for it. Worked for us

Bluntness100 · 04/11/2020 07:32

Just go in with best and final.

honkytonkheroe · 04/11/2020 07:34

There’s some houses by me that had been put up for £450k that were clearly over priced. They are now asking £425k but still not shifting. You can see if a house is over valued by comparing to other houses in the area. I think I would go in with £410k final offer if it was me.

averythinline · 04/11/2020 07:41

you love the house... how long are you planning to stay there? there was nothing else around that ticked your boxes...

why do you think 410 is the right max price - if thats what similar are going for - offer that...
but:
dont be panicked....can you easily afford 410?
If its a longterm purchase then think long term ...

I would ask for 2nd viewing if you need to -

but if houses come up rarely and it ticked all my boxes - I would remind the agent that it was 420 when you saw it and you would have offered 410 final if you think thats fair- but they have to remove from the market..

Original poster
Austereorange · 04/11/2020 11:06

Thanks. Best and final gone in today. I emailed with my ‘points’ and have borne in mind it was on the market for a long time - not because it’s not gorgeous - but it was quite simply overpriced. It’s a very hard comparable as it’s in a semi rural location on a small road with every single house being vastly different and besides, no one else has moved for years! I can’t even compare to the prior sale as the vendor purchased 10 years ago when it was a wreck and has gutted it, rebuilt it and extended it.

I believe £400 would be right for the size and location, but I would go £410 as I appreciate there is a high end finish to a lot they have done and is show home standard.

It’s a forever home. It’s a size that we could still live in comfortably post retirement if the DCs had grown and left. So therefore a very very long term purchase.

Please keep everything crossed for us!

OP posts:
stillsomewhatsheldonesque · 04/11/2020 11:16

Good luck OP.

🤞🏼

Bluntness100 · 04/11/2020 11:19

Good luck. Which did you do? 400 or 410, it’s not clear?

movingonup201 · 04/11/2020 11:19

Good luck OP, I'd have gone in at final offer £410k too, fingers crossed!!!

Original poster
Austereorange · 04/11/2020 11:33

410 best and final!

OP posts:
Bluntness100 · 04/11/2020 11:42

Then good luck to you! Let us know..,😃

Original poster
Austereorange · 04/11/2020 20:24

Flatly refused and comment back was ‘miles away’

Sad
OP posts:
DespairingHomeowner · 04/11/2020 21:00

@Austereorange: don’t rethink yourself, they came to YOU not the other way round, you have the upper hand, & no need to overpay

Look elsewhere, & if you are correct re pricing reality will bite in a few weeks when offers come in

You may or may not be correct in your price estimate... is it the only house you’ve liked a lot/signicantly better than other houses you’ve been viewing?

imabusybee · 04/11/2020 21:03

I'm so sorry OP Flowers they may have a change of heart in a couple of week's time but I can imagine how disappointed you must be

Honeyroar · 04/11/2020 21:08

Well that’s that. They’ve got their heads in the clouds. Move on, don’t get any more involved. Let them sit there. I know someone who had had an overpriced house on the market for almost seven years (they take it on and off occasionally and change agents). They can never seem to work out that the price needs dropping if they want to sell!!
Good luck with the next one.

thelumberjack · 04/11/2020 21:13

Really sorry to see this OP. They sound greedy if they already had to reduce the price last time because if wasn't selling. I wonder why they think they can get more now. It will probably sit there and be reduced again.
I hope you find something else you love. Will you still proceed with the sale of your property?

smalalalalalala · 04/11/2020 21:16

Please come back and let us know

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