URGENT - Offer advice please!

[Becaroooo]

Ok, long story short.

We have got a no chain cash buyer for our property - supposed to be moving in 4 weeks.

We have pulled out of the house we were purchasing (not great HB survery) and are frantically looking for something else.

We are viewing 2 this afternoon;

1 x semi, 3 beds, looks very nice, good cul de sac location on at £160k

1 x det 3 beds, also looks nice, not so good location, no chain on at £185

What is the lowest we can offer without sounding rude/offensive????

We have no chain buyer and a mortgage agreed and want to move FAST

TIA!

[pinkdelight]

15-20k below asking price. it's fine to be cheeky at first i think. get a feel for what they're after. it's not like they won't be listening if you increase your offer

[noddyholder]

Depends on whether they are over priced and how long they have been on plus what they are worth to you. 10% below is a ball park figure. So 140-145 AND 150-160 ISH!

[Becaroooo]

I was thinking;

£150k and £170K respectively?

The more expensive one has been on a while and its a property company thats selling it (I think Barrats) Would that make a difference?

The other house - not sure how long its been on. Looks lovely inside - decoarated to high standard and had lots of work done i.e. new bathroom, new kitchen, new boiler.

[nocake]

It depends how close the asking prices are to their real values. If someone is taking the piss with their asking price then be cheeky with your offer. If they're being realistic then you might just hack them off if you offer very low, particularly if they've spent a lot of time and money decorating to a high standard.

If you're a good buyer then a property company are likely to take a low offer. They lose money the longer a house is on the market and they won't be offended by a cheeky offer.

[mylovelymonster]

hello
well now, are they similar size overall? Square footage? Do you think the pricey one is higher because simply detached? The semi sounds like the better deal....
Cul de sac is good. Garden size? Off-road parking? Garage?

So, ideally you want to complete to fit in with your buyers? Could both accommodate that?

You can offer on both, and negotiate on both, see which one suits you and see what you can get either for, then make your decision. It is business, after all.

[Becaroooo]

Hi all

The viewing today on the detached was cancelled so will have to wait til next week for that one.

The semi is lovely...owned by a dutch couple so its open plan living, very well decorated (snazzy fire, gorgeous fabric/textured paper on some walls and designer rads that sort of thing!)

The big + for dh and kids is a massive outbuilding/garage we can convert into a playroom for the boys and hobby room for dh. Nice garden with patio area, not overlooked.

Wouldnt really need to decorate other than boys rooms (the paper in the back bedroom is fab, but dont think ds1 would appreciate it!!)

Bedrooms not massive but as my mother would say...they're only for sleeping in!

Bathroom quite large and inoffensively decorated.

The sellers are prepared to leave quickly as they can stay at her mothers til they buy another house - they are looking at one across the road!!!

We are seriously considering putting an offer of £150k - so £10k under asking.

wwyd????

[mylovelymonster]

Can you see yourselves living there long term? Sounds very nice. No work to do, sounds great.
How much can you comfortably afford? (interest rates can only go up, although not for a while yet). Do you think it is well priced for the area? Would the detached house give you anything extra?

I would think that 150k is a good offer compared to the asking price. (is difficult to know exactly without knowing more about the area & house - so I can't say whether it's 'worth' that, IYSWIM). They may only move out to suit you if you were to offer the full asking, but you never know.
If you offer and negotiate a price, you can still look at other houses (although if with same EA might be tricky!).

Is this house worth going for now instead of renting and looking later? Sounds like it may well be a yes to that!

[Becaroooo]

It's in a "nice" area of the village and a quiet cul de sac.

There is no real work to do inside (except painting boys rooms). There is the garage/outbuilding to convert which dh will be in charge of .

We have 4 years left of our fixed rate mortgage deal so we will know what the mortgage repayments are til summer 2015 - they will be more than they are now of course but we may go back to a 25 year term rather than 20.

Same CTax band as we are now (B)

There is a water meter BUT she will get it taken out for us (only had it fitted 2 months ago!).

Dh is VERY excited at the prospect of a proper hobby room AND all the boys crap toys/crafts/games etc will be OUT OF THE HOUSE

[Becaroooo]

The detached house has a conservatory -which we would use as a play room for boys. It also has a downstairs WC and master en suite (although it makes the master bedroom very small IMHO)

We have never had an en suite and I guess you dont miss what you've never had? I will miss the downstairs WC we currently have BUT the semi has a WC and utility in the outbuilding which just needs some tarting up.

Much larger kitchen in the detached though. My current Kitchen is large (3m x 5m) and I will miss the cupboard space tbh, however, it has got an integrated dishwasher, microwave (which is handy as ours is on its last legs!) and range oven.

Wood floor throughout downstairs which is a big + for me and decent carpet on the H,S and L.

New boiler in 2009 and new white bathroom suite.

The garage/outbuilding needs a lot doing...basically making into a large room. so bricking up garage door, 2 new windows, new utility and WC area, plastering and flooring.....god knows how much that would cost!

[alliwant]

Sounds bloody marvelous to me! start at 10K under and increase as you need to....What is your budget? Is this well under or on the cusp of it? The main thing is do you see yourselves living there? It sounds to me like you do, so go for it!

[Becaroooo]

hmmm....I dont like the idea of a larger mortgage but then we arent ever planning to move again so not sure it matters long term.

Dont really want to spend more than £150k - especially as the conversion needs doing....

[mylovelymonster]

If your top is 150k, then start a bit below that for an offer? 142k? Then go up a little?
Have you looked at Land Reg for recent similar property sales? How well priced do you think it is?
Doesn't sound as though the outbuilding changes would cost a great deal - any friends in the building trade could give you an idea? Or will you do it yourselves?

[Becaroooo]

Well, its not really but its all I want to go up to!!!

DIY??? Arrgghhh...no! We would get the guy who did all our work here - he's not cheap but his work is good and he doesnt try and get you to do unneccessary work IYSWIM?

We also know a good plasterer and plumber so no worries there.

There is also already planning for a granny annex dwelling so dont think we would have to reapply for change of use either. I am thinking less than 10k for the conversion?

Thanks so much for your input MLM Its great having someone to bounce ideas off who is neutral

[Becaroooo]

I wish I knew how to do links!!!!

[mylovelymonster]

hi - for links you just cut&paste URL into //here

I've had a huge interest in property the last few years. Didn't move as we thought we might need our money for IVF. Luckily, not so have been seriously looking since Jan'10, almost bought something, didn't come about for reasons too dull to go into, Asking prices we have seen rocket in the last year (were lucky enough to be looking at places around 550k which now we would be lucky to get for 650k!!) - so am now a local expert, but waiting for the market to cool.....if it ever does. Meanwhile in our lovely but not very big semi for the forseeable - therefore have a lot of pent up house hunting energy
Happy to be bounced off.

Yes do ask your builder friend - take him for a look. I would have thought less than 5k for work, possibly less that 3k - if you source fittings yourselves and negotiate discounts (utility space etc).........
Check when the planning permission expires. Beware of creating a separate living space/dwelling as may be in-line for separate council tax. Check everything out. Council planning department usually very helpful.

Off to herd the under fives - only two but my goodness.....and their dad is like a third.................

[mylovelymonster]

I meant put the link between and hmm will see how that comes out....

[mylovelymonster]

yes that's it - just leave out the spaces

[Becaroooo]

heheh I have 2 dc too and it often feels like 3 if you include dh!

You make some really interesting points, thanks! (never even thought of the council classing it as another dwelling!)

Am assuming (given the prices you are quoting and the fact they have gone up, not down, that you live in the SE or Oxfordshire???) Prices are def on the way down in this area (derbyshire) Thing that REALLY bugs me is that some people seem to put their houses on the market and yet are not really serious about selling There are at least 4 properties neat me that have been on the market since spring last year and they arent dropping thei price!!!! We dropped £20k off our price!!! (tbh I thought the EA over-valued it at £150k)

Interestingly there was a 3 bed semi with double garage, very similar to the one we like on the same cul de sac in April and it was on for £145k....

You really ought to think about a career in property...you're a natural!

[Becaroooo]

OK, so have been doing some research on rightmove and the house was bought by its present owners in May 2008 for £156k.

Its on at £160k.

Am thinking of offering £150K (as we need to do the conversion)

What do you think??

[mylovelymonster]

We're looking in South Beds (used to be able to get a lot more for your money up to about 8 months ago!), North Herts (one of the most expensive areas outside London), and West Cambridgeshire (again, continuing to suffer from The Cambridge Effect......). Wish we could live somewhere beautiful (and affordable) like Derbyshire.........

Well now, the one on at 145k - what did it sell for? Or was it 145k sold price? It may not have been in as good a condition as the one you're looking at now. Plus, people usually get planning permission in place so they can ask more for the property, even though they are not going to do the work for themselves. Frustrating if you don't actually need an annexe, but it is their perogative.

You are in an extremely good position re: buying, the only thing is that you do need to move quickly, so you are going to need to meet their terms to some extent to make the deal happen.
The other house - did you find old details on Zoopla? Or sold price? Any information on size and or condition when sold/on the market? Could all lend credibility to an offer below 150k. However, also to take into account is your vendors need to sell and if they bought at 156k, then doing work to the house - sounds like they will make a bit of a loss, but then they may be able to recoup that in their next purchase, so difficult to guess at.

If you feel 150k as a best and final offer, no mucking about, then they will have to consider seriously. How long have they been on the market??

[mylovelymonster]

Anecdotally, we've looked at a house that was last bought for 578k in November '08, which came to the market at 750k 18 months later. No improvements other than about four new windows and two rooms re-floored. Is now sitting at 695k, a year later. Would be ok for us but not a cat in hells chance are we paying that!!! (no-one else is either!). The market here is just awful.

Incidentally, was offered a job by an agent recently due to my market knowledge and rottweiller business acumin (!), but I think he was just being charming because he hoped I would spend a ridiculous amount of money on one of his agency's houses. Ha.

Offer what you think right and suits your finances. I know time isn't on your side, but don't go mad!
Are you seeing the other place this week?
Even if you do make a deal, it may be that the time frame you are working with is just a bit tight - do you have a plan B if there is a bit of a gap? Family? Friends?

[mylovelymonster]

Oh, and if you do make an offer, put the offer in writing directly to the vendors as well as dealing with the agent. Agents can be slippery, so good to make personal contact to help cut down on nonsense.

Offers at first verbal to agent, then in writing (to both) outlining your offer (maybe a bit of information backing up your offer), proceedable position (finances in place, sale agreed on your home), timeframe, and name of solicitor who will be acting for you, even if your opening gambit. Most businesslike and shows your commitment.

[mylovelymonster]

Wow - that was a lot! Am now off to make the tea.

[Becaroooo]

Plans are to stay with PILs once moved so no worries there (well, plenty of worries, but you know what I mean!)

The vendors will also move to their PILs if/when they sell as they want to buy a 4 bed det on the same cul de sac but arent in any hurry! I get the impression they have move a lot (lived in spain for a while too) so it wont be the first time they have camped out at her mothers!

I am really hoping that the fact we have a no chain buyer and mortgage offer in place and that we are wanting move fast goes in our favour.

Everyone I know round here who bought at the height of the market is selling for less than they bought it for.

I would love to live up in the peaks near Buxton or somewhere like that...the property is so cheap there!

The det we were thinking of viewing was sold earlier this year for £175k so cant see them accepting £170k and thats the max we would offer for it tbh.

aaarrghhhh... I hate this!

[tyler80]

I think if they bought for 156k in 2008 and it's on for 160k now an initial offer of 150k is too high.

The thing is if they bought in 2008 they may not be in a position to accept much less.