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...to offer this much?(80 Posts)
Just seen a three bed house we like on the market for 230k. The owners are deceased and the son is selling. It hasn't been updated in a few decades and would need new windows in every room. The kitchen and bathroom are barely functional and would need to be fitted and replaced before we could get to the cosmetic stuff (new carpets throughout etc) and properly 'live there'.
Am I being unreasonable to offer quite a bit under? 190/200k?
(We are first time buyers if this helps).
Op, it’s been valued at 230 in its current condition.
You can offer what you wish, you need to offer what it’s worth to you and what you can afford.
However it does not mean the seller has to accept it. Or that someone else will not offer more.
Surely the asking price already reflects the level of work that will be required?
What would a similar house in pristine condition sell for in the same area? If it's considerably more than 230k then the work needed is already reflected in the price.
£40k is not 'a bit' under. He can hang onto it until he can get what he wants for it, he's not likely under pressure to sell it so will probably reject your
Agree, what do similar properties done sell for? Is it 230?
As said, you never know, but unless he’s desperate, then it’s been valued at 230 in its current condition so unlikely they will drop that far.
Worth a shot, but I’d not get my hopes up they will accept. Be prepared to walk away if all you can afford is the 200.
I agree with others, it will have been priced based on the condition. If you think that’s too much, you can offer under. Worst they can say is no.
Have you done your research on other houses in the same area?
Offer what you like- they either accept or don’t. I wouldn’t accept that, also the seller isn’t trying to move in a chain so may have time to wait for a better offer
It's not unreasonable to offer something in region of 5% under the asking price. But 13-17% reduction sounds unachievable. I would speak to the estate agent and ask what would be the lowest price you can go for. If the house was on the market for a while they could have had offers and would know what sum the seller is after.
Perhaps the family are trying to sell it at the price others (in good order) have been sold at? I’d research recent selling prices of similar properties in the area. If they’re asking too much it’ll be up for ages yet.
Impossible to say without seeing the house and knowing what equivalent properties in the area that don't need the work go for. That much under does sound a bit insulting, though. Do many people overprice their houses by that much?
Perhaps the family are trying to sell it at the price others (in good order) have been sold at?
Possible, but unlikely if they're selling through an agent. It would be very irresponsible of an estate agent to allow a house to be marketed at well above it's realistic value, taking into account its condition. Most buyers will be reliant on obtaining a mortgage and a mortgage valuation is always going to be based on what the house is actually worth, not what the seller would like to get for it, so you'd just end up with a sale that's likely to fall through down the line.
As others have said, offer what you feel the house is worth to you, but don't expect a positive outcome at £40k less than the asking price.
Its fine to offer under the asking but they might not accept.
Offer what you like, they can only decline and assume you're not a serious buyer.
I think 10% under is fine.
Someone on my road passed away & a very distant relative inherited the property. They sold the property ridiculously fast for quite a bit under the market rate however they wanted the money quick as they live in Oz.
There is no doubt some properties are over priced. There is also no doubt some folks accept less than the value when desperate.
It’s impossible for us to tell if this property is priced realistically or 230 is the price it would be worth immaculate and condition not taken into account, Not without the op posting a link so we can see what other similar properties fully renovated sell for..
It’s also hard to tell if the op is just looking at properties out with her budget and mistakenly thinking That you take off the renovation costs from the selling price. Instead I’d thinking if it’s 230 now and I spent 40 k would it be worth 270.
Offer under and work your way up to the amount your comfortable with! They can only say no?..
Have an end amount "final offer" in mind, and go in where you feel comfortable- even if its considerably less.
If you can meet the vendor and build up rapport, even better.
Just note, you may loose the house to another buyer while you are doing this - I would fully be prepared to offer under and raise offer to my own maximum.
Worse they can say is no?
Offer what you want! If you have no chain and mortgage approved you are a very attractive buyer! I'd say something like £202....looks like you've really thought about it then. I have put in 'cheeky' offers on a couple of houses and got them. Depends on how desperate he is to sell. Plus he may have has a range of valuations and gone with the highest, expecting to take a lower offer. If it's rejected, ask the agent what the vendor would accept. He may make a good counter offer!
If you can meet the vendor and build up rapport, even better
How’s she going to do that then?
You can offer whatever you like - what's the worst that can happen? If they say no then you've lost absolutely nothing. If you say yes then you've got a bargain.
It depends on what done up properties go for. Too low an offer might antagonise him.
Thanks for all your replies! I (clearly) have no idea how the process works, haha, so I'm glad I have Mumsnet to put me right!
The houses on the road go for between 250-300.
So it is priced accordingly then...
Then £230k sounds like it has already been priced because of work needs doing
Hello @Bluntness100, I regularly see your posts and enjoy them, anyway, to answer your question.
I say meeting the vendor and building a relationship due to my friend, a first time buyer, actually meeting the vendor of the house they are first time buying. They are local people, have viewed the house and had alot of respect for the house and its history and surroundings, vendor was doing the viewings and they built a very good relationship with the vendor, chatting about the house, its history, future plans, even saying they would stay in touch and let seller know what they had changed to the house, keeping some of thier original features that had meant something to seller (of course that only works if you plan to follow through)
Vendor accepted thier below asking price, while communicating with my friends, they are also first time buyers.
I sold my house in 2016, for a lesser offer, to first time buyers who were very respectful to me about the house. For a few years we stayed in contact and i sent them a Christmas card. The house didn't work out for me and my ex-H but I loved it. Last time I heard they had a baby and the house was a much loved family home.
Building a relationship with a seller can have genuine benefits, but of course only works if both parties are genuine.
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