What should we offer?

[VerityClinch]

Edwardian detached in lovely large village/small town, on for £685k.

Owners bought for £645k in 2006. Have done nothing to improve or even maintain it.

Their last sale fell through at the last minute and they are keen to move as they have built a new house nearby.

I went with a builder today and it needs around £30k of work (re-wire, redecorate, roof repairs, new windows (lots of them and they are HUGE).

We are chain free, have mortgage offer in principle, husband is solicitor and conveyancing will be in-house and fast. Searches are fast here too, we reckon we could exchange and complete on same day, in about two weeks time.

Our position is strong, theirs isn't, so much. I can't believe house us worth more than they paid especially as they haven't maintained it (they've hardly even cleaned it!), we need to do the work!

So, how much to offer and tactics, please??

[invicta]

Have you looked at Mouseprice/Zoopla etc to see what they estimate hte house is worth? Why don't you start wit h a cheeky offer (£600) and see what they think, stating your strong chain-free position etc. How desparate are they to move? There's plenty of room their for movement upwards.

(Maybe I've been watching Location Location too much)

[tedglenn]

do you know how much the offer that fell through was for?

I agree that with your strong position, and the state of the housing market, you should start embarrassingly low.

[VerityClinch]

No, estate agent won't tell me the offer that fell through, just that there is "flexibility" in the asking price.

Zoopla estimates value at 640-680 but the condition seems to make no difference to that, and it is SERIOUSLY in need of rewiring (like sockets as old as domestic electricity and some terrifying cabling, am amazed they haven't gone up in flames already!)

[noddyholder]

I made an offer today 19% below asking and it was accepted. I put our position in long and very boring terms to the agent and mentioned the market blah blah and we were told she needed a week to think about it which we agreed. They rang back within about 2 hrs and said yes. Interestingly the agent said he stressed to her not that prices are falling (they never admit that) but that finance was very difficult to secure and as we are in good position she should consider it seriously. I think work out what it is worth to you and consider the works(I listed all the stuff I thought were 'necessary') and then give them a week but say you have others to view

[wendybird77]

I'd start at 600k if it needs that much work TBH. The EA may laugh at you, but may tell you what the other offer was for (this happened to us last week - we still didn't offer higher - place was a tip and was already priced nearly double what they paid for it).

[VerityClinch]

Well, we've offered a very reasonable (IMHO ) £625k.

Watch this space...

[VerityClinch]

Don't hold your breath though. The estate agent who "does offers" doesn't work today.

FFS.

[noddyholder]

My dp has decided he doesn't want to buy the place we have offered on aaaaaaaaaaaaaaah!

[tedglenn]

Good luck verity, I'll be watching outcome with interest. We've seen a house which, if we offer (still deciding if we like the house sufficiently to make any offer!) will be at 15% below asking and we would only creep up a small amount if rejected. We're in a similar, no chain position, and the vendor has found a house he wants to buy. House has only been on market 2 months, but has recevied zero interest except for us, and I predict it will stick around for years. It's on with an agent who routinely overvalues properties (monitoring the land registry sold prices - a similar proposition the agency sold in July for £600K, was on the market at £745K).

[rueyrichardson]

Yes, I'm watching this one avidly too. Good luck! Let us know how you get on! (and poor you Noddy).

[MisForMumNotMaid]

30k sounds like a very low estimate for a big house rewire and windows let alone repairs and redecorating. Might be worth getting another couple of quotes. I'd double it before allowing for personal taste in finishing touches.

[VerityClinch]

It's fine - builder well known to us, great reputation and quote is just the bare bones essentials and doesn't allow for the finishing touches and fancy bits.

[MisForMumNotMaid]

Oh good. I didn't want you to have a big shock once you complete.

[VerityClinch]

Lol. The shock will come when I tot up the wallpaper, paint, lighting, carpets, new en-suite and utility I have planned...

[wendybird77]

Ah, good luck! Hope it goes your way .

[VerityClinch]

Du-du-duuuuuuuuuhhhh

£625k rejected. Vendor says (a) she won't take less than £650k and (b) will rent house out over the winter.

To which I have said (a) she won't sell it then and (b) ha ha ha, no-one is going to rent your gopping manky house (maybe not those exact words).

Agents says "talk to your husband and come back with your best and final".

Not going to do anything for a couple if days I think and see if she bites...

[rueyrichardson]

Poor you Verity. Similar happened to us today. Depressing when you stick your neck out for something.

[VerityClinch]

Oh, it was a first offer, and a low one. They were always going to say no. However, we now know they want £650k not the £685k asking price, so NOW the asking price is £650k.

Herein, it's all about negotiation and guts of steel...

It ain't over yet.

[rueyrichardson]

Where roughly are you buying? Your story is scarily similar to ours. And yes, steel guts def required.

[VerityClinch]

Kent ...

You?

[rueyrichardson]

North Surrey for us

[OscarPistoriusGirlfriend]

Oh god it's a nightmare isn't it?

We're offering on a house at the moment. On at £400k needs A LOT of work. Not least new kitchen/bathroom. We started at £300K and obviously rejected, so have offered £320K. We've listed the benefits to the owners of going with us so now we wait.

[OscarPistoriusGirlfriend]

Must have been listening. They said no.

[rueyrichardson]

Poor you. VERY stressful time for all, I am sure our relevant vendors are quite stressed too!

[wendybird77]

We had an offer accepted today of £325 - the asking was £400. All about buyer and seller positions really - they HAVE to sell and we are chain-free buyers. We had much higher offers rejected on other houses - they are all still sitting on the market.