I have found a house, please help me before I make an offer!

[MrsJREwing]

The last house I offered on is still sitting on the market, which seems to have ground to a hault now in the area I am looking to buy.

I viewed another property today, it was an open house, it went on a week ago.

I will do a link when I am not on my phone.

The house is on for offers over £140,000. It is a bit of a money pit, total renovation, house too big for the road, needs total renovation a few issues etc.

Its a period property, about 100 years old.

so i told agent I was interested in making an offer, told them of my position, which is my buyer is a FTB, and I can fund the purchase of a property with a mortgage already sorted. I didnt give a price.

Agent was saying the vendors were looking for £160,000.

The house was owned by a relative that died in January and they lived with the relative and want to purchase a bungalow as the house is too big for them. it stinks to high heaven, is cluttered and pretty disgusting to be honnest.

The agent said that there were 16 people that viewed and someone else wanted to put in an offer. what agent doesnt know is i overheard the other offer from someone unproceedable at £155,000 and he said the vendors wanted a quick sale to a short chain or cash buyer to them. i heard others say it was too much to take on.

So i a, prepared to loose it as I have with others and watch them still sit on the market. i wont let the other offer of viewers make me panic. i would very much like the property.

So what offer would you put in? what conditions? its got cracks, its on sand soil. i would have to do a full structural on it, do they check roof, loft, guttering etc for me?

I was thinking of my offer lasting 24 hours then being withdrawn.

Sorry this is do long, thanks in advance for your comments.

As a more proceedable buyer than the other one, I would say that would be worth at least 5-10K to the vendor, maybe more considering they want a quick in and out sale. If the other offer doesn't materialise though, then they would probably settle for even less. Can you tell the agent that you are thinking about it, and to get back to you if there is a definite offer on the table? (I know estate agents sometimes stretch the truth, but they are breaking the law if they actually invent an offer, so it's unlikely that they would (they generally keep their lies vague 'thinking about making an offer'/strong interest' etc))

Obviously you will need to make your offer 'subject to contract and survey' and I agree with your tactic of 24 hours to consider - will stop the agent using your offer to ramp up other interest.

Looking forward to seeing the link - sounds v interesting!

£150,000, property withdrawn from the market and have a full survey asap.

You are in a good position and that counts for a lot.

Looking forward to seeing the link also

Still on the phone.

It has original knobs, doors painted sea blue along with the architrave (?sp), some original fire surrounds, Windows, beautiful wood floor boards upstairs, original bath in a dreadfull state (boak city).

I have no clue what downstairs floor is, it looks like worn out rubber, there is a kitchen sink and a freestanding cookery. two freestanding units and auroma of rot, old people, dog and just horribleness.

The agent called earlier. I didn't give him figures, I said there is no point going forward unless the following is ok.

No more viewings etc.

2 weeks for vendors to find somewhere.

A copy of a structureal engineers report regarding cracks and drains, as a householder, (they lived there for thirty years with aged mother) you would get a report regarding cracks. I said I won't survey till I get a report.

I am not sure how much money on an offers over, I thought the price was £140,000 initially.

Agents rang back. The cracks have been there 30 years and no structural engineer has ever looked at the property.

Agents said there was another offer on the property, I suspect from the unpeiceedables.

anyone got any advice?

If you like it go for it. If you are not sure ask for another viewing. If you like offer subject to survey and contract. If you don't walk away. If you "dither" too much now and are too "high maintenance" before even offering you may well put the vendors and agent off - don't mean to be blunt - but if there is another offer you cannot hang around - you suspect it is from an unproceedable buyer - but you don't know. No-one here can make your mind up for you. It is a huge decision - so if you need another viewing ask for one. Is there anyone in RL you can take with you?

The agent told me the other offer was £150,000 of course it could be someone else, I suspect its from the unproceedable people. I can't go that high and fund all the work that needs doing, electrics, plumbing, new kitchen, bathroom, decorative issues including removing plastic ceiling tiles to name a few jobs.

I made an offer, so it depends on the vendors. I guess they will follow the pie in the sky bigger offer and wait for a chain to develop.

Onwards and upwards.

You have done the only sensible thing you can do - which is to put in the best price you can afford considering the work.

There may well be higher offers, but a house that needs lots of work will be difficult to agree a mortgage valuation on and I would expect it to re appear for sale very soon.

It could well be a developer - but they tend to go lower than someone who wants to live in the house because they have to leave an amount for profit.

Fingers crossed for you. Hopefully the EA is sensible and will advise the vendors well rather than being one of those arsey agents who try to trap everyone into game playing.

Thinking back at the end of the conversation the agent said they would keep me on their books, so I doubt he thought my offer would be accepted.

Something will turn up.

It will! Have faith

Apparently it went for £153,000. I told agent if it fell through give me a call, so much for they won't take less than £160,000.

I contacted the agent of another house still on the market, the previous offer was rejected, I was told they would now drop £2,500 from their previous lowest acceptable lowest, its still too much for me.

I think the longer these vendors sit on the market, they realise their house is overpriced.

It is so frustraiting, but these houses will come down in price. When people have to move they will start to price the houses right.

Not much comfort for now but you will get there!