But isn't that the crux of OP's problem?Agree - The offer should be based on what you believe to be the current market value. You could estimate this figure on whatever evidence you can gather based on current listings in the area, time on market etc...
Agree - If you think its gonna be worth that little in future then why would you even be attracted to the property in the first place? If you can say with confidence that the price could fall as low as your are offering then what is to say its not gonna fall further. Why not just continue to rent if you place such a low value on owning the property?
Agree - The offer should be based on what you believe to be the current market value. You could estimate this figure on whatever evidence you can gather based on current listings in the area, time on market etc.
Is your offer wrong? No - you are free to offer anything you want. If your question is, why will they not accept my low offer, its because they do not want to sell the house at the price you are willing to pay.
I think your offer was a fair in your eyes but a bit of a joke really.
It's obvious that when all is paid out of your 200,000 offer by the seller that they may well end up with less than they started out with.
What annoys me with this is that they have been selling it for 2.5 years, that means even at 350K people still believed it to be overpriced when times were good.
I think an offer of 230 - 250K is all the seller should be expecting and fair current market value for the property and the fact its not a re-sale your looking for and a family home, by the time you may come to re-sell in the far future, it will have stabilised and more than likely gone up in value anyway.
I think more of your type offer is needed to be fair, glad to see you have the balls to do it, laughable as it is!
PaulyB your comment "have no intention of ending up in the negative equity trap because I offer "current market value".... How can you say that this wont happen even if your very low offer was accepted? It does not sound like you are ready to buy a home as for most of us negative equity is part of the risk of home ownership. It seems fair enough not to want to overpay but to hope you can close on a deal that is devoid of all risk is not possible particularly in the current climate.
Why on earth not continue to rent?
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