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Hypothetically speaking....unsold after a year

(31 Posts)
coolpatterngirl Wed 30-Mar-16 11:38:20

I know this is a "how long is a piece of string question" but keen to think through all possible scenarios.

House has been on the market for a year in a fast moving village.

Is a beautiful looking 30's house, needs updating.

Cost is 800k, most expensive on street but difficult to place as surrounded by bungalows.

Owners have emigrated and house has been empty for a year.

One sale which fell through about 6 months ago.

There is planning for new homes to be built behind this garden but large enough garden to not be overly concerned.

Have enquired with agent, no reply. Friends know the owner and he's not financially dependent on the house selling urgently.

How would you approach this? Our budget is around 700k but would obviously prefer to pay less to start renovations.

JT05 Wed 30-Mar-16 12:25:36

If it has been on the market for over a year then it is overpriced. A survey might throw up other costly work. I'd start at a low opening offer and see how negotiations proceed. But also I would have my final offer fixed in my head. It's a bit like going to an auction and having the strength to walk away when your limit is reached!

wowfudge Wed 30-Mar-16 12:41:38

Overpriced. Bungalows usually attract a premium because of the larger plot size relative to the number of bedrooms. It really comes down to whether the owner actually wants to sell. In this case it might be worth a chat with the agent setting out that you are interested, but not at any price and asking them to gauge the vendor's position and thoughts as a first step. Ask the agent what the pricing strategy was/how it was decided on. Try to find out why the other sale fell through. Don't tell them your Mac price at this stage.

Be wary of trying to chip the price for reasons which are down to personal taste rather than necessary work in the house - someone did that with us and DP's response was that he wasn't going to pay for what the potential buyer wanted to do!

Stillunexpected Wed 30-Mar-16 12:52:17

Overpriced, particularly if the owners are abroad and not financially dependant on the money from the sale. If they are not in the country, they probably also don't know or care what the local property market is doing.

redhat Wed 30-Mar-16 12:54:16

Difficult seller who won't budge on price combined with overpriced.

FrikkaDilla Wed 30-Mar-16 12:55:21

I'd start around 650k then you have room to negotiate a bit. Don't appear too keen!

coolpatterngirl Wed 30-Mar-16 19:07:50

I fear he's a sentimental seller and won't sell below a certain threshold.

Wow fudge, if it makes any difference it's a traditional double story surrounded by bungalows which make it tricky to price accurately.

specialsubject Wed 30-Mar-16 20:34:00

empty for a year? Damp and rotting by now!

GETTINGLIKEMYMOTHER Wed 30-Mar-16 22:01:27

If there's no intrinsic drawback, like a noisy pub next door or a very gloomy and sunless garden, then a house that hasn't sold in a year is overpriced. There is no law against putting a cheeky offer in - they can only say no.

Relatives of ours were selling a house for a relative who'd had to go into into a care home. Because they didn't know the area and believed the estate agents, the house was marketed at too high a price. It sat empty for over a year, offers were turned down and the price eventually reduced bit by little bit. In the end it sold to someone who'd put in a rather higher offer 6 months previously, and been turned down.

coolpatterngirl Thu 31-Mar-16 10:39:12

Thank you all, many new angles to think about.

Dh has now pointed out another house, similar but renovated at 25k more. The renovations aren't to my taste (or his). It sold at 565 in 2014 and has been renovated and empty since. What would be a fair asking in your minds?

FrikkaDilla Thu 31-Mar-16 10:47:00

The renovated one sounds much more appealing. It doesn't cost much to do cosmetic changes but if a full renovation has to be done to the first one that you are interested in then you could be talkin £££s

namechangedtoday15 Thu 31-Mar-16 11:38:09

Depends where you are. Has been a massive increase in prices here in the last 2 years. Is there something difficult with the area - i.e. these are big family houses in an area which doesn't really appeal to families (what are schools like locally?)

coolpatterngirl Thu 31-Mar-16 12:32:22

Great area with outstanding school. Commuter territory.

namechangedtoday15 Thu 31-Mar-16 13:00:36

Sounds like there is something wrong with the house (that is perhaps only identifiable via a survey?)

wowfudge Thu 31-Mar-16 13:01:42

Could you post a link OP?

cruusshed Thu 31-Mar-16 13:35:01

Some people will be put off by a building site on their doorstep for a year at least. If there are more detached bungalows on the street take a look at local planning to see if anymore are being demolished and rebuilt.

If the house was the last family home then the seller will wait to max their profit - I have seen it near me - they just wait until the market catches up with the price....just seen neighbours sold after 3 years - way over priced when put on market at the time - now just gone....

coolpatterngirl Fri 01-Apr-16 12:30:34

I'm reluctant to post a link in case it outs me and creates a massive surge of interest!

Going to view it with dh, fingers crossed.

coolpatterngirl Fri 22-Apr-16 10:29:54

Back to this. Have viewed and a few other houses but only this one feels right.

A previous sale fell through at 740k, they're still interested but haven't sold theirs yet.

We want to make an offer, where would you start?

Lighteningirll Fri 22-Apr-16 14:29:42

I really want to see this house! If they nearly got £740 they are not going to take a silly offer so offer what you can afford.

coolpatterngirl Fri 22-Apr-16 14:43:52

But that's the only offer they've had and they can't proceed. It's really dire inside. Would an opening offer of £680 be too cheeky?

Lighteningirll Fri 22-Apr-16 14:50:02

No that's possibly where I would start from, also there is no such thing as too cheeky in house buying you just need to start somewhere. Do you know why the last sale fell through?

steppemum Fri 22-Apr-16 14:50:29

offer it.
They can always say no.
It has been on the market for a year and will start to deteriorate if they don't sell it soon.

Allalonenow Fri 22-Apr-16 14:53:31

Well I was going to suggest £650 but be prepared to raise it a little, so your offer sounds quite reasonable.
Have some idea of the cost of the work you would need to do, also mention that you have the money quickly available if this is so.

coolpatterngirl Fri 22-Apr-16 15:01:13

The previous sale fell through as the purchaser hasn't sold their home. It's still on the market and they've reduced their asking price.

I'm going back with a builder next week to investigate structure and safety.

Phew, glad you don't think we're being unrealistic or cheeky.

coolpatterngirl Tue 26-Apr-16 18:17:25

Sadly, there's at least 35k of essential repairs (plumbing, electrics, damp etc) before one even considers the refurbishing costs.

The nearest comparable sale was 740 for a house renovated beautifully.

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