What would be a suitable offer on this house?

[mosschops30]

On the market for £369,950
Needs complete redecoration
Needs 3 new bathrooms (1 ensuite, 1 cloak and 1 main)
Needs new utility/laundrr room
Needs new kitchen (although current one is liveable)
All ceilings need re-plastering
New carpets needed throughout
Possibly needs new windows (old style uPVC)
Owner died and children are selling
Was bought for £143,000 10 years ago

What would be a reasonable offer?

Oh and others on nethouseprices are selling for between 350 and 375 although not sure of what state they are in

Go in at £345,000.

Difficult one. Depends on how much the kids want rid. I am trying to sell late parent's flat at moment and want shot so badly I am almost ready to hold a raffle and give it away.

On other hand MIL is trying to sell her late mother's house and has way overpriced it, won't expect it is overpriced S she cannot separate her emotions from common sense.

I would offer 340k (but that would be random figure plucked from air).

Without knowing where it is it's impossible to say. Gut reaction would be to offer at least 10% under so no more than £333 initially.

The work you've mentioned is mainly decorative rather than structural so not sure that this would hugely affect price if it is a case of being outdated but liveable.

Personally I don't see a problem with going in with a cheeky offer in this market.

All comes down to number of other interested parties and how much you want it...

Oh thats quite positive then

They dont seem to be tarting it up at all to get rid of it, all nannas nighties still hanging up in bedroom
But the EA said they were negotiable on price and I think given what we'd have to spend they have to be

mollys there are plenty of similar properties about. The area is good although probably attracts more older people (who have lived there for years and raised their own families) or people with older families. We are just looking for somewhere in this area, it will be our forever house to grow old in and raise our family (5 of us at the moment), its close to school.

It has a crappy garden so may not be great for all families but enough for the kids to go out in and a patio for BBQ's (albeit a grotty one at the moment).

I have suprised myself, my main thing was that I didnt want a house that required any work, but out of the 3 I saw today this one was the worst and the one I liked the most. The immaculately decorated one was fab but I thought 'this will feel like living in their house, not mine' if that makes sense

I'd go in pretty low to start with. I don't know where you are obv, but prices seem to be reduced fairly regularly at the mo.

I've done up properties before. Definitely worth it if you can buy at the right price. You can then spend the "extra" getting the place the way you want it rather than paying for previous owners choice of kitchen etc..

Added benefit of putting other buyers off too.
Go in as low as you dare would be my advice.
Good luck!

I agree, go as low as you dare and low enough that you'll be able to afford to do the work. They might be keen to off load the house as quickly as they can.

Have you checked the wiring and central heating? Those will be expensive to replace so you'd need to factor them in.

molly what do you mean about putting other buyers off, how do I do that?

havent checked electrical or central heating but FIL and BIL run an electrical/plumbing business and are Corgi registered so not too worried (although would be a PITA obviously)

So how low is cheeky £230??

I would have said £295K. Make sure you tell the agent that you are very interested, but in light of the work that would be required this is your opening offer.

really £295 when its up for £369?????

I dont want to be like that poster the other day who thought it perfectly reasonable to offer £150k for a £250k house

I am really interested and totally didnt think I would be as its really not my usual kind of thing, but I think im in love with it even the turquoise bathroom suite lol

sorry or did you mean £295 would be a cheeky offer but anything over ok?

Ooh imagine if we got it for £300k all that extra spending money

£295k!!!!! I know people are saying it's a buyers market but sellers don't see it like that!!

I think £335 would be a reasonable opening bid, rising gradually to £350.

Good luck!

Is yours on the market yet?

I meant £295 as a cheeky opening bid. If you open at £335 it doesn't give you too much room to negotiate. £295 does.

At the risk of being flamed, I do know what I'm talking about. I was an Estate Agent in the UK.

Also known in the business as a "silly offer" and could get you written off as not being serious unless the owners are really desperate. How long has the house been on the market for?

Do bear in mind that lots of people like to do a house up, so there can be more competition for those than the ones that are already in top notch condition.

We offered on a house marketed at £365k which needs no work.

Our offer of £325k was rejected, the agent came back and asked us to increase, we said no.

He came back again, we said no.

They accepted.

Perversely, I think houses that need work are more attractive at the moment as their is potential to add value in a falling market.

But who knows.

I think between £310 and £325 would be fine.

I'm with AnnieBeansMum. The MAX I think you should offer is £295k. Why do you think something they paid £143k ten years ago should be "worth" so much more now - bearing in mind it doesn't appear they've done anything to improve/maintain the house.

Start low and you can always work up. If you're not embarassed by your first offer then you're offering too much.

Hmmm, no, silly offers would put all but truly desperate sellers off from
negotiating, period.
In our village a house is under offer at 5% under quite high asking price; the place needs to have everything done, from massive amount of double glazing, new bathrooms, kitchen, decorating, garden etc.
However, they are holding off until they find a house withing desired area - a task impossible, if you ask me.
The poor buyers are renting, at mad cost, in the village, waiting for the sellers to find a house they like. They'll be renting for a long time...
All's relative, you see.... Some areas don't drop much regardless what is happening in the rest of the country.

I have bought and sold 13 houses in all kinds of markets.

If someone offered me 295 I would refuse it immediately and then have no further interest in that buyer. Chances are they would query survey and want reduction, wouldn't be able to get a mortgage etc etc

The price they paid is irrelevant. My house last sold at 13k- I paid 570k.

365 to 325- wouldn't accept but wouldn't rule them out. Not too far off 10 per cent.

I always go back with a counter offer rather than a straight rejection but at 295 on this house I would just laugh and wouldn't even give a counter offer.

Plus unless the buyer had sold I wouldn't accept any offer at all.

An estate agent told me it is quite normal to go in at 10% below the asking price , so go in at around £330K.