To put VERY low offer on house?

[HopingForSomeLuck]

Seen a house we really like - great location, good size! It needs a lot of work (though all cosmetic - new carpets,paint throughout, new kitchen...)

It's advertised as POA (price on asking? Price on arrangement?) Though I expect they r looking for around 520k AT LEAST.

We can only afford 420k

AIBU to view it and offer 420 on the off chance of a miracle?

Or is that just rude and insulting?

I'd ask for the price first then decide if they are likely to accept.

When selling horses, POA means price on application. Usually if the horse is expensive and they don't want to put it on the add. I'd ring the EA and ask them.

If you don't ask, you don't get! If you look at it on Zoopla or similar, how much are the houses before and after it? How long has it been on the market?

If it is worth £520k then you have no chance of them accepting £100 k less.
You can make the offer but doubt they would take you seriously.

POA means Price on Application - ask the estate agnet and they will tell you. The sellers are just not broadcasting the price.

You can ask, but don’t be surprised if it’s a flat out no and they don’t entertain any further offers from you if you decide to up your offers.

POA also translates as "if you have to ask, you can't afford it" imo . Ask the estate agent - but if it's on at what you think, ask them also whether they think the vendors would consider 420, rather than wasting your time and theirs in a viewing just for the sake of it.

It's only just come on the market. It is a really big, detached, 3 bed property with nice garden and Fab location. However - it is a bit of a shell inside. Nothing done to it in 70 years. Needs new bathroom, kitchen, carpets throughout, doors, paint etc... But it could be beautiful when finished (we'd have to live with the existing kitchen and bathroom for a few years as even 420 would completely max us out!! But we could probably paint and put in carpets which would make the lounge and bedrooms quite nice ..)

Ask the agent for the price and then decide if you want to make an offer

POA is usually Reserved for extremely expensive houses where the EA want to opportunity to put the price into context

It’s really annoying tbh and I’d say puts people off although if you look on right move you can usually get a good idea from where it is sat in the listings

You can only offer what you have, if someone offers more then that is what the house is worth. Good luck though, I hope you get it.

was hoping people would say go for it!!! But seems the general opinion is to ask and it's probably out of our reach :( (might just ask if we can view anyway!!! You never know...?)

Thanks cacklingmags :)

If it has only just gone on the market they are very unlikely to entertain low offers.
Nothing to stop you asking the estate agents the price and then decide if you want to make an offer.

@IncognitaIgnorama

Hang on... POA doesn't necessarily mean "if you have to ask you can't afford it"...

That's what they WANT you to think to create a buzz and hopefully drive up offers.

in my view POA means "we don't really know what this strange housing market will stand for this house - but we'll get a gauge of people's budgets and offers, and try and start a bidding situation where we get interest; if we slap a £500k price tag on, it will just scare folk off and the house will sit there".

So yeah @HopingForSomeLuck just go for it, I really do believe they don't know whether they'll get £500k and are trying to create mystique to drive in bids

Speak to the estate agents, tell them your max and ask them if it's worth your/their/the seller's time in viewing it.

@HopingForSomeLuck

Don't start thinking it's out of your reach!

This is all part of the UK housing bullshit that seems to happen.. people confidently stating "that's worth £500k, no one would ever sell for less"... then you find on Zoopla house sells in the end for £465k having spent 10 months on market..

Just ask, it never hurts. People are so odd about housing and house prices, precious even - as if you're a CF to even dare think you could ask.

Good luck!

Probably means they'll end up with sealed bids.

I saw our house when it came on the market.... We bought it for £250K less than the original asking price. They dropped the price and we offered lower. It does happen - old house too.

If u don't ask, u don't get. I would ring the EA and tell them what ur willing to offer and then they could advice you on what to do next. If there is a lot needing done to the house then ur right to bid lower

Yarboosucks - wow!!!!!!! Thanks! That's given me inspiration!! (Though that is a massive reduction! So I'm wondering if it was on at over a million?)

@AlunWynsKnee

That's exactly what the estate agent will be hoping for... a bunch of offers driven by the supposed mystique of "POA"..

Whereas if they listed it for a price, you can imagine people immediately chipping away at that because of the work that needs doing

They'll be hoping instead that people are told "there's three others interested, best and final offers by 12pm" and all that nonsense

hopingforsomeluck

I think you need to be realistic. An easy doer-upper house with a good garden, in a desirable location will have broad appeal, even in this crappy Brexitfear market. Just because you love it and only have 80% of the asking price/valuation does not mean that the sellers are obliged adjust their expectations to sell it to you.

If the shoe was on the other foot and it were your house, brand new on the market, would you take an offer £100k/20% below asking price? I suspect not. I certainly wouldn’t.

If nothing's been done to it for seventy years, you’ll be extremely lucky for it to only be cosmetic work that needs doing.

I’d say it’s worth asking the price and offering what you can afford. The worst that can happen is they say no. But even if they accept then expect a lot of work to come up on the survey.

Do you know the reason for selling? Always good to know as some people need or want to have a quick sale and may compromise on price.