Another what do you think of this offer thread

[Yolo2018]

I will be making an offer on a property today. On for 350,000, dropped from 360,000 beginning of feb. Has been on with this agent for nearly a year but I hsve bern told it was on with another agent for 9 months before that. It has issues that NEED work (windows, boiler, new bathroom) that I am guestimating as 30,000 worth of work.

I am thinking of offering 317,000 or is that too cheeky??

Is it already priced low compared to others in the area or is it comparable to houses that don't need work?

That seems about right, you may have to negotiate up a little. Houses needing work seem to be taking 10% plus price cuts where I am but ready to move in house people have to pay almost the full asking price.

Like Just says, is it priced lower than done up houses in the area or are they trying to get the same money for sth in a much worse state?

I'd also say that if a property has been on the market forever, it can sometimes mean the vendors aren't really ready to sell and move on so they put it on for an inflated price and don't budge. So see how it goes but don't expect too much with an offer so much below the asking price.

Thanks. The property is being sold with no upper chain. They have had offers but no one proceedable. The property doesn't have off road parking and is on a busy road so this is what has put people off. Unfortunately it's quite different to other properties so hard to compare.

If other properties are hard to compare, try going by price per sq metre or foot. And then take off a bit for the busy road and lack of parking (provided you're comparing to properties on quiet roads and with parking).

If it’s priced with the work needed already taken into account you’ll soon know, because they’ll reject your offer. Worth a shot I’d have thought - they might meet halfway at worst.

Well I have just made the offer...

Was told they rejected 330,000 for being too low but that was many months ago and I'm not sure the position of that buyer (we are in a strong position. )

I guess I will just have to wait and see now...

I hope I haven't offended them because I really do love the house 🙈

Have you said why you pitched your offer where you did? Always helpful to have a rationale.

Yes I did. I also asked the EA to explain that we are in a strong position.

I hate waiting...

It was a flat out no 😔 Not sure where best to go from here!

Go back with your best and final offer, saying you love the house but its a fair offer (I have no experience tho!)

I would ask what the vendors want for the property and then say well this is what I'm prepared to pay based on these reasons or say this is my final offer based on these reasons ( list work needing doing and disadvantages) and be prepared to walk away if they don't agree. Good luck.

If you did the 30000 worth of work what would it be worth?

A house near my grandmas got sold for 120k he did around 50k of work and its now on for 240k!

So my point is are you taking off the work from the 350 when it has already been taken off?

And how much do you want it - I would probably go in with a final offer of 332k

It hasn't sold in years and they are not accepting reasonable offers (£330 sounds reasonable if needs loads of work and been on for years) - doesnt have a chain - sounds like vendor isnt motivated and could sit it out for years....

What's the market like in your area currently? Are good houses in good streets selling reasonably quickly? If so then other purchasers have done the maths and this one is priced too high for the work it needs doing.

If the market has stalled overall locally, with lots of other properties still on the market as competition then it looks like vendor hasn't come to terms with downturn.

Either way - you will be able to compare somehow - so do the maths and decide if you need a ROI or if you are happy to pay out for a forever home and decide you max and dont go over. Be prepared for a "No".

If they'd rather hold on to an empty house for a year than accept £330 on an asking price of £360 then they're not that interested in selling. But at the end of the day it's worth what you are prepared to pay for it. Decide what your maximum acceptable price is, then offer up in increments until they say yes. And keep looking - frankly they don't sound very realistic so the process of buying might be a nightmare.

I think they turned down 228 as they had accepted 240 a month previous but it fell through. At that time I guess they thought they could have got the higher price.

The work that I am accounting for is just the work that is needed to make it liveable. It probably could do with another 50-70k spent on it after that - The wishlist; new kitchen, new 2nd bathroom, electrics, boiler is 11 years old, refurbishment of every room, driveway intalled... Will the house ever be worth more than £400,000??? I'm not sure it would so we will offer 330,000 tomorrow and if they don't accept that we will walk away.

Thank you everyone for helping me get my thinking straight during this stressful time! X

Good luck

If you next offer is turned down but you do still want the house, let the agent know that if the vendors decide to drop the price or would be willing at some point in the future to consider a lower price they should get in touch with you

Don’t go from 317 to 330! I’d prob go 325 if they’ve already had an offer months ago of 328. I’m sure they should accept if do want to sell