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ConfusedMary

Second Offer ?

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Hello. I made an offer on a flat (offered 85K). It is on market for 110K. Reason I went in low was that on my second viewing i took along a surveyor who told me that it required £30k work. The flat is uninhabitable at present with alot of damp & needs alot of work. It has been on market for 7 months & has been reduced once (from 122k). My offer was rejected & the Estate Agent told me that the vendor was unlikely to accept under 100K. I feel that this is too high. My budget limit is 95K. I have mortgage offer in palce & good deposit. I am also chain free. I don't know what to offer next. I know it all becomes a bidding game. Part of me wants to be honest & say that 95K is my final offer & i will walk away although i also feel that this is a big jump form my first offer of 85K so why should Estate Agent believe me. Friends have suggested 90K as this gives me option of 92K. I would be grateful for advice as i am new to this.

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Hello. I made an offer on a flat (offered 85K). It is on market for 110K. Reason I went in low was that on my second viewing i took along a surveyor who told me that it required £30k work. The flat is uninhabitable at present with alot of damp & needs alot of work. It has been on market for 7 months & has been reduced once (from 122k). My offer was rejected & the Estate Agent told me that the vendor was unlikely to accept under 100K. I feel that this is too high. My budget limit is 95K. I have mortgage offer in palce & good deposit. I am also chain free. I don't know what to offer next. I know it all becomes a bidding game. Part of me wants to be honest & say that 95K is my final offer & i will walk away although i also feel that this is a big jump form my first offer of 85K so why should Estate Agent believe me. Friends have suggested 90K as this gives me option of 92K. I would be grateful for advice as i am new to this.

Just give it some time and then contact them again..it doesn't look like that this flat is selling any time soon...

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Hello. I made an offer on a flat (offered 85K). It is on market for 110K. Reason I went in low was that on my second viewing i took along a surveyor who told me that it required £30k work. The flat is uninhabitable at present with alot of damp & needs alot of work. It has been on market for 7 months & has been reduced once (from 122k). My offer was rejected & the Estate Agent told me that the vendor was unlikely to accept under 100K. I feel that this is too high. My budget limit is 95K. I have mortgage offer in palce & good deposit. I am also chain free. I don't know what to offer next. I know it all becomes a bidding game. Part of me wants to be honest & say that 95K is my final offer & i will walk away although i also feel that this is a big jump form my first offer of 85K so why should Estate Agent believe me. Friends have suggested 90K as this gives me option of 92K. I would be grateful for advice as i am new to this.

Why would you want to pay £90k for a flat that needs £30k work on it? Is the original price of £122k taking into consideration the damp issues, or is that a "2007 price" in your area? If it was me, I'd find another flat without the damp problems etc. which you cannot have complete control over as you wouldn't be the only owner in the building, surely? Flats will only be coming down in price over the next few years in my opinion so I wouldn't pay over the odds. Without knowing anything more about the location and the property, my advice would be to find something else.

Edited to add: If it has been on the market for 7 months, it isn't going anywhere quickly, either because of the damp issues or because the seller will not accept a reasonable price given the damp issues. (Do you want to be the mug who pays over the odds?) The seller needs to sweat a little more, so even if you want this flat, just walk away for some time and don't respond with another offer.

Rule no 1 of negotiating: you must be willing to walk away.

Edited by D'oh

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95K + 30K = £125K.

Is the flat worth that amount in the current market? or is your initial offer of £85K a realistic price considering the work that needs to be done and current property values?

Easily said but try not to get too attached and emotional about it. Look at it purely from an economic point of view. Just my opinion.

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95K + 30K = £125K.

Is the flat worth that amount in the current market? or is your initial offer of £85K a realistic price considering the work that needs to be done and current property values?

Easily said but try not to get too attached and emotional about it. Look at it purely from an economic point of view. Just my opinion.

A similar flat in good condition would be on market for 130K. Surveyor told me he thought i should not pay more than 100k- he thought worth this in current state (probably told Estate Agent this....small village....had met before). I think 90K would be good price considering work required & difficulties in market. I am trying not to get too attached but have been looking for a while. This one in right area. I know of people who would do work for me at reduced cost. I just hate haggling with Estate Agent. I was told it was buyers market....maybe he just good at this.

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Is 7-months a long time ?. Price reduction happened in May. Flat also has freehold (house converted into 2 flats). I do want to wait a while before speaking to Estate Agent. I felt that i gave good reasons for my offer. I think unrealistic for vendor to expect 90% of asking price- especially considering the work required (although Estate Agent says the flat priced accordingly & i will be adding value to property with the work...so get my money back). I know i should hang on but spending money on rent & storage & have been looking for a while now. Hear today that market is showing signs of picking up....

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