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?

[NotaWagon]

Exactly. If you are afraid of offending a total stranger with ........ a low offer, then you are unlikely tho get value for yr money.

[dontgobaconmyheart]

You haven't even SEEN it OP? you sound very naive. Writing them a sob story letter about it being all you can afford is ridiculous, a 420k budget is pretty large as it is, if it is out of your budget so be it, put in an offer and request that they keep it on file in case things change if it is rejected.
Why would you be offering the maximum amount you can afford if it needs various things doing anyway that you will not be able to afford to do. That is before a buildings survey which may uncover various issues, at which point you will have no leverage to ask them to drop the price further because they will already have done so to the tune of what sounds like an unfeasible amount.

Check out sold prices in the area and speak to their estate agent for their asking price, see it to see if you actually even like it and go from there, at which point you can submit any offer you like. Obviously you have come on here hoping for everyone to tell you to go for it because they might accept, I think to think that they might and that it is even affordable really is pure fantasy if it is indeed worth in excess 100k more. In my experience there is no way they will drop that much unless they have a desperate need to move, and certainly no way if it has just gone on the market.

obviously hope for your sake it is worth less than suspected and is affordable OP but don't get carried away with yourself, if its on the market for below going rate there'll be a reason and if its been untouched for that amount of time you are very likely looking at issues with damp, the roof etc.

[HopingForSomeLuck]

Obviously you have come on here hoping for everyone to tell you to go for it because they might accept - well, partly!! :) (I could do with the encouragement as I keep thinking maybe we shouldn't bother, but in the back of my mind I can't help thinking 'but what if?') But also because I really wanted the know the etiquette and whether it would really be perceived as very rude or not (I don't like offending people)

Writing them a sob story letter about it being all you can afford is ridiculous - well, it's not meant to be a sob story! (I think affording 420k is nothing to sob about! We r very lucky really to be in the position we r in) - it's more about explaining why we r not offering more, so the sellers understand our bid and see we r not intending to be CFs, but rather actually really want their property and are therefore giving it a shot on the off chance ...

[Oliversmumsarmy]

It depends on her long-term plans - not everybody wants to move into a show home and some people are planning long term, and happy to live in a very dated house for years, doing a bit at a time every

That’s ok if it isn’t dangerous.

We bought a place that needed work but before we could start it burned down because of dodgy wiring.

[HopingForSomeLuck]

We bought a place that needed work but before we could start it burned down because of dodgy wiring.

Oh my gosh!! ..... Poor you
Was everyone ok? Did the insurance cover it?Did such an urgent situation come up on the survey?

I don't think this one will burn down, and I think the electrics should be ok as although the owners haven't done anything cosmetically (still 1950s kitchen, bathroom, curtains, flooring, wall paper etc..) the EA has implied they have kept up with important maintenence such as electrics, roofing, and has also said it's structurally sound (though we would obviously get a survey to check). Nevertheless, we r prepared that although most of the work would be done gradually over a period of years, we would do urgent work straight away (though hoping as it's apparantly structurally sound, there shouldn't be much)

[HopingForSomeLuck]

It depends on her long-term plans - not everybody wants to move into a show home and some people are planning long term, and happy to live in a very dated house for years, doing a bit at a time

This is us

[EnriqueTheRingBearingLizard]

the EA has implied they have kept up with important maintenence such as electrics, roofing, and has also said it's structurally sound (though we would obviously get a survey to check)

Please don't be guided by anything the EA implies or says. They have disclaimers on the particulars. Surveyors also have disclaimers.

You say yourself 'nothing done to it in 70 years' so catch on, everything will need overhauling starting with thousands and thousands of pounds worth of work for which you'll not see any cosmetic improvement.

[sunshinesupermum]

HopingForSomeLuck have you still not a) phoned to ask what the vendor is selling the house for and b) viewed the property?

Please do not mention what you can/cannot afford in writing or any other form. The vendor won't be interested in this at the moment especially if you find out the property isn't anywhere near what you can afford, bearing in mind it will need complete modernisation after 70 years.

Also the estate agent is bound to say the house is 'structurally sound' but he is not a surveyor and he's acting for the vendors, not you. You will need a full structural survey to ascertain this.

[Oliversmumsarmy]

Unless the place has been rewired recently then the wiring, maintained or not is at least 70 years old and will need doing

Same with the plumbing.

To get some idea of worth you look at what other similar properties have gone for.

Then you work out what needs spending on the potential house then add a contingency and another wedge because if you are going to do all this work and inconvenience yourself you need an incentive then knock that off the going price of the place if it was done

Then you have your price.

Most of the times places are up for about the right price but sometimes you get something that is either under priced or just completely overpriced

In someways you have to not take too much notice of what EA value places at and do your own research

[NotaWagon]

Bottom line, what bothers you less, offending a stranger or never having tried.

People are living in the house at the moment.

[Pollywollydolly]

Go for it! What harm can it do?

Whatever you do though, don't write a letter apologizing for your low offer. Tell the estate agent that your offer takes into account all the work needed.

[CallmeAngelina]

Tell the estate agent that your offer takes into account all the work needed.
It's highly likely that the current price has already taken that into account. You can't really expect the vendors to take another chunk of money off the recommended (presumably by agents) sale price, just because the OP can't afford it.

[GoldLeafTree]

So did you ask how much they wanted?

[LaurieMarlow]

I wouldn’t mention work that needs to be done.

But don’t apologise for your offer. This is what you’re prepared to pay. Up to them what they do with it.

[HettySunshine]

I'm sorry if I've missed an update, but have you actually asked the estate agent what the asking price is?

You might be overestimating the value.

[Didiusfalco]

Just do it op. There’s no harm whatsoever in having a chat with the estate agent about what price the vendors might be looking for.

[Betterversionofme]

Go for it. But!
If it needs so much work (rewiring, maybe thermal insulation, new plumbing etc es nothing was done for so many decades.) then I would think all that money could be also spend towards converting it into flats. 2 flats from good sized 3 bedroom wouldn't even need much serious building (underpinning) but would create TWO separate flats. Capital and rental income considering people willing do that might be your competition. Families are getting smaller, 2 bedrooms are plenty and more affordable for most families with none, 1 or 2 kids.
If I could afford 420k only and wanted it, I would offer and if I was able to get it I would get 2 loggers, spend minimum amount for decorative purposes to make it look reasonably ok (so as to be able get loggers willing to pay more), save ALL that money towards house work and do that in 2 years time after saving up rental income. Hey, I would even keep the smallest bedroom for me so as to be able to charge more for a bigger room.
I do get on with people though.

[Betterversionofme]

Lodgers

[titchy]

BUT WHAT IS THE ASKING PRICE?!!!! it's all well and good thinking you're offer will be at least £100k below asking, but for all you know they might be asking £350!

[MyMajesty]

what bothers you less, offending a stranger or never having tried

^ this

[bellinisurge]

Depends on how much brass neck you have.

[nokidshere]

I don't get all this emotive stuff about offering on houses.

You put your offer in
They say yes or no
Job done

What's the problem? No one has to accept your offer if they don't want to.

Just put your offer in and see what the reply is. They don't need to know or even care about your finances or reasons.

[limitedscreentime]

I wasn't going to post, thinking that there might have been a update but will do as there hasn't! We've bought two houses, the first had had its price lowered before we viewed and then we offered lower. Had to hold out a couple of weeks but got it for 25% less than original asking and 12% less than lowered price. Second house was a massive stretch for us and a real doer upper (will be very slow progress too!). Price was lowered by 12% before we viewed and we offered 9% below than and again had to wait a couple of weeks but we got it. Admittedly both had been on the market for a while but a house is only worth what someone is willing to pay, and we were the only ones putting in any offers. If someone else was 'not being cheeky' but could have afforded a bit more then more fool them as they've missed out on great houses!!

[limitedscreentime]

More fool them for not putting in an offer based on politeness I mean.

Generally I am considered very polite, but if you don't play your hand you will never win.

[Alsohuman]

I don’t believe no work’s been done on it since 1949. I did up a three bed with new windows and doors, kitchen, bathroom, created a utility room, carpets and decorating for less than £30k - and I paid too much for the windows. Nobody’s going to accept an offer £100k less than they’re asking.