FTB - advice needed please!

[BBR13]

Viewed a house at the weekend which is new to the market and could be described as a ‘doer upper’. The house currently has tenants in it and has not been well cared for. It requires complete refurbishment and modernisation inside and out ( new bathroom, carpets, new fences outside, walls need stripping, new boiler, new kitchen) which I would predict to cost somewhere between £10,000 to £15,000. Having seen the pictures from when the property last sold in 2009 it appears the only work that has been done by the current vendors is to install a new kitchen.

We feel the house is overpriced at £269,950 - properties within the local area have been selling for 250-260 recently and these have been in a much better and modern condition. The EA whilst showing us round the property admitted that the property was not worth the asking price.

We are FTB and have our AIP and are in a good position to proceed.

We offered 10% less than asking price which has been rejected (which we expected) however the EA made us feel that this offer was totally unreasonable and advised it needed to be significantly closer to asking price, she also advised us to just go with our ‘best and final offer’. Our best and final offer would be £250,000. I am completely new to this as we are FTB and so I am just looking for advice on what our next move should be? Are we best to increase the offer or to just go with our best and final?

Don't pay more than you think it's worth. The EA works for the vendors so wants to get as much as possible. Don't over-offer because they are putting pressure on. If you want it, up your offer and stick to it. Be firm - you are in a great position.

I'd walk away if similar houses are going for less and are better condition then it's seems massively over priced. I would have a rethink of your budget to do the work required , it seems wildly optimistic .

It’s over priced. Why would you pay 250 k for a house you predict will need 15 k work (inevitably will cost more though). That would be worth 250-260 k after doing the work??

Unless your heart is set upon it I'd walk away and tell the estate agent that the offer is still on the table. If it is as you say over priced for the condition/area then it'll stay on the market and you're position will only strength as time goes on.

Actually - I have had a rethink: your offer is a fair one. I wouldn't increase it. Leave it on the table for a week - tell the EA that - and keep looking.