Asking price - offers and what is reasonable?

[patchesmcp]

We are hoping to move in the next 6 months or so and have seen a house we like. It is currently on for £365k but has been on and off the market for a number of years. It originally went up for sale in 2009 for £499k but then went down to the current asking price in 2011 and appears to have come off the market sometime between then and August 12 when it went up for sale again at the same price. I know it was purchased in 2005 for £310k but the current owners have extended it since then.

I know it is rented currently and last time we asked it was due to be rented until February. The owners bought a new place some time ago, may be 2009 when it was first up for sale and are retired so I presume want to release the equity in the house.

I should add the estate is large and relatively old and the houses are all different so I can't really find anything to compare against. The prices vary between costing well in excess of a million to between £300k as a general rule!

Just wondering what people think a reasonable offer would be for it given that information? We obviously wouldn't do anything until ours was on the market but just trying to get an idea on finances.

Thanks :)

My Dh and I were in a similar situation to you in that a house we liked, which had been on and off the market for 3 years ( rented in between ) finally dropped to a price which we could stretch to.

450 down to 400. Ours was valued at 300- 350. We put our house on with the same agent who had indicated the vendor would accept 385.

We got hardly any viewings so eventually switched agents, the house was rented out again.

Eventually we accepted 300 and offered 370 which was accepted because that's all we could afford. The surveyor valued it at 350 but the vendor wouldn't drop any more.

We moved in September and can't quite believe we are here. The process from going on the market to completing took 15 months.

Good luck hth :)

Without knowing where you are it's difficult to say what the house might be worth. Some areas have higher prices than in 2005 and others are lower. If it's been extended that makes the position more complicated. I would probably start with an offer of £325k.

bumbez how lovely that you got the house you wanted. You hear so many stories about people missing out it's nice to hear when people are successful. Fingers crossed we are as lucky!

nocake we are in the north east if that helps?

Have you been to see it patches?

I have no idea about the North East but where I am houses seem to have been on the market for years, I think some vendors are unrealistic about what their house is worth.

The fact that the house that you like keeps beeing rented out suggests that the vendors can't afford to leave it empty for too long, they must be getting desperate.

Maybe the estate agent can give you a clue as to what they would accept ? Have they turned down any offers?

325 sounds like a good start though :)

We have been to see it, although it was a number of months ago now. I think the owner mentioned developers had been interested in it (it's on a large plot) but they'd made silly offers but when that was I have no idea. Could have been when it first went on the market.

We are now in a rush to try and get ours on the market later this month. I'm hoping it'll sell quickly - one just like it went up in November and was showing sold subject to contract in December so fingers crossed!

Ooh exciting, good luck :)