AIBU to ask what price your house was up for and what you actually paid?!

[Manth0914]

As title explains, first time buyers in our 30's. Totally green! Spotted a house we like but needs quite a bit of work that we would have to do room by room or what funds allowed. We think it's about £25,000 overpriced for what needs doing. How cheeky were some of your offers?! Thank you. (Worth noting we are down south where local family homes sell for between £200,000-£350,000 3 to 4 bed)

We have a three-bed detached with a large garden and excellent transport links to a major city. The house needs a lot of doing up. Once it's finished, it will have six bedrooms, two bathrooms and still a large garden and excellent location. It was on for 300k bit we paid 270k, as advised by the estate agent. We're putting about 120k in to do it up (needed new heating, completely gutted on the inside, new extension, flooring, etc.)
Once it's completely done up, it should be priced at about 600-800k.

I think family homes tend to sell fast especially if they are in an area with good schools and other amenities .
A semi detached four bedroom house in the North went for K255 after a bidding war as it was in a so called sought after area .
I’ve bought and sold houses and paid full asking price for one after being advised by the agent that the buyer wanted full asking price . That came in useful when I recently sold another house for full asking price as it was pitched realistically and I stuck out for what I felt was fair .
Only you will know if it’s a buyers or a sellers market where you are looking . It’s generally accepted that the advertised price can be beaten down but not always the case .
A mortgage lender will withhold some of the loan if the house is overpriced . I’d be inclined to make a few really cheeky offers on the house you like the look of . Particularly as you have nothing to sell ?

Was on for £265, then reduced to £240k. We paid £217 having gone on at 207. It hadn't been lived in for a few years. That was 5 years ago, we'll be extending in the next 18 months hopefully to nigh on double the square footage.

Its up for £225, husband said throw a terribly low offer of £180 and see what happens?!

Asking was £380k. We started out offering £310k. Cheeky. A bit of back and forth and we got it for £345k.

Ours was valued at 320 and we bid at 270 and settled on 275. It recieved a 1 for every element of the home report so iy was an absolute steal! Bid low - you can always increase!

Do you know how much they paid for it? As its quite a low priced property to begin with, there will be less wriggle room

We paid £20k under the asking price. But we had previously offered £20k under the asking price on a similar property in the next street and they declined. It depends on the individual seller, how quickly they want to sell and what price they need to achieve to cover their investment. Some will accept a low offer while others won’t or can’t.

190k paid £177k
190k was a fucking steal! So was chuffed to get it for 177.

We have an offers over system in Scotland and we paid £12k over the 'offers over' price.

In North London5 years ago, was on for £850k, average for house of its size around here, was reduced to £830k because it needed a lot of work - market was fairly busy but it wasn't shifting because there were other things around, but after our first choice fell through it was the only place we saw that was big enough. We got it down to £815k. Could only afford it as we were selling two London properties, one of which didn't have a mortgage.

House on for £399 (on the market 3 months)
Reduced to £375
Paid £350

Seller seemed keen to move though.
On the other hand the house were selling was on for £260 and we had offers from £230-255. Accepted the asking price and wouldn't have considered anything less than £250 as the market was competitive where we were selling and I felt our house was fairly priced.
I think it depends on the market where you are, how much work is needed etc

First house we bought we paid £12k over the asking. Market was booming, sealed bids. Just bought again, paid £70k under (though this property double the price of the previous one). It needs an incredible amount of work though and tbh I think we could have chanced our arm further.

Ours was originally on at £400k, the vendor reduced to £360k for a quick sale. We offered £350k but got gazumped. We then found another home and put an offer in only to find out the home we pit second offer on had subsidence. Bizarrely enough the person who gazumped us, pulled out of the sale the day before the sale was to complete. The vendor contacted us and was desperate for a sale. They agreed to take £345 for a quick sale. We’ve done quite a lot to the house to modernise it and are having a new kitchen fitted in February. It should be worth around £420 once the kitchen is in!

Ours was on for £425k (5 bed semi in zone 4) and the vendor told us they wanted £400k so that's what he offered and paid.

House was originally on for £499, out of our reach.
No sale after a year, reduced to £480.
We offered £435 expecting a bit of haggling. It was accepted! We wished we’d offered less.

Was on for £495, 000 we paid £478, 000 after starting at £468,000- which was cheeky really and we would have paid the asking price if we'd had to. It needed nothing doing to it but we have done things to suit us. It's a big Edwardian 3 storey semi - 5 bedrooms, 3 bathrooms, large garden. Still things we want to do but not at the minute. We have spent about £35,000 on it. Just been valued at £630,000. Our mortgage is down to £76,000. It felt like a big risk at the time but it hasn't been.

Completed today, 1st time buyer. 2 bed flat.

Was initially on for 315k and not moving. Waited for it to drop to 300k, viewed immediately & offered. Bought for 280K cash.

5 bed 200yr old former Manse sitting on 1.5 acres with a large outbuilding and a river with fishing rights in a small but upcoming village in SW Scotland. Home report suggested 300k. Was on at 249k but had been on a while, I went in at 180k and was amazed that it was accepted.....

That is a rare occurrence, fully aware of that. My seller was desperate to sell as he was now in a chain for his new property.

Ours was on at £297
Paid £300 🤦🏻‍♀️

It had been empty and needed a ton of work too

We’ve spent an extra £35k on it and next plan on doing an extension

Have you checked similar houses in the area from the rightmove app? It’s a great indicator.
We lowballed too. We were out of the chain. We could move fast like they wanted. It was for £1.8 and we offered £1.5M and got accepted. Inside M25 hence the price. It needed nothing done as it was a 5 yo house and that was 7 years ago.

it was on for 160k and we paid 149 950, we've probably spent about 20k on it. we offered lower to start with.

Asking price was 410k and we offered 425k immediately (forst viewers) and agreed straight away.

We moved earlier this year. House had been on the market for 18months at just under £1.3 million but reduced to £1.150 million. We paid £1million for it. It was definitely over valued even at 1.150 but we haggled them down as some things needed doing to it.

I should add we only managed to buy the house because of a large inheritance my wife received.

Bought 10 years ago. Had seen it the previous year at £349k and ruled it out. Was reduced to £325k when we looked again. Offered £289k and got it for £295k. Valued last year at £525k, so that’s nice!