Can someone read my thread about viewing a house and offering , need some constructive criticism

[shinybaubles]

We viewed a house last week, that is really nice (not in love with it) and practical etc, the owners have already knocked 100k off the original asking price, and we are considering putting an offer in, so after a weekend of research on many websites etc we have realised that the house really needs to drop it's price by another 100k to be in line with other similar properties etc.
So do we offer what we think it's worth and risk offending the vendors, we are cash buyers and the vendors told us quite a bit about their financial situation. Basically they want someone who can put a deposit down and we can.

And the other questions is should we buy a house that we like and find practical but are not head over heals crazy about?

Anyone ...

[SunAtLast]

Offer what you think it's worth.

[shinybaubles]

I think we'll have too, although I feel a bit guilty about it, for some reason.

[MrsSquirrel]

£200k over what it's worth

I agree, offer what you think it's worth.

I wouldn't worry about 'offending' the vendors. You are not responsible for their feelings or their financial situation. They are free to accept your offer or not, it's up to them.

[shinybaubles]

Going for a second look tomorrow MrsSquirrel just in case we missed something that adds that much value. Seeing as they have already had to drop 100k I don't think that we're that wrong.

[FireOverBabylon]

Have a think of a polite way of summing up why you think it's worth what you want to pay e.g. no. 43 sold last year for X amount and prices have dropped by x since then. The agents may then explain why you're making the offer you are.

I agree with MrsSquirrel and at it being £200k over its value - how can they even begin to believe they'd get that much for it?

[Shakey1500]

What's the asking price?

[typicalvirgo]

Have you had a look to see what similar properties in the street have gone for ?

Rightmove my other addiction has a section where you can find sold prices.

Presuming you are not widely off the mark I think its a perfectly reasonable offer.

I house I loved last year was up for 1.2m its just gone under offer for 975 gutted

[shinybaubles]

FireOverBabylon - I was going to set it all out in an email to them, I will mention other prices in the area, and the fact that we are cash buyers and can put a deposit down and then complete when they want, we are in rented at the moment.
Shakey it's 750k, down by 100k - apologies no pound sign button on laptop.

[shinybaubles]

typicalvirgo - yes we have checked rightmove and other websites, and the land registry etc, I think we're right tbh, and I really don't want to offend them, but I thought house prices were dropping, they bought it last year and I know what they paid.

[Shakey1500]

I don't think offering 650k would be an enormous insult being that the rule of thumb is to start with knocking 20% off the asking price.

[shinybaubles]

Didn't know that Shakey, makes me feel a bit better.

[Shakey1500]

Well I'm no expert, and it may have changed due to current climate. Actually, I'm not sure exactly when that was de rigeur

[noddyholder]

Offer what you think its worth and are comfortable paying. I offered 19% off a house last week that we 1st viewed last november it had had no offers and hadn't dropped price. My offer was accepted I was amazed and then dp decided he didn't want to buy it and I am back to square one. 650k sounds fine its 14% under but considering others are that level I would go for it.

[typicalvirgo]

Good luck with your second viewing. Keep us posted !

[Mintyy]

Why don't you go and view the other similar properties?

[shinybaubles]

Thanks everyone have viewed the other house for sale nearby, but we'll see tomorrow after another viewing, the vendors have asked that we communicate directly rather than via the estate agent, is this done often, I don't mind.

[Mintyy]

I think the vendors are unlikely to accept £200k off their original asking price but then what do I know?

I'd be wary of them wanting you to side-step the agents, too.

[shinybaubles]

Well Minty you may be right - we'll see anyway if we offer.

[VivaLeBeaver]

My mum had her house on the market for ages, think it started off at £325,000 and sold for £210,000 a year later. So similar percentage price cuts. I felt it was worth somewhere in the middle byt mum was desperate to move.

[Mintyy]

I wonder what happened to Rhubarbgarden and her house-hunting? I haven't seen her post for ages.

[shinybaubles]

Viva these vendors are desperate too sell ( I know a bit about their financial situation) and while I don't want to take advantage, I will only offer what is comparable to other houses in the area.

[MrsCampbellBlack]

We had similar when we bought our current house. It was on at about £75k more, dropped and we then paid 20% under the asking price.

It needs a lot of work.

You're in a very strong position as cash buyers. Good luck.

[typicalvirgo]

She moved in very recently Minty

The one with the cellar. Lovely.

[shinybaubles]

So have had a second viewing and really like the house. Now the question is what and how to word the offer, we're going to email the owners directly, not cutting out the estate agent, as he is a friend of theirs, but just in terms of not having a middle man while we hopefully negotiate.

[MrsSquirrel]

Good luck Shiny