Making counteroffer

[LawdAMercy]

House near me has been on for 3 months at £360. Is an ex-rental, and needs cosmetic work. It has 4 good size bedrooms but downstairs is small and kitchen is tiny. Before viewing I spoke to agent and said I may be interested but price was too high & is the vendor open to an offer as obviously don’t want to waste time by viewing unsuitable properties.

Anyway, have offered low which was rejected as expected. Now waiting on tenterhooks to make counter-offer.

Neighbouring property went for £400 at 2022 peak but was 40% bigger with top spec kitchen.

A 3-bed with same floor plan/space as ‘my’ property went unsold at £300 earlier this year, and Zoopla valued it at £300.

Struggling to work out how much my despised property is worth, as we are in area that saw massive increase over the pandemic but this has dropped by 5-10% in some areas.

What would you do?

The property is worth what people are willing to pay for. I guess £360 is definitely not the price and the vender probably not in a rush. Speak to the estate agent and make an offer that you would be willing to pay. Vendors may not like it, but it might help them adjust their expectations and potencially accept your offer.

What did you offer before?

I’ve offered £310 and would go to 325. Its been empty for 3-6 mi the so would’ve thought the landlord would be losing each month with no rent. Wasn’t sure whether to leave it for 24 hours before going back with counter offer

Based on what you have said about the property and comparable properties, I wouldn't want to go above 300k but it's up to you entirely. You could email them saying that you will leave your offer on the table for now and then see what happens. I guess the seller is not in a hurry but that might change if he/she continues to have no other interest near their asking price.