WWYD? Nice house, shame about the price!

[tricot39]

A while ago we viewed a house which had knocked 8% off its asking price after being on the market for about 6 months. There were quite a few viewings around the time we saw it. We felt it was a bit too big for us and needed A LOT of work which we couldn't afford at that asking price. It is quite overlooked and on a main road which is why it even comes close to being in our price bracket.

(I should say that we are looking for somewhere with passing trade for DHs business so the road is quite appealing to us as it is not too busy!)

So with little else on the market, we have started to look at it again with a view to making a very cheeky low offer.

I think that it would cost us at least 30% of the asking price to repair the place and bring it up to a decent standard (re-wire, replumb, roof/stone/window repairs, wall out for kitchen diner, remove old shower rooms, repair cornicing, new kitchen, sort out all the previous owner's DIY bodges, and in an ideal world knock down the back extension to improve the circulation and get rid of unecessary/awkward space that blocks the garden.

I know that the vendors bought it in 2005 for about half of the current asking price. But while they have done quite a bit, it is superficial, not great quality work and I think the house is a bit too much for them to handle. (which makes me worry we might be in the same boat).

Anyway the vendor mentioned that they want to downsize to a certain type of house. I know that this would be about 70% of the asking price of the one they are selling, but that their running costs would be a lot less.

Is an offer of 70% of asking even worth making?? WWYD?

Of course! Although with all that work to do it sounds like you are going in too high.

If you've read the news this week you'll see how the house market is going down. The vendors in this case have overpriced their house.

Why not? You've not a lot to lose. Have the estate agents said whether they've rejected any other offers so far? They may well say no, as I think a lot of people are unrealistic as to how much their house is worth at the moment.

We've just made an offer of 18% less than the asking price on a house thats been on the market for 3 years (!) now without a single offer as it is so unrealistically priced. It was refused, they will not go below 8% of the asking price. Similarly, this house needs work doing to it and so we need to keep money aside for this. I am finding it really stupidly frustrating and think these type of people are clogging the market up and wasting everyones time. They paid very little for it 10 years ago and have done nothing to it since. I know its their house and their decision to make but if you've no intentions of selling your house don't put it on the market! Sorry for the rant - go for it and best of luck!

I'm slightly at odds with the normal advice on here about everything being massively overpriced and people saying its needs lots of work doing to it. from what you describe it perhaps does, but surely its subjective - if it has a working kitchen now it doesn't need a new one - you might prefer a new one but thats not necessarily something that the vendors should 'pay' for, its your preferred decor? Similarly, just because you don't like the circulation of the house, thats not really the same as a leaking roof or it requiring a damp course? I think generally speaking (and I'm not an expert by any stretch) when you're asking for money to be knocked off the asking price on account of works - thats because its something thats flagged up on a survey, not just because its not to your taste? Thats obviously different from a general overpricing issue.

I think an 8% drop in 6 months is reasonable (based on what is happening in my area - most things going at 90-95% of asking) and therefore its highly unlikely that they're going to accept an offer at 70%. I don't mean it personally, but I think its strange that the previous poster thinks its this type of vendor wasting everyone's time. Personally, if I were selling, and someone thought to offer 70% of my property, I'd think they'd wasted everyone's time.

8% reduction is a joke. Houses are at least 30% overpriced. Don't fall for it.

In some parts of the country "worth" is back to 2005 prices. I suppose it depends on where in the country you are.

The fact that they've only dropped 8% and yet still haven't had serious viewings suggests to me that their asking price is out of sync. People who need to sell, price to sell.

They might be fucked off with your offer it's true, but you never know - they might negotiate. We offered on a house 2 years ago which had already been on the market a year... they rejected our offer, paid the mortgage for a further 18 months and then sold at the price we offered. Of course hindsight is 20/20.

8% in the area I am looking is slightly unusual. Houses are tending to move fairly quickly. Think that the road and amount of work is what is making this one sit longer on the market. Other nearby places are apparently going for over asking price still (it is in Scotland).

Tricot - which area of Scotland is going for offers over ??

Parts of Edinburgh are going to offers over and a closing date still

That's where we are looking!

If its in an area where things are moving quickly, I wonder if there's a problem with building warrants or something. Why don't you put in a n

Bloody phone!

Why don't you put in a note of interest and sit tight for a while. What does the home report say?

Hard to say without knowing the location. If its (seriously) prime London, then its not too silly, as this is the only part of the country where prices have doubled since 2005. If its anywhere else, then the vendors are living in la-la land as sold prices are averaging at about the 2005 level in most areas outside London.

I need to re-read the home report. It's on my to do list.

But I think the road and the amount of work are big factors. It is also a house surrounded by flats so there is not as much privacy as similar sized properties. If it were with similar houses and back from the road they would probably have sold by now close to asking. But I'm only guessing.