Realistic offer on house

[Mumof3teens]

Hi. Seen a house we like and are looking to make an offer. One already received by interested party. House was 330k and has been reduced to 295k. Needs new kitchen, only 2 beds so loft extension etc. the EA has said the vendor is looking for as near to 290k as possible. Don't want to insult the vendor and have no idea what the other party has offered. We wondered about 270 as opening offer, but really don't/can't spend more than 275 on it. Any suggestions gratefully received.

I would offer £270 then raise it to £275, but be prepared not to get it if you can't go any higher than that. With two interested parties they're going to hold out for what they want, thinking if two people are interested more probably will be.

Thanks. That was our thinking really. The other offer hasn't been accepted but not sure how low it is.

Gosh you could buy 3/4 good houses up north with that money,

Crazy times for a two bedder . I am talking at least three beds north

170k for 5 bed with massive garden good area, garage good condition .
30 odd years old detached

I have been one on rightmove been for sale since dec 2013 offers near as above

It is up north Roneik

I wouldn't bother making an offer I'm afraid. You can't afford this house.
It was £330,000. Now £295,000 and they want close to £290,000. They aren't going to take £275,000. That's more than fifty grand less than they started off asking. Yes they were in vendor la la land but still.
Sorry, this isn't going to work.

It's irrelevant what it was on the market for beforehand. It's now on for 295k and so 270k is a reasonable first offer at that price. We bought our house for 50k under the final asking price and 100k under the original asking price. It just depends on how much the seller wants to sell it.

We had an offer accepted £20K below the asking price on a similarly valued house, but that was 18months ago & the market may have changed abit. (Up North!)
3 bed but needed 4, at the top of our budget but with no available cash to do the work I am now wondering if this was the best move...but I still ?? the house.
Good luck.

270 is a reasonable offer for 295 asking price but the OP knows the vendor originally wanted more and the agent is saying they want 290. I think the vendor thinks they've dropped all they're going to. The original price is relevant.

The house we are in now (moved in last autumn) had just had the price dropped, but we still made an offer and a lower price was accepted (after some negotiations).

It also depends on how able to proceed the interested party are.
Do they have to sell first? Have they accepted an offer on theirs? Is the mortgage in place? Long chain? etc

Offer what you can, bearing in mind the cost of work needed-often adds up to more than you think.

Mumof 3 cheaper round these parts

www.zoopla.co.uk/for-sale/details/34355649?search_identifier=2784c01c7712de2ebd4ef70bea5c1f66#GP7RbPcsdGOEL1Ls.97

That sounds like a good,plan 270k is enough

That property is not far from the m180 and A180, there's a five bedder Det round the corner offers near 175 k been on sale for ages

Make the offer, they can only say no.

roneik thats a completely different area!

Did you make an offer?

Gosh where up.North

?contemplates selling own two bed with old kitchen for crazy money too?

I can't agree with the suggestion not to offer.

what's the worst that can happen?

(we were in a similar situation (5 beds in the Midlands for those interested in those irrelevancies) it was reduced from 315 to 295. we offered 270. paid 290 with thanks to all our parents )

Yeah but it's a hundred and fifty grand cheaper.
How do I know where up north, I am a southerner immigrant up here.
You could buy enough food with that 150k to last 3 lifetimes for a tribe of umpteen.
There's not a huge amount of work here, but is very cheap houses so you need less money
In fact thats enough money to start a small business

Thanks for all the helpful advice. We have decided not to go ahead with that house, as one has come up fairly near to where we currently live, with fab views (although lots of work needed). It has been helpful when deciding what to bid on this house. Wow Roneik - great prices!

Don't tell anybody else they will all be up here too
There's endless really nice parks as well for us Jack Russell lovers to go walkies too

Mumof3 Lincolnshire /Suffolk both nice counties and very reasonable property prices . Like all places there are good and not so good areas. But you can buy a house 3 bed in the north for 50k upward. 150k buys a good house in a good area in the north. many places 5 bed detached for that money and set in some nice countryside. The people are very friendly I find ,and I don't think I would ever move back south This county is one of the few that is not overcrowded . Lowestoft Suffolk is like going back in time and very low crime. it's newer part is named Carlton collville and there are some nice houses there where you would need half the stated sum you speak of

I think you need to stop with the sweeping statements of "you can buy a good 3 bed in a good area for £150k up north". I think "up north" is a huge place and like anywhere (including the south!) prices vary hugely! I couldn't buy a good 3 bed for double that in my area (up north!) but I could (and did) much further south!

And IMO Doncaster doesn't count as Up North .

Totally agree with Mandy.

Borrowing 150k more for a two bed will probably cost 350 k after having a loft converted over the lifetime of the mortgage. So you are talking 500k. for the north. As the price she quoted was about 300k before loft conversion

The north doesn’t have to mean geordie land . As far south as Lowestoft is the north , has a north post code.Yet it’s only a hundred miles from the Dartford river thames crossing
You don’t have to pay silly money that will make you a slave to debt, 150k buys in many areas of the north a lovely home.

I am not saying some areas are not more expensive, just illustrating with my link that there is an alternative that gives 4 beds in a good area for less than the projected 350k . Ramping and vested interests are trying to influence the posters and readers methinks

I don't think that's necessarily true Roneik - you say yourself about the area you posted that there isn't much work. House prices (sweeping generalisation) usually reflect demand. If its a good area with good schools / good transport links / good employment, there will usually be demand and that is what increases / maintains house prices. Where those things are absent, and there is little demand, houses will be cheaper. Its basic economics.

So whilst you may say Oh yes, you can get a big 4 bed house for peanuts up north, that may well be true. You can probably get one for the same price in the south. But that doesn't necessarily make it attractive. After all, wherever you choose to live has to be your home / where you & your family live your life.

And I think you need to have a look at a map of the UK - Lowestoft is categorically not in the north. It has a postcode that starts with NR - that doesn't mean 'north', it means it comes under Norwich postal area. The letters at the start of a postcode relate to the postal area (Sunderland for instance has post codes starting with SR but that doesn't mean its in the South ).

I lived in Lowestoft it's the north east, in fact it's the most easterly point of the country. I wont split hairs thought nr was north. I certainly had to drive north from essex which is the southeast. Anywhere north of watford is north to us southeners.

I commuted to work for donkeys years, where the money was to be earned , but lived somewhere decent for sensible money. Carry on a squillion pounds you say for dog kennel The higher the price the bigger the fall come saner days