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AIBU?

Share your dilemmas and get honest opinions from other Mumsnetters.

Original poster

House Price Offer?

17 replies

ShaaaaaalAhLah · 08/07/2021 11:58

Hi everyone,

Just need a tiny bit of guidance and please tell me if AIBU?

A house is about to be sold which I am interested in and got my heart set on. His a friend of ours and is will willing to wait till we can buy - next year. All good so far, however his in the middle of having renovations and said the house is worth £280,000 after renovations. Kitchen and bathroom not complete, therefore I asked how much his likely to spend on kitchen and bathroom and would he be happy to have them the way they are and we will renovate the place once we move in. He said yes that's all fine and would be happy to deduct the remaining t of the asking price. Would it be super cheeky to ask £270,000 rather then £273.000?

OP posts:
ChainJane · 08/07/2021 12:17

What will be the worse outcome, him rejecting it and putting the house on the market meaning you don't get it, or paying 273?

If you can afford 273 then I think you should accept it. He's already doing you a favour by holding off from selling it until you can buy next year. Who knows what will happen in the meantime? Prices may shoot up or decrease. If prices are 20% higher will he still honour the 273? If prices are 20% lower will you still pay it?

If 3000 is the difference between you being able to afford it and not, then obviously you have to ask him and hope for the best. But I'd be wary of asking for the discount now. If prices rise, 273000 next year might be a bargain. If they fall, that is the time to ask for a lower price.

In summary: only when you are in a position to buy do you have any real power to negotiate.

bravotango · 08/07/2021 12:46

Wait until you're ready to buy and get it valued

OneRingToRuleThemAll · 08/07/2021 12:47

You can't agree a price now to buy next year. The value will most certainly change in that time.

Jangle33 · 08/07/2021 12:48

What if the market crashes? Go through the proper process get it properly valued next year. I’d never buy a house from a friend like this.

SW1amp · 08/07/2021 12:49

If £3k on a nearly £300k house is going to make that much difference, you can’t afford the house

If you’re doing it to get yourself a bargain, you are being unreasonable given you’ve asked them to delay the sale

Viviennemary · 08/07/2021 12:50

It's all pie in the sky. No way can either of you rely on a sale which won't take place for a year. Nobody knows what is going to happen to house prices.

GreatBigBird · 08/07/2021 12:51

Don’t be cheeky if you want the house. See the valuation and offer a fair price, or set the price now.

If you set the price, be aware that if prices fall and you have set things in stone, you might be tied in. If they rise, they might want more than you’ve offered…

GreatBigBird · 08/07/2021 12:52

I chose to accept a slightly lower offer from someone who didn’t mess me around to the one who wanted to keep paying under (but then finished with a higher offer).

SarahAndQuack · 08/07/2021 12:59

Will you be able to get a mortgage on a house in that state of repair? I know some banks won't lend if there's no working kitchen.

Cocomarine · 08/07/2021 13:31

I suspect this is all going to go tits up.
How can you talk about price for a property you’re at least 6 months away from buying?

On the specific point though, if I was agreeing to wait and hold a price in a potentially rising market, and in return I was asked to knock another £3K off, I’d tell you to piss off, and get on with my sale. Partly as I think it’s rude, and partly as it would make me think you were going to be a problem buyer.

Honestly OP, if you agree £270K, and the market drops are you REALLY going to pony up the extra without complaint?

What if your mortgage lender won’t give you enough, because of the lower value?

Also curious where you’re getting the £7K from for kitchen and bathroom - doesn’t seem a lot.

Toomanyradishes · 08/07/2021 13:45

How far from complete are the kitchen and bathroom? Some lenders wont allow a mortgage on a property unless it has a bathroom and kitchen so you may be making it harder for yourself doing it this way

mindutopia · 08/07/2021 13:58

You just need to have it valued when you are ready to buy and then decide what you want to pay. I would honestly be suspicious about someone so keen to sell to you rather than on the open market. Is there something wrong with it that you're missing? Would the estate agent valuation be significantly lower than he's saying he'd take? And yes, if no kitchen, it won't be mortgageable.

Original poster
ShaaaaaalAhLah · 08/07/2021 16:13

There is an actually kitchen and bathroom, with working parts however it was going to be revamped and made modern. At the moment just been plastered.

Not worried about the man as we have known him out entire life -

OP posts:
RitaFires · 08/07/2021 16:24

This situation is not great for anyone. If you're going to be dealing with somebody you have known all your life and are close to and they are doing you a massive favour as it is by waiting for you to be in a position to buy you can't really quibble on price. I would think very carefully before doing this as there is so much potential for disaster and ruining the relationship with the vendor.

GreatBigBird · 08/07/2021 17:49

Call that £3000 payment for him holding on to the house for you. It’s quite a big ask…

Mrstamborineman · 08/07/2021 17:51

I would not buy from a friend,

Auntienumber8 · 08/07/2021 18:00

It is irrelevant if you know them you have no idea nor does he what the market will be by the time your ready to purchase.

That’s what counts and nothing else, kitchen and bathroom done or not it is at the time of selling that a valuation is needed. Three valuations and go with the middle one seems fair.

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