What to offer?

[wishingitwasfriday]

We are looking to buy a 4 bed detached 1980s house. It's a probate sale and needs a complete refurb. Four agents have it on for £300k with barely any interest. A house went on the same estate, but in a better location and pretty much done up (could still do with a new kitchen) for £289k. What would you offer?

We're thinking 255-262, but agent has given the impression that would be too low. It will cost us around 30k to make good so don't want to go in too high with an offer.

There are very few houses around at the moment so really want this one but don't want to pay over the odd for it. I'm in Devon and most house seem to be having reductions on Rightmove.

Go with your gut and explain your reasons! If you go below your budget at the first go you can always increase it. Don't let them hype you up to offer more than you thinks it's worth

Why don't you offer on the 289k one if it's in a better location, done up, and cheaper.
But based on that price 250k would seem high seeing as you have to do all the work and it will be worth less than the 289k house... which might only sell for 280k... so 250k would barely break even

I'd offer about £240k.
Start low and be prepared to increase if they come back with a counter-offer.
Hopefully they do actually want a sale.
You're in quite a good position if it's been on a while and if they haven't had any other offers.

Sorry, I meant the other one had sold for 289k. It sold last month.
Thanks, we seem to always be the ones who never get anywhere with agents and offers! Good to know we aren't being too cheeky with the offer! Ours is on the markets had 3 viewing and one offer so far, only went on on Friday. Hoping to get a bit more offered and then we can put in our offer.

Use the 289k sold house in your reasoning to the agent. 250k should be your maximum.. as it's a private sale they will have to sell at some point

Private = probate

It all depends on the area, Id go in at 250 and be prepared to go up to 260

Howling has it been on the market for?

Probate vendors are (in my experience) the most greedy, stubborn and deluded types of vendors out there.
I wouldn't get too emotionally (or financially) invested in this one if I were you.

Thanks for all the advice. We've now had an offer accepted on our dream home. It was under offer when we were looking, but it fell through and it's now going to be ours. 1930's detached and needs complete renovation. Excited beyond belief and am sure I'll be back for advice when the time comes!!

Congratulations!

Congratulations.

For anyone reading this thread in the future we also found private sellers to be greedy; we offered £380k on a £400k house that needed a lot of work (£380k was over value but we loved the house and location) and it was turned down. We got a call six months later asking if we were still interested (we weren't) and it sold a year after our offer for £360k.