Please or to access all these features

Add post

Watch this thread

Save thread

Start a new thread

Flip thread

Hide thread

My feed

Active Unanswered threads

Getting started FAQ's

Unanswered threads Acronyms Talk guidelines

Hide shortcut buttons

Talk

Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

Flip

Original poster

What to offer if 'reasonable' asking price?

22 replies

goldenpeach · 02/04/2009 22:33

We viewed a house going for 400K, we did our homework and it's not overpriced if compared to similar properties in the road. It's a rental property, but in decent condition. What would you offer? I had 360 in my head, 10 per cent off. The house has not been on the market for a long time. Not quite sure what to offer, if it were overpriced I would go lower for sure.

OP posts:

faraday · 03/04/2009 12:12

Chuck 360 at them and see what they say!

subtlemouse · 03/04/2009 12:25

If you want the house and have the money and it is reasonably priced why not just pay what they're asking for it? I don't understand why everyone thinks prices are negotiating tools - life would be much simpler if the price was just the price!

LIZS · 03/04/2009 12:33

Start at 360k , may be close enough to tempt them especially if you are proceedable quickly. tbh I'd expect they'd readily accept nearer 375+ but nothing ventured ...

brettgirl2 · 03/04/2009 12:41

I don't think that is unreasonable as a starting point, bearing in mind that they will probably reject it.

Heated · 03/04/2009 12:45

have you seen what they bought it for?

Heated · 03/04/2009 12:46

nethouseprices

Original poster

goldenpeach · 06/04/2009 19:48

It was bought many years ago and it's owned by a blind trust (not a couple like us), therefore implying that it's owned by a wealthy individual which we know have several buy to lets. We offered that and the offer was refused, they said they want to strike a deal but not at 360. We were thinking of raising it to 370-380, then my partner found this online forum of people who live in Oxford who were angry about how the market has been pumped up by buy to lets investors and foreign investors and said they would offer 15-20 per cent off asking prices as they are highly inflated. We know that this property is not that inflated but we are annoyed as estate agent was not that polite with us and we only offered 10 per cent off, we can proceed straightaway too. They want somebody to buy by end of may. We are thinking of what to do. There are compromises to be made with the property. I love the house but garden is north facing and no garage or parking for car. Also as ex rental it needs work. I'm not trying to rip anybody off but it seems they are quite demanding.

OP posts:

noddyholder · 06/04/2009 19:53

Maybe wait a few weeks.My parents have been viewing houses here in the south east and i nwent with them We viewed about 6 in their bracket plus one rogue big expensive house which they couldn't afford.the agent said as we're in the road you may aswell see it.My mum loved it but rejected it completely due to £.Now 4 weeks later the agent rings and asks do you want it name your top price.wait they will come back

Original poster

goldenpeach · 06/04/2009 20:06

Thanks noddy, I do love the house, though and that's why we offered that, I can put up with compromises and work and maybe we would have raised the offer but the way they called us was not genuine. Also don't want to name names but it's part of property portfolio of wealthy people

OP posts:

lalalonglegs · 07/04/2009 11:38

Why does it matter who owns it?

Original poster

goldenpeach · 12/04/2009 18:24

I think it's important to know who owns a house. My DP sometimes buys the title deeds of properties we are interested in.

OP posts:

lalalonglegs · 12/04/2009 18:59

But why do you think that should have any bearing on how much you offer for the property?

Sorrento · 12/04/2009 22:22

Because the situation of the vender makes a massive difference to what they will accept for the house.

lalalonglegs · 13/04/2009 11:37

I agree the situation of the vendor is relevant but gp seems to have got the logic of that in reverse, ie that she shouldn't offer more because the vendors may be wealthy which, in reality, means that they can hold out for a higher offer. She says that the house is reasonably priced and she liked it enough to want to have raised her offer but seems to have been influenced by a group of locals who don't like investors even though she doesn't think the price they suggest she offers is a realistic one. It just strikes me as a very confused approach.

Original poster

goldenpeach · 16/04/2009 13:51

Well the house has its disadvantages, basically the interior is very nice, the north facing garden and the no garage/no drive bit are less appealing. My DP tried another valuation tool and it came out much lower than asking price. Re offer, even the agent agreed our offer was good, it's around 10 per cent off asking price and they want somebody who can complete by end of May. They tried to sell last year to no avail. I'm a bit confused myself but DP is adamant now not to offer more and wait. I talked to a friend in Oxford and he advised to hang on. In the meantime lots of dogs on rightmove or incredibly priced ones. I really like the house but I'm trying to keep a cool head (I'm desperate to move but I don't want to get in heavy debt). Heart and head are fighting.

OP posts:

ickletickle · 16/04/2009 14:31

are there any other properties similar on the market that you like or have offered on, and how long have you been looking for?

ickletickle · 16/04/2009 14:35

sorry i should also add think about this scenario. you wait, the price comes down, and someone else wades in and snaps it up. how would you feel then?

lalalonglegs · 16/04/2009 14:42

But if the price comes down, surely estate agent would give gp a ring knowing that she is interested and has already made a decent offer (or am I being hopelessly naive about agents?).

Original poster

goldenpeach · 16/04/2009 14:44

This is the first house we have offered on. Prices in Oxford are unrealistic and good properties in short supply at the moment. We have been looking since Feb. DP is on rightmove every day and we have done some research. The realisation that things are not well with the property market has not hit Oxford yet, only a few properties have reasonable prices, most are priced much higher than in 2007. So unlike what is happens anywhere else. I think the major problem is that it's full of buy to lets so lots of 'dogs' that need work done. DP found out that very few houses sold since Jan and lots have been on the market for many months.

OP posts:

ickletickle · 16/04/2009 15:09

well you dont know who has been/is looking at the property do you? also i just think you might feel a bit sick if you found out that the property went to someone who, e.g. offered 370? or am i wrong?

Original poster

goldenpeach · 21/04/2009 18:26

My DP is adamant, he won't offer less as he is not sure about the house. Latest news is that the estate agent who is selling it has closed two of their local branches. I'm hoping they ring back as he doesn't want to budge.

OP posts:

Original poster

goldenpeach · 26/04/2009 21:34

Latest update. After viewing a few awful houses, I have convinced my DP to raise the offer to split the difference but apparently there is another offer on the table (not sure it's true, don't trust estate agents). One thing is true, though, houses in that area are selling to investors (they are back spending money in good areas). Some houses nearby got sold quickly (or at least under offer)

OP posts:

Flip