What to offer on this? Anyone have experience?

[Frevera]

Could do with opinions on this, hoping it has more traffic than property board.

Viewed a house with my parents this morning that sold 5 years ago for 150K. It was in a state, not really somewhere you could even live according to old photos on Rightmove. The seller has done it all up and added a second tiny bathroom en suite upstairs and reasonably large dining space as an extension...mum likes this as she wants a space to entertain! He’s now asking 300 for it and said he said we left this morning that he’d had an offer already. We asked how much...and he said the asking price. Is it strange the agent wouldn’t tell us that before we viewed and where does that leave us now if they want to offer? It was almost like he said it to push up any offer we would make... he said I shouldn’t really say but yes it’s the asking.

I’ve looked at the area and doesn’t seem wildly out of kilter with other prices but is it a bad investment to buy somewhere done up and pay a premium like this? Also if he’s had an offer of asking price why hasn’t agent said that before we viewed so we knew it was offers over? why hasn’t he accepted it? Or is he telling us the offer is the full 300k to trap my family into that price if they want it?

Parents liked it... they’ve got nowhere to sell (living with my brother at the moment after an awful year for them) so in a good position but seller didn’t seem in a rush! 310 is their absolute max and they had hoped to go in lower so didn’t stretch themselves (they are in late fifties now so don’t want a big mortgage).

Anyone more experienced have any ideas on what’s going on or how we should pitch this? If it comes to it I would want to help them bridge a gap and give them money towards it...but also don’t want to be paying over the odds. I’ve only bought one place before and it was a different ballgame in London for a flat and many years ago.

[dooratheexplorer]

You need to compare it against the local market not what he paid five years ago. Are there similar houses? How does it compare?

Do your parents want to just move in and not worry about DIY/decorating? Not everyone wants a doer upper.

I would be a bit sceptical about the vendor mentioning an offer for full asking price but I'm a bit of a cynic. If you don't want to offer £300k (or more) then tell the agent you are interested but there is no point in putting in an offer as the vendor already has one at full asking price. In short, play him at his own game. Never good to rush into things. Trust in the process and you will get the right outcome.

[Frevera]

Parents loved it, pretty much finished so they wouldn’t need to do anything. Mum has mobility issues so it suits that for them. They certainly want to go for it and particularly like the street, it has two small independent coffee shops. All the things they wanted.

Before we viewed I had thought I would just support them to pay asking price if they wanted it. But...after asking what offer he’d already had and him being hesitant to say then saying asking price...it’s actually made me think he hasn’t been offered asking! But then it leaves the situation as what has he been offered and for the sake of 5 or 10k if they loved it just go in at asking? I don’t know, I just can’t understand a seller not accepting asking or making it clear that it would be offers over now, as why would any new viewers offer more than asking unless they knew that offer was on the table already?!

[Gotthetshirt23]

I didn't think estate agents could tell you what offers had been made ?
Make an offer that you are happy with and see what happens ?

[Sadsammy]

If your parents' offer is a cash offer (at a lower than asking price), that's a good bargaining chip.

[FunorFitness]

Offer what you are happy to pay, the fact that you are cash buyers and no chain gives you an edge.

[Happyheart52]

I would make sure to get a full structural survey.

[Frevera]

The agent didn’t tell us, we asked the vendor and he hesitated then said the asking price had been offered.

Not cash buyers, they need a small mortgage. It’s probably really worth 275 in reality but for the sake of 20k on a mortgage I’m not sure it’s worth the stress going in lower. They need a finished place as not in good health to do work on a place. I feel out of my depth!

[GinandGingerBeer]

Request to get your thread moved OP. You've posted in relationships.

[Frevera]

That was intended for more traffic

[Rainbowqueeen]

I’d say to the agent that they are thinking of putting in an offer and see what they say.
As far as the price goes, ignore the five year ago price It was unliveable then so he’s clearly spent a lot on it. It also sounds like it is the kinds of place that is ideal for your parents so worth a premium. If they need a mortgage, the bank will want to do a valuation.
If they are not in a chain because they have sold then that’s a point in their favour so even if they offered the same as another person they might be preferred.
Start with the agent and see what happens

[PointyMcguire]

Hmm I’d have a chat with the estate agent. They won’t necessarily tell you what the offer is, but I’d be surprised if they didn’t tell you there was an offer.

Speaking from experience I would be a little about the seller already having an asking price offer. Our house had been listed with the agent for 4 days when we got an asking price offer, we accepted the same day. No way we’re we going to go through the hassle of any more house viewings if we didn’t have to!

[Frevera]

Been talking about it today and they want to go ahead.

Problem is if they have had an offer then it’s going to be within 20k of the asking price isn’t it? Realistically...

Which makes me think go in at 300 to try and secure it and just take the hit on the premium...

[Cherrygirl3]

It's possible that the other potential buyer isn't in a good position, therefore agents are hoping for a similar offer from someone in a better position. Make sure the agent is aware of your interest, if it's the perfect house for them let them know (the agent) and they should talk you through what offer they need to make to secure the purchase.

[Frevera]

I find agents difficult and likely to say make the best offer and that’s that...

[BIWI]

@Frevera

That was intended for more traffic

WTF? Why not just post in chat? Plenty of traffic in there!

[BornOnThe4thJuly]

The offer could be from people who haven’t actually sold their house yet, or from people in a big chain, or from someone who needs a very big mortgage. Your parents are in a good position, I’d offer 290/295k and see what they say, you can always up the offer if it’s rejected. Make sure the agent tells the owner that they are ready to go, nothing to sell, mortgage agreed, can complete quickly etc.

[HebeMumsnet]

OP, we're moving this to Chat now as it's not really a relationships issue.

[42daystogo]

Weird i live in Northern Ireland and the estate agent would always say if an offer had been made and exactly what the amount was. How would you know what to bid if you didn't know the others offers? Could you ring the agent and just ask if any offers have been made?

[Frevera]

Exactly it’s odd but definitely normal for England. Agent has confirmed there’s an offer but won’t say what it is.

[wishywashywoowoo70]

Just make an offer as suggested. If they really have had an asking people for offer they'll just reject yours and you can increase it.

The agents are there to sell the house not be awkward and weird with you.

The selling is obviously going to say they've had asking price offer. It's probably BS because if they had why haven't they accepted it.

[Didiusfalco]

Start about £295k to see if it was bullshit and if not they can always offer more. £295k isn’t offensive so he should still be happy to negotiate with them, and sounds like they are in a good position.

[CormoranStrike]

I would offer £280k to give a little room for negotiation.

I bet he hasn’t got full asking price.

If your parents can complete quickly or have little or no chain then these things can be bargaining chips.

[Frevera]

So the agent said they have two offers, both asking price, both cash buyers?

Parents asked if there was any point making an offer if their max was the asking price and the agents said yes she would put it to them..which obviously she has to do but why on earth would they not have accepted cash buyer already and do you think it’s game up now?! We could go 10k higher but that would be it.

[Frevera]

This is why I hate the process and agents

[DisappointedOfNorfolk]

Did you make an offer in the end?