Unreasonable offer?

[FunSpunge]

House is on at oiro £475,000.

It's very dated. Whole house needs cosmetically improving.

Would £450-£455 be taking the mick?

We really want the house but £475 is everything we have, with all the work to be done I obv want to keep as much for renovating as possible

It's just come on the market

What's the market like in the area? Where we are things go quickly and often above asking price. Is it reasonably priced compared to similar properties?

I don't think £450k is an unreasonable starting offer in general.

Link?! I love looking at houses.

Is there anything recently sold that it compares with. If the house 3 doors down has sold at the same price, recently and is pristine, then you can probably knock a fair bit off. The price might already reflect the condition it's in, though, in which case, it's more of a risk, if you really love the house.

If it has been on for a while I would go in at £440 with a view to going to £450 if need be. They do say that you should be embarrassed by your first offer otherwise it's too high.

Also, if it's very dated, rather than simply not reflecting current trends, then it may need a lot more than£25k worth of kitchen, carpet and paint. You'll probably have to factor in heating and electrics, too.

You can offer what you like but an offer that low is unlikely to be accepted when it's new to the market.

If it's just come on you may be rejected but u can give it a go! Do you have anything that might endear u to buyers - chain free, ftb, cash buyers etc? This can all make a difference. If you don't ask you don't get.

It depends where you are - prices are falling and houses aren't selling in many areas so £450k would potentially be more than enough. It totally depends on area though.

In my area, almost every house that comes into the market seems to end up getting reduced after a few weeks.
But only you will know how realistic this price is in comparison with others sold in the area.

In our area everything is being reduced but then I guess that means that everything is being overvalued by the estate agents.
The house needs a complete overhaul. We are chain free and can wait as long as it takes for the vendor to find somewhere so that is in our favour

@PickAChew it's going to tea a lot more than £25k. It would take years for us to do it all and that is what we intend to do. Long term project

I offered asking price of £265000 on the house house I am trying to buy. It needs gutting from top to bottom. A smaller house a few doors down sold in the first week of marketing for £325000. Therefore the price I have offered has reflected the work which needs doing in my opinion.

In our area of the West Midlands the market is very fast moving as demand is outstripping supply. If in your area they are on the market for ages then you have a real chance of getting a reduction, especially given your chain free position.

Doesn't hurt to put in a low offer. The EA should have an idea of what they would accept and can tell you if you are miles away. They may say no but you never know.

Ask the agent not us! If it is genuinely your best offer then the worts they can say is
No. But if you don't offer, you'll never know!

Offer accepted

Yay! Fantastic news funspunge!

Well done Fun!