Property back on sale - what to offer

[Kaleandcake]

A property we're interested in has just come back on sale after the chain collapsed. It was on for £550k in May... no idea if it sold for/under/over asking (estate agent won't say), but assuming it went for around that figure, what would be a fair offer in the current market? Bearing in mind the chain collapsed because the previous buyers wanted a price reduction at the last minute!

How much has it gone back on for? I'd be thinking of going in at no more than 90% of prices from last year as a general approach.

Back on at the same price!

If they refused to agree a reduction before then they may well refuse an offer below asking price now. Depending on what you thinks it's worth in the current market I'd suggest £500k isn't insulting given the predicted slowing down of the market.

That's the kind of ballpark I was thinking... Hard to know if they rejected the last-minute offer reduction on principle!

I would try offering 500k and see what reaction you get.

I agree, 10% is fair. They may have refused to reduce for their buyer out of principle. They're unlikely to get full whack at the moment.

I'm certain it won't be this one (but its come back on today at offers over 550, originally on in May), but if it's got a sauna in the double garage, its over priced. We looked at it, and rejected it.

I'd go in at under 500k.

If it was on for 550 at the peak, then it’s already lost 50, if it was ever worth 550, and it’s heading towards 450 by the time you complete.

I'd say it depends, where are you located?

Why are you asking other people what a property is worth to you? Only you know that. There is no such thing as an objective, independent, "value" for a house. There is a maximum price you'd pay, a minimum price the seller would accept, and the prices that anyone else house hunting might be prepared to pay. Your offer cannot be higher than your maximum, but still needs to be the higher than the other two, otherwise you won't be buying it.

Figure out the number you'd regret losing it for, and offer that.

South east

I have a flat on the South East Coast. Prices seem stable at the moment or have slight reductions. Of course, that may change.

I think it’s difficult to know just from the asking price. In May most properties we’re selling for far more than asking. If they have accepted an offer of 580 or even high for example, you offering 500 now is very unlikely to be accepted.

They might not accept it immediately but if it ends up being the highest offer they get, then their expectations will change and they will probably accept it. An offer 10% below is not a bad offer in this current market. OP could ask the agent to keep their offer on the table so the agent will inform them of any developments like someone else offering higher.