Would you offer this low??

[BrieAndChilli]

Ok situation is this.
3 kids fast approaching teens. Have rented forever. Never been able to get a big enough deposit together coupled with prices soaring out of our reach.

We have been accepted into a open market homebuy scheme where they give us 30% equity interest free and we can either buy it back or when we sell give them 30%. All good. Can get a mortgage for the rest along with 5% of our own money for a deposit.

Now the catch. The maximum house price we are allowed to buy is £226 which round here and in the town the kids go to school in won’t get much. All tiny 3 bed smaller than what we rent! Oh and we have to complete by end of Jan 21 and have a house offer in place within 2 weeks!!! (I think someone dropped out of the scheme so this funding has to be used up ASAP.)

So anyway there is a house on the market that has been extended, was put on market for £280 in April 2019 and then reduced to £270. Was then reduced again in Feb 2020 to £259k. Still on market when most other stuff has sold.
Obviously barring any major issues that will stop us wanting to buy would it be majorly cheeky of us to view and then offer £226 as that is our max in the hope that the fact that we need to move fast, and are FTB will count for something?? DH thinks they won’t entertain any offers but I think it’s worth as punt as there’s not really anything else in the price range that is so suitable.

The worst that can happen is they say 'No'
It costs nothing to offer. It might be good to have finances all in place so you are ready to go asap, which will be seen as positive, also you have no chain, so another positive.

It's always worth a go and you do sound as if you are good buyers for someone. No such thing as being cheeky in the house buying world really. Good luck!

They've been on the market 28 months, id really wonder why?? It would worry me.

But I don't think there's anything wrong with offering a low price and making it clear it's the most you can pay & that you are time restricted so it's an offer on the board for 24/48 hours - you have nothing to lose. The worst they can do is say 'no'

The highest price achieved in the road has been 210k so I’d question if it’s even worth 226k. Doesn’t look renovated to me - all basic and dated really.

As per previous poster, it hasn't been renovated. It may have had an extension but it looks very dated. I'd carefully consider what it is actually worth before offering as I'd probably go in lower than your maximum.