Offer vs asking price - would very much welcome your advice

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We've seen a house we are thinking of making an offer on. It's probably about 25 years old, and we know it's being sold via a company because the previous owner has passed away. The asking price is £215k, Zoopla is suggesting that's about right. We are in the Midlands.

It's tatty - some windows need replacing, carpets are literally threadbare, painted anaglypta everywhere, three different colours of sanitaryware in loo/ ensuite/ bathroom, kitchen old and tired, etc.

We can only really afford it, in current condition, if we can get it for £195k at the very most. (I'd want to keep back a bit of our budget to get at least the lounge, two bedrooms and one bathroom straight before we moved in, so we can live in comfort while we sort out the rest.)

Honest opinions - is that in any way realistic? DH says yes, I'm less sure and don't want to annoy anyone!

Hiya! Resident stalker here .

Is this the box on an estate?

First off I do think that in this market that price is fair, and you should only ever go to what you can afford to pay to get it to how you want it. If the vendor will accept that is another matter, but I would only go as high as 195k.

Has zoopla got any recent sold prices on the estate? Any this year? It can be miss leading. Also try the land registry. Also look up what the vendor paid for the house. If they bought it 10/15 years ago, they will have most likely paid much less for it, and so you will know how flexible they are able to be.

Make an offer. They can only say no

Oreo - hello, yes, it is! We got fed up of waiting for an answer about the vendors repairing the side wall (still waiting - tomorrow makes a week) so thought we might as well line up a plan B. And actually, it wasn't bad.

House last sold for £100k in 1999, Nationwide Price Index guesses £210k as a result.

There is currently a similar house around the corner on for £210k, but we know that two of the same houses on that street have only just barely cleared £190k in last two years.

You won't annoy anyone - they will just say yes or no.

What is your position? Do you need to sell something or are you chain free? If chain free then this already puts you in a strong position. I'd say 195 is v reasonable. Have you included into your budget the stamp duty, solicitor fees, survey and moving costs? Def agree with Oreo check out recently sold on the road or nearby streets. When making your offer (if chainfree) advise that you can move completely at the vendors pace.. they'll like that. (they'll probably want a quick sale anyway but if things are moving too fast for you then you can always ask your solictors to slow things down ;) )

AO - you are looking at maybe the only person in the UK who has previously owned two houses, and paid asking price for both of them. I am utterly rubbish at this. You are right.

Steth, yes we are chain free (currently renting), with AIP in place/ deposit in bank etc.

Great sounds like you are in good shape to get your new home - GO GET 'EM

In that case I would be looking to go much lower. I would be putting in an offer around 170/175k. I wouldn't go as high as 190 if that is the best sale achieved in the last 2 years. The market is falling. I don't know the midlands ('m oop north) so if this is a very desirable area then I stand corrected, but presuming its following the national trend, its going down.

The estimated values that zoopla throw out are random. I paid 195 for my house in 2008. Zoopla estimates it is worth 175. The house behind me just sold for 125 and another on this estate was a similar amount. Therein lies the value.

Are you getting a mortgage for this house? You may well find they value it at a low price (seems to be happeniong a lot). In which case you would have to go back to the vendor and reduce he offer in line with the mortgage companies valuation.

Either way, go low

Blimey. Estate Agents must see me coming!

DH is saying we should go in at £190k. Clearly he is right. I get too easily put off by all the "sought after area, lots of interest blah blah blah" bit.

Oreo - that must have been a bit alarming. Thank god all our faffing about on this move hasn't seemed to do much damage financially yet - we sold ours for £98k, the same house down the street just sold after going on market at offers around £80k.

And yes - we'll need a mortgage.

Have already lost one potential purchase to a low valuation, following which we couldn't agree a new price with the vendor.

Well its buggered up my plans but we will be fine fingers crossed. I have bought and sold a lot of houses and have really itchy feet so thats my only gripe about the situation, but fortunatly we are in a house we can stay in (nice area/school etc) so its just life! I'm just not thinking about the money.

I really think you should start lower than 190. And I think it is now becoming very common that mortgage companies down value properties, so do be prepared for that to happen again.

Best of luck though, it is the far more sensible option, and you will still be doing a lot of work and really moulding your family home, so it will feel special.

And there is nothing as satisfying as the day the carpets get laid and the job is finished (speaking from personal experience today!). My rental house is finished .