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Original poster

Advice/opinions please - what would be a reasonable offer on this house?

53 replies

turquoise · 27/11/2007 10:32

It's on the market at 275,000. One double bedroom two reasonable singles, one tiny single/study. In good nick, semidetached, on quite a main road about four doors down from a fairly ropey looking pub. Seems like a pretty good price for the area.

The owner bought it as an investment for his daughter and fellow students to live in while at University, it's now been empty since the summer - so he's losing on it every month.

I really like it, it's just right for us and where we are renting is damp as hell - but it's way over my budget. Also given the current financial gloom, I'm terrified of losing all my savings etc.

What would you do?

OP posts:
Original poster
turquoise · 27/11/2007 10:42

.

OP posts:
lalalonglegs · 27/11/2007 11:00

Look at nethouseprices.com to get idea of what houses in that street sell for and work from there (if he bought in past 7 years, will have how much he paid for it so will give you an idea how much profit he could reasonably expect ).

Depends where it is in country, how gloomy the outlook is for that area etc. If it's your dream house and you want to stay for some time don't worry too much about short-term outlook but I would definitely try to get it for under 3% stamp duty threshold. Offer £240 and work up to £250?

Original poster
turquoise · 27/11/2007 11:25

REally? Under 250?! God that would be fantastic (still a monster stretch for me but well worth it).

Thanks for that site - looks as though he got it for 224,395. And is losing rent every month - with everyone being iffy about buying - only 1 similar house sold in the last 3 months. Great site!

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titchy · 27/11/2007 11:44

Definately under £250 - tbh I doubtr he or the agent would expect offers over that cos of the stamp duty threshold. WE priced our house just above a threshold fully expecting to get (and accept) offers under the threshold.

hippipotami · 27/11/2007 12:01

oooh, link to it, would love to see it! difficult to advise without seeing it

hippipotami · 27/11/2007 12:01

oooh, link to it, would love to see it! difficult to advise without seeing it

hippipotami · 27/11/2007 12:01

so keen, I asked twice

noddyholder · 27/11/2007 13:34

240 max considering whats going to happen next year.I viewed a lovely maisonette for 280 last weekend but not for us Had a call yesterday saying price was dropped to 245k if that would change our mind!You don't want to buy a house which will be worth a lot less next year Do you plan to stay in it a while?

NorthernLurker · 27/11/2007 13:40

definately no more than 250 000!

Original poster
turquoise · 27/11/2007 17:53

I'm gobsmacked at everyone saying offer below 250 - I was looking at the 45 viewings thread and the OP was fuming at having offers 20k below the asking price! What the hell, I'll give it a go.

Tried linking to it, it just defaults to the estate agent's home page. It is in good shape though, well finished, and seems competitively priced for the area (East Kent). That website shows NO house sales within that area since July though!

OP posts:
Original poster
turquoise · 27/11/2007 19:21

Oh and Noddy - I'm planning to be there 3 - 5 years.

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noddyholder · 27/11/2007 20:00

3-5 yrs will probably outride any downturn and see prices rise again so make a cheeky offer and hold your nerve They will let you have it below the SD threshold if they really want to sell Good luck xx

ninedragons · 28/11/2007 00:18

Don't be put off by the 45 viewings thread. I haven't read it, but don't feel uncomfortable - all it shows you is that buyers all think the market has gone flaccid and a well-under-asking-price offer is what people are doing these days.

It doesn't sound like you are completely in love with a totally unique property, so personally I would make a low take-it-or-leave it offer. The owner might be in a very precarious position if the market falls further and interest rates rise (particularly if he's got a buy-to-let mortgage on it), so if he's bricking it he might be relieved to accept your offer and make a clean exit.

The proximity to the pub might work in your favour, especially if there are now smokers clustered round the door. My SIL just bought a house and said that when she was looking, if there was anything at all wrong with a property (a DIY renovation, north-facing garden) she just said next! to the agent. Buyers seem to be getting choosy and won't overlook things they once would have.

lalalonglegs · 28/11/2007 12:40

If you mean the nethouseprices.com website showed no sales since July, it works on land reg figures and can take 3 or 4 months to upload those. Go on, be cheeky - worst vendor can do is say no (and he'd be mad to in circs).

Scanner · 28/11/2007 12:44

My job is linked to the housing market and I would agree with the others, there is very little activity at the moment so the owner would be mad not to consider your offer. Nobody in their right mind accepts the first offer unless its full asking price.

mistlethrush · 28/11/2007 12:46

My neighbours put their house on the market 3 weeks ago - they told me last week it was sold (or they'd accepted an offer) - I know who they accepted the offer from (have fingers crossed) - on market for £410k, offer £395k: very good condition (everything new), 4 good beds, only been on market 2 weeks and accepted £15k below - so clearly everyone is putting a significant extra amount on asking prices...

Good luck

You can always go upwards - but, if necessary, you might want to make some of the offer as for furnishings (eg carpets and curtains) to keep price of house below £250k.

Original poster
turquoise · 28/11/2007 17:00

Thanks for all these
Will keep you posted.

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captainmummy · 29/11/2007 10:54

There's a news item today showing that house rices have dropped loads. Did you put i the offer? You might be in by CHristmas!! fingers crossed.

lalalonglegs · 10/12/2007 18:27

So? Did you make an offer?

Original poster
turquoise · 11/12/2007 12:56

Hi - I haven't made an offer yet.
Been round for a second viewing with a builder mate, who said there were a fair few bits needing doing, on the extension roof for example. He also knows the area well and says he thinks it's over priced by about 15K.

The estate agent said that the seller turned down an offer a couple of weeks ago just under 250 though - so I'm humming and ha-ing a bit, as I would be really struggling and stretching at that price, assuming I can even get a mortgage at the moment.

I was hoping to talk to a mortgage broker before putting in an offer, as what I do have on my side is no chain, but at the moment have had a houseful of sick children for what seems to have been forever - so am just putting it on the back burner for a week or so till I get a minute!

OP posts:
lalalonglegs · 11/12/2007 13:56

Don't worry, agents always say that buyers have turned offers down - not always the complete truth . Anyway, if he keeps getting offers for £250k or below, he'll have to rethink at some point. Sounds like you are being very sensible and playing it cool. Good luck.

LazyLinePainterJane · 11/12/2007 17:31

If you can't afford it at any more than the offer then at least you know you won't be tempted to up the offer. You will lose nothing by offering.

yomellamoHelly · 11/12/2007 17:40

I'd say it was priced to achieve £250 ish. When we had our house valued he said it was worth £270 to £275 but would never achieve it because of the stamp duty issue and it would have to be worth more like £300 to actually achieve the asking price. So I say ignore the estate agent. He's just trying to psyche you out. They're not representing you - they're representing the buyer. There's always leeway on a price. Then get a decent survey while you're in the process of buying and knock off everything you have to spend to sort it out. (This is where your builder mate comes in.) There aren't many buyers in December so I'd say you may have the upper hand if the seller's desperate to move on (we offered on ours mid December).

LittleMinx · 17/12/2007 17:38

to be honest, i wouldnt buy a house near a ropey pub........ trust me, they are NOT easy to sell if the pub stays ropey!!

newgirl · 18/12/2007 22:29

go and check out the noise outside the pub at kicking out time - it might make you feel uncomfortable about being there with children - will you be able to hear any noise from the bedrooms?

if its ok give it a week or two in jan when he will be hoping for fresh interest and offer 250 and that you have no chain - i reckon youd get it