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Property/DIY

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Original poster

What would you offer for a house on at £350,000?

16 replies

ComeAlongPond · 07/08/2011 14:58

Been on the market six months, already dropped their price 3 months ago but they've only had a couple of viewings and no offers.

It needs a lot of work - think rewiring, new heating, gaps in floorboards... and has a very small garden. It's our dream house but we can't afford to pay asking price and do the work, or even get near the asking price with that much work, tbh.

What would you offer? I know what we can afford to offer them, considering the work, but it's such a cheeky offer it seems hardly worth bothering putting it in at all really.

OP posts:

Jbck · 07/08/2011 16:12

Nothing ventured nothing gained.

Some sellers are completely blind to what there house is actually worth however so you may hit a brick wall but it does no harm to try. I'd make an offer outlining why you are not offering the full asking price. Don't mess them about however saying you can only go so high then up it 10 grand if they knock you back. They may realise its shortcomings and take you seriously.

sue52 · 07/08/2011 16:37

It sounds as though they have been overly greedy if they have only had a couple of viewings. I would offer somewhere between £290000 and £300000 with the recent gloom and doom about the economy, sellers must be prepared to negotiate.

MrsCampbellBlack · 07/08/2011 16:39

I'd offer what you can afford, make it clear you can't go up as its top of your budget and see what happens.

Good luck.

We did this and it worked out well.

Original poster

ComeAlongPond · 07/08/2011 17:20

£300,000 is pretty much what we could offer, what with everything that needs doing. The agent told us they'd do a deal at £325,000, which would have been our offer until we got our builder friend to take a look and he told us how much it would cost to fix things. Trouble is, the owners think it's in great condition because decoration-wise it's fine.

Will speak to the agent tomorrow and say we want to offer £300,000. He's the same one who sold our house, so if he sells this to us, I suppose it's in his own best interest and he'll give it a good go...

What did you offer compared to the asking price, MrsCampbellBlack, if you don't mind my asking?

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MrsCampbellBlack · 07/08/2011 18:42

It was 20% under as like you the house needs gutting. The vendor did really want to sell though which was key.

Original poster

ComeAlongPond · 08/08/2011 23:10

Thanks. Think these want to sell sharpish as it's a marital split. We've made the offer now and given them a week before we cut our losses and offer on the second choice house, so it's just wait and see, I suppose. At least if they say no we'll have done everything we could have to get it.

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3ismylot · 09/08/2011 08:40

They say that your first offer should embarress you so if it doesnt you have gone in too high!
If they reject it say you wll leave the offer on the table for a couple of weeks and then when they see that nothing else is happening they may try and negotiate further with you?

Also maybe get a friend to view it and offer lower than you so they realise tha the house reallyisnt as good as they think it is?

Original poster

ComeAlongPond · 10/08/2011 11:24

Oooh, 3ismylot, that's a sneaky plan!

We've made the offer and said that's the max we're prepared to spend on the house; however, if they want to split the cost of the work, we'd be prepared to consider that and then obviously go higher with the offer.

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Jbck · 15/08/2011 17:38

OP have you heard anything back from the vendor's yet?

Original poster

ComeAlongPond · 16/08/2011 17:05

Nothing, Jbck, thanks for asking :) Which seems a bit rude - they could at least say they aren't interested! Found another house though, which I don't love as much as I love the first one, but is a good buy and a nice house in a better location than the first.

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Jbck · 20/08/2011 12:50

Fingers crossed it works out for you and you get somewhere that you make a lovely home.

mrsbleasdale · 22/08/2011 07:38

We bought our 2nd favourite house which was a better buy than our first love. Still pleased with the decision 6 years later so perhaps things happen for a reason!

However, if you offered me £300 for my £350 house I'd be unimpressed. I think the fact they'll do a deal for £325 means they are aware work needs doing. What price did your builder give you - and is this for really essential works? Not just cos you'd prefer an up to date, new kitchen/bathroom etc? I'd have probably offered £320. Unless it needed gutting .....or looked elswhere for a better property with less hassle of building work!

seasidesister · 23/08/2011 13:44

Depends how much you want it and how many more houses you want to view.

If I was the seller I would be expecting £335 minimum if its on at £350.

Original poster

ComeAlongPond · 24/08/2011 13:00

The building work was rewiring, rendering, new central heating, new flooring, bathrooms (essential - not 'we'd like a new one' but 'there's a hole in the bath')... The builder estimated 20-40 thousand for the work. They did accept our offer in the end but the survey came back saying the house was essentially falling apart and would cost more like 100 thousand to make it liveable so we backed out :(

We reworked the finances a bit though so have a bit more money for work, offered on the second house, and we're waiting for the survey this week :) It's a great house; again, needs work, but it appears to be mostly cosmetic, and it's in a lovely area. Practically it's a much better buy and it IS lovely. My heart will always be with the first one but it just wasn't practical - even if we'd spent the cash it needed, it wouldn't ever be a sensible investment. This one is in a great place and will be transformed with a lick of paint, so we'll be able to gradually do the kitchen, bathrooms, etc. Fingers crossed for the survey now!

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Jbck · 24/08/2011 22:45

Sounds like you've made the right decision it's easy to let your heart rule your head when it comes to houses. Hope you get good news.

Original poster

ComeAlongPond · 25/08/2011 09:58

Thanks :) And don't get me wrong, I am excited about this house! It's pretty great and will be a really lovely home, so long as the survey comes back okay.

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