Hi, Dh's dad wants to move to be near us. They currently live in a house with lots of stairs etc and don't need to sell that to move as they have cash to buy.
Dh saw a bungalow locally recently that he thought might suit them and sent down some photos. It's on at £239k and is, imo, worth about £150k.
DH's dad hasn't seen it but wants it and gave me permission to negotiate on his behalf so I offerd £160k yesterday on the basis that:
- It's only a 2 bed bungalow, not in stunning condition, ok condition
- it's got a lean to, almost certainly isn't watertight, may not have planning, ie is not a conservatory
- fil is a cash buyer
- there is no mortgage co involved, if there were I think they'd down value it tbh
- you can get a THREE bed terraced for £160k where we live.
- you'd probably get a 4/5 bed for £239k
- turmoil, recession, IMF saying houses are overvalued by 30% etc etc
Est agt says they want "between £200 and £215" - I think they are greedy and I don't want to offer it. One owner has died and other is in a nursing home so I think family are selling.
Dh's dad is desperate enough to offer £200k (although I haven't told him it's been rejected yet, will call him later) although has given me authority to negotiate on his behalf. I think there are LOTS of other houses out there tht will suit them really well and fil is panicking because he's desperate to move (alone, looking after mil, lots of stairs, doesn't want to spend another winter there etc)
What shall I do? I'm going to advice fil to offer £175k as final offer on Monday, eg leave the vendors to stew on all the doom and gloom on property over the weekend but I am scared he will say "offer £200k" and although it's his money and he's entitled to do whatever he wants I think that's £40k towards nursing costs, them having a nicer life, changing his car (he needs to, current one unsuitable for wheelcahir) etc.
and it makes me want to spit that people STILL aren't accepting the reality of the market. Grr.
Any wise words welcome. TIA.