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ManchesterAlien

Stalybridge

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I put an offer in on a house in Stalybridge, which has been rejected.

It's a semi-detached place with a decent garden on a good street, which is fairly unusual for the area, so there aren't *that* many good alternatives.

The sellers put it up for £130k back in July, which is when we viewed and the sellers told me they'd probably accept £120k at the end of the year if it hadn't sold yet, and hinted rather heavily that they'd take £125k for it then!

I offered £115k in August. The sellers rejected it and didn't even try to haggle. We then put in a new offer of £120k a few weeks later, which the sellers also rejected stating that they wanted £130k and wouldn't take any less (which I can't help thinking is a bit silly with the stamp duty threshold!)

The sellers put "stamp duty paid" on the listing about a month ago, and last week they reduced it to £125k, still with the "stamp duty paid" sticker on Rightmove.

I asked the EA again last week whether the sellers would consider our previous offer, they went back to the sellers who said no again. EA seemed to indicate that the sellers might consider it after Christmas and then had a lovely ramble at me about how things would pick up in the new year *rolls eyes*.

I'm in no rush as our rental contract doesn't expire until the end of June, but I quite like the house. I expect that nobody has offered £125k or presumably it would have disappeared from the market instead of them reducing the RM listing, so I'm loathe to offer more, but I'd be a bit gutted if I didn't get it because I was wavering over £5k (am saving approx. £1k a month, so it's significant to me but not hugely difficult to stump up).

The last house on the street sold for £130k in 2007, and the other houses of a similar type nearby are on RM for £130k-£140kish. The sellers told me they need to be out by April and it has no chain.

What does the collective wisdom of HPC think I should do, and does anyone know how well the market is doing around Stalybridge / Ashton / Mossley sort of area?

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It sounds like you are seeking some reassurance and a prod to go on and stump up the full £125k. I doubt that you've come to the right place to get that response.

The facts, as you state them are:

* You have until June, they have to be out by April. You could extend or short term rent, presumably they can't. You have the stronger position.

* It's not the only house in Stalybridge (you didn't say that, but it is a fact). There are similar houses that you ought to go and look at, ignoring the asking price.

* The last similar house went at the very top of the market for only £130k, so by implication £125k today is well over-priced.

* You've got yourself into a mindset where this is "the one".

Personally, I'd be sticking at the £115k, but I'm a grizzled old gimmer who realises how lucky we were to miss out on our perfect house all those years ago. It all worked out okay in the end for us. It's your decision, but please make it with your head, not your heart.

.

Edited by Stainless Sam

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I expect that nobody has offered £125k or presumably it would have disappeared from the market instead of them reducing the RM listing, so I'm loathe to offer more, but I'd be a bit gutted if I didn't get it because I was wavering over £5k (am saving approx. £1k a month, so it's significant to me but not hugely difficult to stump up

I think you've answered your own question.

I have zero knowledge of that market, though I met a lovely couple from Stalyvegas in Holmfirth last Saturday night which leads me to confidently assert that such exist. Gorjus countryside on t'doorstep too.

Bear in mind that irrespective of nominal prices, in real terms (i.e. inflation adjusted) since '07 you're suggesting falls of around 20-25% and the fact that you're offering below asking means this is a buyers market. It's no fun whatsoever negotiating as a buyer in a sellers market.

So your question is: How much is a couple of grand worth to me? Simple.

(it says 'under offer' on the RM listing, so I assume that's your offer?)

Edit -typo

Edited by R K

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Thanks, Stainless Sam. That helped. :)

A prod backwards is actually more what I'm after, which is exactly why I came here (and probably answers my own question, thinking about it). :) I've been lurking on HPC for years and am wavering between giving in to being emotional about it, which is obviously a Bad Idea financially, and sticking to my guns and waiting for the seller to just drop the price.

I'm facing rather a lot of peer pressure from family who are all very much of the emotional buying persuasion - partner and their parents are especially bad when it comes to this and keep nagging me about what's happening with the house every couple of days / going on about how it ticks all the boxes. Feels like banging my head on a brick wall telling them everything's the same as last time they asked.

My head's telling me that if anyone was willing to pay £125k it wouldn't still be on RM, and that as it's getting closer to the seller's deadline they're going to have to start being more flexible soon.

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I think you've answered your own question.

I have zero knowledge of that market, though I met a lovely couple from Stalyvegas in Holmfirth last Saturday night which leads me to confidently assert that such exist. Gorjus countryside on t'doorstep too.

Bear in mind that irrespective of nominal prices, in real terms (i.e. inflation adjusted) since '07 you're suggesting falls of around 20-25% and the fact that you're offering below asking means this is a buyers market. It's no fun whatsoever negotiating as a buyer in a sellers market.

So your question is: How much is a couple of grand worth to me? Simple.

(it says 'under offer' on the RM listing, so I assume that's your offer?)

Edit -typo

#

Got to agree with you RK a grand set of people on the east side of Manchester. On a couple of occasions I have tried to make my way up North that way via Staley Bridge to avoid the M6 on the other side and they are more than helpful when I get lost. You can imagine a scenario where they would drag you in for coffee and also insist on being a co-passenger to your destination and then walk back. Try doing the same thing down south they will either run away or it's a waste of time anyway because they wouldn't know the name of the next street.

Edited by crashmonitor

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I would rather agree to stick to your guns, rather than put the additional 5k.

It may be perfect house for you but that's probably a bit influenced by your eagerness to get it. You will find faults laters down the line.

try to think how much 5k would change in the house after you get it for 115. For me that's for example (circumstances may not be right) a brand new boiler and central heating throughout with spare change for partial rewire. Or it may pay for some clever storage under the stairs and some insulation here and there, it will be enough to kit out LED bulbs, new lick of paint. My kitchen (without appliances) came to 2200 and my labour to fit it, so...decision time.

On other hand not so perfect house in a bit of need of repair may be a better option as you can modify and adjust it to your needs, rather than getting to live with silly small deficiencies. There is plenty of things that can be done without going structural to change small bits, like reversing doors, or removing a larder, putting some comms cables in the wall if you are into it, or new sofa...throw away the carpets and install tiles in the bathroom...decision time.

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#

Got to agree with you RK a grand set of people on the east side of Manchester. On a couple of occasions I have tried to make my way up North that way via Staley Bridge to avoid the M6 on the other side and they are more than helpful when I get lost. You can imagine a scenario where they would drag you in for coffee and also insist on being a co-passenger to your destination and then walk back. Try doing the same thing down south they will either run away or it's a waste of time anyway because they wouldn't know the name of the next street.

Apart from some elements of jobs market, I find it difficult to understand why people choose (where they have a choice) to live in the expensive, largely flat, and mostly less friendly Southeast. One of lifes great enigmas...........

OP - don't forget to come back and let us know how much it sells for in due course and whether or not you bought.

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Well, I have a bit of an update.

The EA phoned my partner up a couple of days ago and said that the sellers had found somewhere to move on to, and asked whether we'd split the difference between the asking and offer price.

My partner told them that he'd have to talk to me about it before giving them any kind of response, so I phoned them back and told the EA that I wasn't willing to offer any more.

Does the EA phoning back indicate that they're starting to get a bit desperate? I took it as such and am waiting to see what they do next.

I'm also thinking that maybe I should lower the offer as obviously nobody else can be that interested if they're bothering to phone me. We're going to look at some other places soon in any case!

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Does the EA phoning back indicate that they're starting to get a bit desperate? I took it as such and am waiting to see what they do next.

I'm also thinking that maybe I should lower the offer as obviously nobody else can be that interested if they're bothering to phone me. We're going to look at some other places soon in any case!

Looks like the odds are tilting in your favour again.

Be wary of the 'splitting the difference' with a professional negotiator. It can be used to make something appear fair and correct when it's far from it, but it looks like you know that as you didn't bite.

I'd only consider offering less if you have another option, as it could sour things. If you want to pressure them, time limiting your offer or taking it off the table may be a better option.

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