Offer on our house

[mumma24]

we had an offer of £650,000 on our house today after a 2nd viewing. House is up for £675,000 to £690,000
we have had 6 viewings in 6 weeks.
we have said we want closer to £675,000
They have an offer on their house from someone in rented so they are in a good position but want us out for early September as their son starts school in this area. They are moving from north London to East Sussex. What would you do in this situation?

Ask if they'd meet in middle at 66250?

You could get higher and lose the sake many times during to a chain..

Depends how keen you are to move, but assuming you do want to move sooner rather than later I would start negotiating with them

Thank you @Lotsalotsagiggles

Thank you @Avacadoandtoast

Agree. What's your position? Have you found somewhere to move to already? Made any offers yourself? Have you got time to hold out for a better offer? Can you afford to wait?

How much did you pay for the house originally, and when?

@Ohfudgeoff we did find a house we like but it’s under offer now. We weren’t in a position to offer. Not offered on anything as was waiting for our offer first. Yes we have time to hold out on a better offer and yes we can afford to wait

Then I'd be inclined to turn down their offer to see what they do, and hold out a bit longer.

Are you confident in the valuation of your house and your asking price point? How's your estate agent?

@Ohfudgeoff the valuation is about right for our area. The estate agents has been really good so far

Let them sweat it out a bit. don't go back today.
Ultimately negotiate up and aim for 670K. Their position is strong so I would be accepting, just holding off a few days for them to revise their offer and.

Did you buy yours in the last 10 years? If so, use Area360 to see what has happened to prices in your area for your home type to see what your price might realistically be. Then add in some fudge factor for the immediate current environment - soft/hard, etc.

I would snap it up. Interest rates could go up this year. Get a discount on your own purchase.

Interest rates will go up according to the news this afternoon. Its just a question of by how much/how many times :(

Yep, the media seem to have accepted this now and will be pushing the higher rates mantra, a lot of people coming off cheap fixes will be unhappy.

You seem to have already gone back to them and asked for nearer to £675 so presumably you are waiting to see what they say. How is the market moving in your specific area? Are houses selling? It's been struggling in some areas, and worse since the war in Iran started and interest rates have risen.

If I saw a property on with a range of valuations I would offer from the lowest. At 675, I’d probably be looking to offer 650 too.

If you think it’s worth 690 you shouldn’t have mentioned the 675

Not this time though, as usual they will be well behind the curve as they keep trying to encourage as many people as possible into debt, I think Iran is too big though, absolutely nothing BOE/UK Gov can do about this, and I think a lot of people are now waking up to the dangers of big mortgage debt.

It’s a decent and serious offer. How disappointed will you be if you don’t get 675 and end up not moving?

I’d try a ‘meet-in-the-middle’ counter offer unless the estate agent suggests otherwise.

Are they using a mortgage? Surely you wait for their lender"s valuation?

In this market there is only one prudent step - bite their hand off!

Did they increase their offer @mumma24?

@rainingsnoring not yet, we know they still not found anywhere else and still very interested. Hoping they make a counter offer. We have said will accept closer to 665,000

Fingers crossed they are prepared to increase their offer a little then. Let us know what happens.

Even if you accept their lender might still value it lower for the current market.