Another what shall we offer one

[Alllisonty]

We've seen a house we like and have made two offers. Asking price is £400000. We offered £375k and £385k - rejected. EA says vendors want £395k.

House has been on the market about 8 weeks and EA says ours are the only offers received. We're in a good position already sold and living in rented accommodation.

We can afford to go up but obviously want to pay as little as possible. What should we offer? I know you can't really say, but just humour me. It would really help.

If you really want the house then offer £395k. If you aren’t that bothered then let it go. For £20k for the house of your dreams is i5 worth the bother - over the length of the mortgage that is less than £1k per year

Well a house is worth what someone is willing and able to pay…
What are you willing and able to pay for it OP?
Given its been on the market a while with no other offers, I think I’d go back with 387500, with the aim to pay around 390. It feels like a deal should be doable, if they’re genuinely motivated to sell.
Good luck!

There haven't been any other offers so tell the agent your offer at 385k is still on the table whilst you look at other possibilities - but that offer is as high as you feel comfortable with at the moment. Wait, at least 2 weeks before upping if that's what your considering. Let them think you may be done increasing. If another offer does come in the agent will definitely let you know to try and get a better bid. That's their job.

It's your choice. Play silly buggers to try and pay a little as possible, and risk losing it to someone willing to pay more, or just offer what it is worth to you that you can comfortably afford.

Ask yourself how much you really want the property and would you be upset if it was sold to someone willing to put the higher offer in before you?

If you're nonchalant about it then play the game.

How long have you been looking? If it’s more than a few months I know personally I wouldn’t be getting bored and stressed by keep checking rightmove etc. will there be a chain above you? Is this the only house you are interested in? Have you checked prices of similar houses, does the £395k seem reasonable? Would you be upset if you lost this house? Does the house you want come up often or are you looking for something quite specific?

Make a decision. If you are desperate to buy this specific house, offer 395. If not, you can leave your fractionally lower offer on the table and move on and view other houses.