ADVICE - What should we offer?

[CornishTeaTime]

Property on for £170,000 -£180,000
I know an offer has been rejected for £169,000.

What should I start at?

170

£170k?
what's the norm in your area at the moment? Does £170-180k mean that's the realistic price they're expecting - or is it certain percentage over needed?
What's other similar property going for / gone for?

No one can answer that as you haven't given any details about the property or added a link.

How long has it been on the market? How does the asking price compare with other properties that have sold? How many other, similar properties are there on the market/ coming to market recently? What is your budget? How much do you love it? What is it worth to you?

Looks like it sold 2 years ago for £170,000. Guy is selling as him and girlfriend buying their first home together he lives in apartment on own

Nothing else in the area for sale....2 bed apartment. In a really sought after area.

You know an offer has been rejected for 169k so try 170k?

If that gets rejected you could try offering 172k.

Yes my thoughts

So add on at least £3k of buying expenses
Anything less than £173k will be a loss to him?

Personally I wouldn't pay more than the 170k that he paid as 2022 was peak market in most areas but it's up to you.
How long has it been on the market?

Since 15 May

Estate agent said the other day vendor wanting something inbetween but they would say that!

Guide price is £170,000-£180,000

Exactly- they would say that.

Realistically they bought at the top for £170k and are trying to sell only 2 years later in a significantly worse market. They can’t expect to make a profit or even cover all costs necessarily but psychologically I can see why they would struggle to accept less than they paid. Therefore, I would see 170k as a decent offer and 172k as a good offer.

Land registery says estimate value as of today is £174,000

Ive gone in with £171,500

Waiting........😵‍💫

I think I'd have offered £172k if it really is the best property. If he rejects, go up £1-2k on the condition it's off the market by the end of the day (assuming you have the budget to do that).

Good luck! Let us know how you get on. Think the General Election has stalled the market at the moment which is to your favour.

Interest rates have stayed the same today as well.

So £171,500 rejected wants more middle to top end! Ive increased with a final offer of £174,000 but want it off the market today. Waiting.........

Good Luck - they should accept that if they have any sense.

Good luck.

Nope!
So someone offered £170,000 and it was rejected last week, they've come back with higher offer than mine - my current offer is £174,000.

Estate agents wont give me any help of indication with what I should be offering just that the vendor more interested in price.

Ive gone in at £175,500 and told her to come back to me if rejected.

Oh dear.. . Well the EA isn’t supposed to tell people the price they need to bid so they are right not to tell you but it’s hard.

Have the people who offered more than you sold their own place or not? If not then your offer is still the better one.

I wouldn’t be offering any higher for a while at least. If they say No again I would say you’re not offering any higher & let them stew on that.

You’re coming across a bit too keen in your negotiations imo - hope you don’t mind me saying that.

But I want the property...I dont want to loose it

Unfortunately, you are handling the negotiations very poorly.

If you are happy to overpay because you 'want the property' and are content with the risk of negative equity in the future depending on your deposit (I'm guessing you area a FTB), why don't you just offer 180K and secure it?

I would call their bluff.

I think they're just pushing you because they know you want the property.

Yes, that seems v likely.

I do believe the other people have come back with a better offer than their first....with a nudge from the estate agents Im guessing.

I didnt expect it to go smoothly.

Cash buyer from proceeds from family home thats going through now