Hypothetically speaking....unsold after a year

[coolpatterngirl]

I know this is a "how long is a piece of string question" but keen to think through all possible scenarios.

House has been on the market for a year in a fast moving village.

Is a beautiful looking 30's house, needs updating.

Cost is 800k, most expensive on street but difficult to place as surrounded by bungalows.

Owners have emigrated and house has been empty for a year.

One sale which fell through about 6 months ago.

There is planning for new homes to be built behind this garden but large enough garden to not be overly concerned.

Have enquired with agent, no reply. Friends know the owner and he's not financially dependent on the house selling urgently.

How would you approach this? Our budget is around 700k but would obviously prefer to pay less to start renovations.

So you're looking at at least 60K on top of the purchase price for repairs and refurbishment, plus possibly months of upheaval while the work is completed.

More like 100k apparently 😢

I think we'll offer once and leave it there. Would you point out its our only offer?

Didn't you say there's previously been an offer at £740k but it fell through because they hadn't sold their own - although buyers remain interested?

If you really think it needs £100k spending on it to get it to the standard of the house that you say was beautifully renovated but sold for £740k, presumably you're thinking of offering £640k??

If I were the vendor, and I'd had interested buyers at £740k who were still on the scene, and you offering £640k, and I was not in any hurry to sell, I've wait it out on the basis that the £740k couple might sell theirs - and for the sake of a few months I'd have an extra £100k in my pocket.

Yes I would. Say best and final. Point out why the offer was at that level and what the house is worth. Highlight your position. See what they say.

If they say no, see if you can get a feeling of why. Then leave contact details. We did this then had a call a few months later.

Good luck!