Active discussions

Meet the Other Phone. Flexible and made to last.

Meet the Other Phone.
Flexible and made to last.

Buy now

Please or to access all these features

Talk
Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

Original poster

How much should I offer on a house on for £299? They paid £249 in 2008....

21 replies

mulranno · 04/04/2011 13:47

Just viewed an old peoples bungalow for my aged mother in law...location spot on, v small but OK for one person to live in comfortably. It is on at £299 but the owners only paid £249 for it at the end of 2008. They have replaced the windows (max out lay £2K) and converted the bath to an old peoples shower (which we do not need) at a cost of £4k.It has been on for a month or so. They say they have a few people interested but no offers to date weare chain free cash buyers

OP posts:
CaveMum · 04/04/2011 13:50

If they bought at the end of 2008 it was just after the

mrsravelstein · 04/04/2011 13:53

really depends on the area... my house, bought at height of market in 2007, is worth maybe 3-5% more than we paid for it then. the house we're buying is in a different area and sold prices are 10-15% higher than they were at the height of the market.

only you can say what it's worth to you/her... and all you can do is make an offer and see what they say.

CaveMum · 04/04/2011 13:54

Arrgghh stupid iPhone!
As I was saying, they bought just after the initial crash. There are no rules as to how many offers you can make. Perhaps split the difference and offer 275-280 and emphasise the ease of your situation - no chain, cash in place, etc.
The worst they can do is say no and you can come back with a better offer.

purepurple · 04/04/2011 13:54

I doubt it is worth 299. It's probably worth about what they paid for it. Start very low and make sure they know you are a cash buyer.

noddyholder · 04/04/2011 13:55

250

lalalonglegs · 04/04/2011 13:57

I'm not sure that what people paid is that relevant (unless you plan to offer under the price they bought at because selling for less than you paid is a serious psychological hurdle). Maybe they are asking too much, maybe they were canny and got a bargain two years ago. It would be more important to me to find out how their home compares to others in the area and how keen they are to sell (is it a distress or urgent sale in any way?).

Original poster
mulranno · 04/04/2011 14:18

They are keen to sell as they are moving to follow family in a new job in a much cheaper area of the country....but it is not an urgent sale....we have gone to up 281 they have said no they want 285 have gone back with 283 still saying no....? ....we are in South Bucks village where prices have settled post crash - tho def not increased. My concern that this housing type (age restriction) would not follow the pricing dynamics of the rest of the village?

OP posts:
MollieO · 04/04/2011 14:23

We are in a village near South Bucks and property is definitey selling quicker than a year ago. The bungalows in a nearby town are popular because the plot size is good and planning permission seems to be easy to obtain to convert them into houses. If that is possible where you are they may feel the market appeal is broader than you think.

sonnybeaudelaire · 04/04/2011 14:27

It depends how much you want the property. If you are happy to lose it if necessary, then stand your ground and remind them you are a cash buyer. Can you offer a definite completion date as a sweetener?

So much of housebuying seems to be who blinks first!

Original poster
mulranno · 04/04/2011 14:34

MollieO bungalow is a small semi in a retirement cul de sac -so not development potential. Sonny -do not want to loose it - have offered to them that we can flex on completion from exchange/complete on same day to them staying on renting for a period if they have yet to find somewhere up north....might call agent to get low down.....should we go back at284?

OP posts:
mylovelymonster · 04/04/2011 14:40

I would give them a few days to consider your offer of 283. You have increased your offer, and it is only 2k away from their target. Put your offer in writing to the EA and the vendor (pop through door), re-stating your excellent position.

Are you prepared to walk away? If not, then you will have to be dictated to as to how much you need to pay i.e. up to the 285. If you can wait, then the asking price may be reduced if no other offers are forthcoming, and you should withdraw your offer at the end of the week & wait+see

Well, I say 'should', but that's what I would do if in the same position.........

sonnybeaudelaire · 04/04/2011 14:43

If you want it at any cost then offer them what they are looking for (assuming you've got the cash!)

Otherwise I would hold fire for 24 hours - not sure but I'm inferring from your posts that you have put in two offers of £281 and £283 today (or possibly Saturday and today) - if you go back with a further higher offer today then as the seller I would assume I could keep pushing you on price.

Easy for me to say as I am not trying to buy it! But if you have the nerves then I would leave it - presumably the estate agent will be thinking of his commission and cash flow, and if there is an offer on the table £2k less than what they wanted from a buyer with no chain, I wouldn't be surprised if the agent encourages them to at least consider it seriously, if not flat out 'just take it'. I agree the market is recovering but we are not in pre-crash conditions by any stretch of the imagination!

Good luck!

tyler80 · 04/04/2011 17:16

Well in our area, on at 299 means offers will be about 250 as no one will want to go over the stamp duty threshold and most things round here are round about 2005 prices. Sounds like your local market is fairly different though.

We're in a similar position in that we've had two offers refused, but I refuse to make a third until I get some indication that the sellers are going to budge on price even a little.

ChupaChups · 04/04/2011 19:58

OP, can you post a link? I know South Bucks and am obsessed with house prices!

ZenNudist · 04/04/2011 20:05

How does it compare to the price of similar spec houses in the same area? Does it 'feel' expensive? If you agree to 285 will you find yourself stuck with a property that's more expensive than the rest of the market if you had to sell for any reason?

Original poster
mulranno · 04/04/2011 20:58

no it does not feel expensive ,,,, it is v small and v old peoples cul de sac with dodgy parking, no opportunity to extend and most of the houses have rails and bars to get up steps into front door etc.....it is in central Beaconsfield tho which is posh and there are loads of new super apts for the walthy who down scale to 650K lock and leave lux apts from their large detached

OP posts:
ChupaChups · 05/04/2011 19:41

This one?

www.rightmove.co.uk/property-for-sale/property-33310265.html

They will get £285k for it. That's not expensive for Beaconsfield! It's also a good location in the new town - tucked away but within walking distance of the shops. It would be brilliant for an older person.

Check this one out around the corner...

www.rightmove.co.uk/property-for-sale/property-18332904.html

ChristinedePizan · 05/04/2011 19:49

If you really want it I wouldn't bother arsing about over 2k. I wanted to pay 5k less than the vendors wanted for my house but I went up to what they wanted (was still 15k under asking) because I didn't want to lose it. As a percentage of the value of the property, it's fuck all

bibbitybobbityhat · 05/04/2011 19:52

www.rightmove.co.uk/property-for-sale/property-33310265.html

bibbitybobbityhat · 05/04/2011 19:53

www.rightmove.co.uk/property-for-sale/property-18332904.html

angel1976 · 05/04/2011 20:07

Ouch! And I thought London prices were bad... Hmm

Grin I love property threads!

New posts on this thread. Refresh page
Swipe left for the next trending thread