Would you be offended?

[NewYoiker]

We have a mortgage in place, no chain. We've just pulled out of a house although the estate agents seem to think that they can save the sale but we really mean it.

House is on at 190k, not on right move yet but does have a for sale sign on it. It's empty....

Just been to see it and it needs a fair amount of work.

Posted too soon would be offended by an offer of 140? Or does need work to finish it and it stinks of weed etc

I wouldn't be offended but I would decline it.
A lot depends on area, house prices etc though. Where I am that wouldn't buy you a bedsit

Really impossible to say.

Does the £190k reflect the work required?

What have similar properties been selling for?

What would the property be worth in good condition?

How many vendors are going to take an offer more than 25% below the asking price before marketing has even begun? Not many I would suggest.

It depends whether it is priced with the condition taken into consideration. How does the price compare to others that have sold close by? To be honest though, I think £50k drop is always going to be too much for a property new to the market and on for less than £200k

Did you go and see it because it was a cheap house for the size and area though, because that means the price already reflects the work that needs doing.

As I said on another thread recently, if I'm selling a house I view potential buyers with suspicion if they start off with a really low bid and inch up to the required price - it makes me think they are going to be like that with every aspect of the sale and will be very hard work to deal with!

Wouldn’t be offended but wouldn’t accept it either. Generally houses, including ones requiring renovation, are priced with their current condition taken into consideration- if it didn’t need doing up it would be on for more so unless they missed something when valuing it it wouldn’t make sense that you’re essentially offering the price less renovation costs.

If it’s not on rightmove yet no one would accept that offer. That’s the sort of offer you might get away with in a year and even then maybe not. Depends on the seller whether they’d be offended. But if you want it and can’t afford more than that then you haven’t got anything to lose.

I'd be wary of you tbh. I'd be concerned that you'd raise your offer, then drop back to £140k just before exchange. Your offer is 26.4% under the asking price, on a property that hasn't even been on Rightmove yet.
Saying that, renovation projects seem to get snapped up here and aren't vastly cheaper than other houses - I think people like the idea/underestimate the cost of a project plus there's a lot of young couples who are otherwise priced out but who can lodge with family for a few months while they make a place habitable. Maybe it's different where you are though.

Fair enough. I mean it needs plastering and electrics sorting.

Who valued it at £190K?

Presumably it is already priced taking all the work into account

I mean it needs plastering and electrics sorting

But, how does the £190k compare to other properties nearby?

I'd lose trust in you not to dick around pre exchange / completion and add to the stress. So I wouldn't be in a rush to deal with you again. By the time you make the offer you really should have sussed everything out.

It's impossible to answer without knowing how the price compares to similar propertiesthat don't need the same amount of work doing.

Plastering and electrics don't cost £50k though...

Our house needed a new roof, boiler, kitchen, bathroom, full redecoration. It was priced lower than similar properties in perfect condition as such.
We got it for 5.5% under asking price - after the initial sale had fallen through.

190k is grossly over priced for the area. Other properties are selling for 155-165

Are you looking for a property to do up?

If not, then go for one of the properties priced more realistically.

But theres nothing stopping you chancing your arm and making your offer of £140k

I'd be offended and think you were a messer trying to get the price down real low and could even try something just before exchange.

That being said it depends if it is really overpriced.

Electrics and plastering doesn't cost 50k

I would be offended/ think you weren’t a serious buyer. Our flat went up on RM yesterday and we had an early offer on Monday night before it went up for 10k under asking price (450k so a small % under asking price). Agent suggested we decline and hold out as the demand is clearly there. If the offer had been 25% under asking price I wouldn’t bother letting the people come for another viewing (they came tonight)...

They accepted 145 :)

Aah well done, it just shows there is no harm in asking. Don't ask and you don't get.

If the previous owner has died (or maybe even gone into care) the family may just want to be rid and accept a low price.

They accepted 145

Cool!