Vendor open to 'very good offer' - translation pls

[PogoBob]

I'm probably being dull and over thinking this but can't figure this one out.

Viewed a house recently, probate sale that has all the basics (DG, CGH, up to date wiring etc.) but needs a complete overhaul - old lady lived there so very dated. Discounted it as the work was too much for the price.

Has an ansaphone message from estate agent today - vendor is open to a very good offer. To me a 'very good offer' is close to the asking price but am I coming at it the wrong way??

25 weeks pregnant and going to be homeless in 6 weeks so incapable of thinking straight!

I would think "close to the asking price" too but I wouldn't let that get in the way of me offering what I thought it was worth/what I was prepared to pay.

I would also think close to asking price, but if they have already discounted the property due to work required I would say that it screams that they want close to asking.

I would still make an offer of what it is worth to me, even if the vendor does think it is cheeky.

Translation: "Our exclusive period with the vendors is drawing to the end and we have to get them an offer - any offer - before they take their business elsewhere."

If you like the house, I agree that you should offer what you feel it's worth.

I would think that means close to asking price.

However I would only offer what I think its worth - less a bit!
There are 2 ways of looking at a probate sale either the vendors are in no hurry and will hold out for best price or the vendors are not dependant on getting top dollar in order to afford their next property so will accept a lower offer.....

The house has only been on the market a week, from what I can tell, we're the only viewer so far.

There are 2 others for sale on the same road - this is a semi the others are terraces, both finished, one is £5k less (very narrow kitchen though) the other is £10k more.

Will speak to DH again.

Offer what its worth to you.

Sounds to me like they (vendors) are desperate.

They hope that, with this phone call, you will show your cards.

Try 10-15-20 % below asking price. If you want it, of course.

Sounds like EA and vendor thought you were their best bet, buyer-wise.

Translation "We/the vendor realise it's probably overpriced, and nobody's offered so far, and we'd like to shift it quickly, so let's see what buyers will actually pay".

Of course they will say "very good offer" or "close to asking price". Doesn't mean they wouldn't consider a lower offer. In fact, the fact they have phoned you up to tell you that, suggests they are pretty keen to sell.

Make whatever offer you would be willing to pay. Or even better, get the agent to tell you what "a very good offer" means - in other words, get them to offer you a reduced price. Then you can offer something a bit below that

I suppose the question is, how much money will it take to update it? Will the end price (updating + price of the house) be something you can afford? Don't offer more just because she needs more money for it; focus on what it's worth to you.

Weird for a probate sale to be in a hurry, which they undoubtedly are if the EA has contacted you like this. I'd say it puts you in a good position to get it at a price you're happy with, and you have nothing to lose by starting low.

Maximum first offer would be around 10% off the asking price - if in doubt offer lower rather than higher and creep up until you find an acceptable price. If you offer higher straight off you will always wonder whether you could have gone lower.

Where in the country (roughly) are you?

we're in south wales, market not awful but equally not great.

there has been a bit of a flurry of houses within £10k of this one's price come on the market this month so there is competition. Based on the work needed and the likely ceiling price in the area we'd want at least 12.5% off the price.

DH not certain about the work so going to keep looking for the moment I think.

Keeping looking sounds right - remember, work always ends up costing more than you expect.

Tiago - we've decided against, the best approach would be to gut it before moving in and we just wouldn't have time before DC2 is due!

In case, anyone is interested I was in the same estate agents today arranging another viewing and they repeated that the owner would take a very good offer, when I asked what they actually meant they said 'don't be embarassed about naming any number' so it appears they translate 'very good offer' to be in the buyers favour!

Yup, I would translate as meaning 'give us an offer - any offer.'

Sometimes agents will try to push you into an offer when they have other viewings lined up - they will try and use your offer to persuade viewers to put in a higher offer and start a bidding war.

Never put in an offer at the beginning of the month or on a Monday - it gives them time to line up other viewings. If you leave it until the end of a week or month, they a keener to hit their targets and are more likely to advise the buyer to accept.

Given that its getting near to the end of the month and the agent may have targets to hit, I would offer what you think the house is worth and chance it.

I will never offer on the first Monday of the month again...

Oops, just read that you've changed your mind. Sorry.