Talk me through putting in a low offer

[Oaklion]

There are two properties we like on the same road for the same price:
House One: in good condition, but in a chain
House two: tenanted with everything needing doing but chain free

We would need around 70k to 80k to do House two up (I'm assuming). How do you put in such a low offer? I mentioned it to the estate agent and they were keen to get off the phone. Do I just chuck the number out there and see if it sticks?

Could you clarify - are you planning on offering 70k-80k below asking price?

Is it being sold with vacant possession,? if not you become an accidental landlord.

You call the agent and make an offer. Offering less because you need money to do it up isn’t a reason. You need to say that on balance you are willing to offer x for this property. You can say that you’ve compared it to the house up the road and the price compared with standard of the property are not in your view aligned.

I would have thought a property with a tenant is potentially more problematic than a property with a chain ( depending on how long the chain is) If property 2 is the same spec house with £70 k amount of work needing it doesn’t seem like a good bet and I’d offer on property 1. Whether they will consider such a reduction will depend on how urgent their need to move and what percentage of the overall price £70k represents ( that drop on a million pound house is more palatable than a 500k one ). Just tell the agent you consider it overpriced for x number of reasons ( list work) and see where it goes.

House two should be priced to take into account that it needs work doing. If you're serious about it I would take a builder or tradesman round to look at it to get a better idea of your £70-80k figure before putting an offer in as you don't want to be left with a house that you then can't afford to renovate as you want. If you think it's overpriced compared to others then I think you need to put a strong case in with your offer i.e. you've had a builder round, and also be a strong position to move quickly.

How much are the houses on for? An offer £70k below asking price wouldn't be too outrageous for a house price £1m+, but anything under £500k I would be very surprised if it is accepted.