House purchase....am I just being tight?
Discussion
Evening all.
Just hoping for a second opinion really.
Recently put a number of offers in for a property, background is been on market 7-8 months, originally at £675k. We considered viewing then but decided it was too expensive for the area. Beginning Dec, vendor drops to 650k, so we decide to view (twice). Definitely decide it's perfect for us but we mention to vendor it's too expensive. Couple things lead me to think this - were talking West Yorkshire area, and he paid just under 500k for it only 3 years ago. Was new build then and I don't think he has done anything to it since. Zoopla values at around £580k.
So we decide to get survey done before making an offer. Survey comes back £615-625k.
We've put a couple of offers in this week. Vendor has dropped to 635k and we eventually upped to 630k. We offered to meet in the middle to secure, but he won't drop a penny.
Now please tell me if I'm being unreasonable here - but I'm beginning to think Is he really going to loose a buyer over a couple of grand? I appreciate this flip side is are we as potential buyers wanting to loose it over a couple of grand, however for us I really do feel we're offering a really good price, and tbh it really is the highest we can go.
Appreciate any thoughts on this?
Just hoping for a second opinion really.
Recently put a number of offers in for a property, background is been on market 7-8 months, originally at £675k. We considered viewing then but decided it was too expensive for the area. Beginning Dec, vendor drops to 650k, so we decide to view (twice). Definitely decide it's perfect for us but we mention to vendor it's too expensive. Couple things lead me to think this - were talking West Yorkshire area, and he paid just under 500k for it only 3 years ago. Was new build then and I don't think he has done anything to it since. Zoopla values at around £580k.
So we decide to get survey done before making an offer. Survey comes back £615-625k.
We've put a couple of offers in this week. Vendor has dropped to 635k and we eventually upped to 630k. We offered to meet in the middle to secure, but he won't drop a penny.
Now please tell me if I'm being unreasonable here - but I'm beginning to think Is he really going to loose a buyer over a couple of grand? I appreciate this flip side is are we as potential buyers wanting to loose it over a couple of grand, however for us I really do feel we're offering a really good price, and tbh it really is the highest we can go.
Appreciate any thoughts on this?
So, you're already offering £10K over what your survey thought that it was worth. Generally speaking, move on however other factors come into play. The last time that I moved I paid slightly more than I wanted to but choice of schools and limited availability of alternatives decided it.
N90BAR said:
Now please tell me if I'm being unreasonable here - but I'm beginning to think Is he really going to loose a buyer over a couple of grand?
Plenty of people have lost buyers over less. You really do have to take emotion out of it and work out where you draw the line, and then stick to it. Don't let the agent negotiate you up with "I don't think you'll need to offer too much more to secure it". Make a full and final offer, and leave it on the table. You may find after a few weeks of no one else offering (or other people offering less and refusing to increase), you'll be a much more attractive prospect.
MentalSarcasm said:
N90BAR said:
Now please tell me if I'm being unreasonable here - but I'm beginning to think Is he really going to loose a buyer over a couple of grand?
Plenty of people have lost buyers over less. You really do have to take emotion out of it and work out where you draw the line, and then stick to it. Don't let the agent negotiate you up with "I don't think you'll need to offer too much more to secure it". Make a full and final offer, and leave it on the table. You may find after a few weeks of no one else offering (or other people offering less and refusing to increase), you'll be a much more attractive prospect.
My parents bought a house for more than the valuer said it was worth. My dad said we aren't paying what the vendor wants. My mum said I want the house and yes we will. They lived happily ever after there and is now worth way more than they paid.
If it's the perfect house, you can afford it and you are going to live there for a whike don't miss out.
If it's the perfect house, you can afford it and you are going to live there for a whike don't miss out.
AndStilliRise said:
I would not pay more than the survey TBH. They are telling you it is not worth anything more and considering he has dropped the price already, think you have been generous enough.
Sorry but that's rubbish. Surveyors can get things very wrong and it's not their home they are valuing.Depending on how boyant the propert market is in your area....
You are cutting off your nose. Save yourself the grief, worry and nail biting over the next few days/weeks and go to 635.
Put everything else aside if you really think this property is for you. At this price point you will straight away feel relief once the deal is done.
If the market is slow then I'd agree with MentalSarcasm.
Good luck.
You are cutting off your nose. Save yourself the grief, worry and nail biting over the next few days/weeks and go to 635.
Put everything else aside if you really think this property is for you. At this price point you will straight away feel relief once the deal is done.
If the market is slow then I'd agree with MentalSarcasm.
Good luck.
Edited by BishBosh on Saturday 14th January 19:10
AndStilliRise said:
I would not pay more than the survey TBH. They are telling you it is not worth anything more and considering he has dropped the price already, think you have been generous enough.
This. But on the other hand they are down to negotiating on less than 1% of the value of the house which hardly seems enough to lose the house over.MentalSarcasm said:
Plenty of people have lost buyers over less.
You really do have to take emotion out of it and work out where you draw the line, and then stick to it. Don't let the agent negotiate you up with "I don't think you'll need to offer too much more to secure it". Make a full and final offer, and leave it on the table. You may find after a few weeks of no one else offering (or other people offering less and refusing to increase), you'll be a much more attractive prospect.
On the other hand, a higher offer might come in from another buyer in the next couple of weeks. Try and imagine yourself in that position - if you think you'll be kicking yourself over it and have missed out on your perfect home. So it depends on how badly you want this particular house. How many others have you seen that meet your needs, if there have been quite a few that you've liked, then there will probably be plenty more in the near future as well, so don't stress about missing this one. If this is the only house you've really liked, then maybe worth stretching for?You really do have to take emotion out of it and work out where you draw the line, and then stick to it. Don't let the agent negotiate you up with "I don't think you'll need to offer too much more to secure it". Make a full and final offer, and leave it on the table. You may find after a few weeks of no one else offering (or other people offering less and refusing to increase), you'll be a much more attractive prospect.
Also depends on how many other potential buyers have looked at this house and thought the same as you - too expensive, but now that the price has reduced, they could be making offers too. Although, it sounds like yours is the only one on the table at this moment in time.
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