Made Offer On A House

[Scrubs]

Okies, here is the situation..

House in question has been up for sale since last September, not sure though if there was already a price drop. I spotted it about 1 month ago, 'offers in the region of' 146k. It is a 3 bedroom semi in a good area, although the house is in need of cosmetic upgrading. From what the estate agent said, it has been empty since September when the old lady passed on, and house is being sold by her son.

Called today and offered 136k, so 10k off what they are looking for, got a call back asking if I would meet in the middle at 140k. Told them I'd have a think about it over the weekend. I'm a FTB in no rush, so was wondering what the next move should be in the offering stakes?

I was thinking of saying 137.5k as next offer, that sound reasonable? Or should I just up my first offer by say, 1k? Kinda new to this offering malarky as you can tell!

[Simpo Two]

Like any negotiation, ultimately it all comes down to how desperate you are to buy it, and how desperate they are to sell it. As he's winding up the estate, it won't seem quite as personal as if it was his own house, which is in your favour I feel.

[Road Pest]

Do you know what the date and price was when it was last sold or a similar house on the street was sold? How much do you want the property?

[V12Les]

Sounds like your playing it right. As long as you've done your homework on prices etc carry on the way your going.
Good luck.

[Scrubs]

Last one of similar that was sold on that street was £168,000 and that was in Jan 2007. There is another for sale right now on the opposite corner from this one that has a fixed price of £175k, only difference being they have patio doors going into the back garden instead of a window, and it is also dosent need decorated ect...

I do really like the place, and it's somewhere that I could see myself staying for a good few years. Still a bit nervous though due to the current climate and just how much further the prices are going to fall..

Thanks again for the replies.

[Road Pest]

Depending on the area you can work out the average drop from here..

http://www.nationwide.co.uk/hpi/historical/Q1_2009...

Of course the type of property may make the realistic price vary.

ETA that is of course Dec 07 to Dec 08 so you might want to add another 5 to 10 %

Edited by Road Pest on Friday 1st May 20:44

[V12Les]

"Really like the place" and "staying there for a good few years", thats what really matters. Should'nt worry about any slight (if any!) fall in prices.

[Brite spark]

Does it show up here?

http://www.propertysnake.co.uk/

[Dave_ST220]

V12Les said:

"Really like the place" and "staying there for a good few years", thats what really matters. Should'nt worry about any slight (if any!) fall in prices.

Agreed.