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Original poster

What to offer?

14 replies

TweetleBeetle · 20/04/2009 22:25

Hope someone can give some advice.

Seen a house we like and are looking to put an offer on.

Bit of background. Its a 1930's 3 bed semi with garage. Needs a bit of work but not too much - more to get it to how we want it rather than it being completely necessary.

Is on for £330,000. Whilst the 2004/2005 prices are aound the £250,000 mark, I feel this is too low and its worth more than this, but what would you say is a good and respectable offer. Don;t want to offend but obviously want to get it as low as we can

Any advice?!

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hmmSleep · 21/04/2009 09:00

Don't worry about offending, start low and work up from there. Have just had offer accepted, we started by offering 20% under the asking price and negotiated from there. It all depends on how desperate they are to move, how long the house has been on the market and how much you want the house. Set a price you're unwilling to go above once negotiations start and stick to it. If you get it for less great.

As a guide, we accepted 10% under our asking price in November last year after being on market for 6 mnths. We are buying at 10% under the asking price, but as they had already dropped the asking price we're buying at 20% under their original asking price.

Good luck!!

wombleprincess · 21/04/2009 10:15

275?

Original poster
TweetleBeetle · 21/04/2009 14:08

Thanks guys.

Well I offered 292 - was turned down, they are looking for 320,agent said they won't move.

I went up to 297 and have left it on the table.

We had to take a hit on our place due to all the stuff going on at the moment, but it seems the next rung up on the ladder are not keen to take the hit so that leaves us without anywhere to go

If we can't find somewhere will have to let our buyer down

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noddyholder · 21/04/2009 14:11

Why don't you rent?

hmmSleep · 21/04/2009 14:58

That's what we did, sold then rented, puts you in a much better bargaining position when you come to buy! Also in current climate if you really do need to move I wouldn't risk losing your buyer.

You never know, the sellers might come round, 'the next rung on the ladder' as you put it is pretty much where we are, and we had plenty of sellers open to offers, annoyingly think you've just found a stubborn one! I'll keep fingers crossed for you.

DwayneDibbley · 21/04/2009 17:00

This reply has been deleted

Message withdrawn

hmmSleep · 21/04/2009 17:16

I do think how long it's been on makes a difference, if it's only been on a couple of weeks then it will have been valued accordingly and put on at a lower price than it would have 6 mnths ago, so they'd be reasonable not to accept an offer until they'd tried marketing for a bit longer. However, if it's been on a while with no offers then it's obviously on for too much, and they'll have to realise that if they want to sell.

Northernlurker · 21/04/2009 17:19

I would expected them to be looking for 300 000 so your 297 000 sounds more than reasonable to me. They are plainly deluded!

DwayneDibbley · 21/04/2009 17:25

This reply has been deleted

Message withdrawn

Original poster
TweetleBeetle · 21/04/2009 22:26

Thanks again all.

Well the agent hasn't got back to me to re £297 so you never know.

I think it's been on the market a while. They've been in the house for years, I've been able to go back to 1995 (when similar houses were worth £90K!!!!!) and couldn;t find it so they bought it before then.

I'm tempted by renting, however if we sell ours at the bottom of the market and don;t find anything, we're then stuffed if the prices rise again - daren;t take the risk.

I think you're right re people still clinging on to what their house was worth 2007/early 2009.

We loved another house but it wasonly a 2bed and we would have had to go straight into the loft to make it big enough, so had to offer well under the asking price - apparently the vendors were offended. Trouble is the agents are marketing it as a 3 bed and it isn;t, you couldn;tfit a single bed in the smallest room.

Oh well, you've all made me feel better, just have to keep on searching.

Thanks again

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noddyholder · 21/04/2009 22:29

Prices will not rise again for years you are not in a rush.We rented for 15 months and it was well worth it.If people keep buying now at inflated prices things will never change

Original poster
TweetleBeetle · 21/04/2009 22:58

so how does this property bee work then, I've downloaded it- now what?!

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Original poster
TweetleBeetle · 21/04/2009 23:33

Doh! Done it - very good, really recommend it, very interesting reading. Unfortunately doesn't include the house I out the offer on today, but does the one I put an offer on yesterday.

However it also tells me that I just missed out on my perfect house I'd seen last year - arrggghhhhhh!!!!!!!!!!!

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Original poster
TweetleBeetle · 22/04/2009 18:27

Well we're obviously putting in offers far too low.

Another house (£330 again)- put an offer in of £295 - still no.

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