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Original poster

Offers over house price - absolute crack den

53 replies

Pringle89 · 22/08/2021 11:35

Hi! We’ve seen a house that is marketed offers over £550,000. There were no photos of inside so suspected would be bad but literally never seen anything like it. It was like one of those hoarders programmes on Tv, rubbish, stuff everywhere and so dirty! It’s rented atm and tenants refused to leave so that was awkward hoping the kids wouldn’t comment on how disgusting it was!

However it’s got potential and I can see past the filth (and all the work it needs to renovate it as doesn’t look like it’s been touched in 30 years) as it ticks all the boxes in terms of location/size etc.

Problem is I don’t think it’s worth over 550,000, my estimation is more £525,000. Has anyone offered this much lower than an offers over price and been successful? I would be shocked if they got asking for it tbh!

It’s also a gamble even at 525 as you can’t see half the house as covered in crap!

Anyone else had a similar situation?!

OP posts:
TheGenealogist · 22/08/2021 11:37

It’s rented atm and tenants refused to leave so that was awkward

Leaving aside the general condition of the house this would have alarm bells ringing VERY loudly. Before you could even get in to clear or start renovating, you could be waiting for months or years for the tenants to be evicted.

LivingLaVidaBabyShower · 22/08/2021 11:39

Alarm bells everywhere

unless you are asset rich and can play the long game keep looking.

Original poster
Pringle89 · 22/08/2021 11:39

As in the refused to leave for the viewings - I don’t think they are refusing to leave full stop!

OP posts:
Purplewithred · 22/08/2021 11:41

Offer what you think its worth less a few more grand - what's the worst that can happen? They will either accept or refuse. I'd offer 520k to start with. It's inevitable it will cost more to do up than you think, it always does.

Original poster
Pringle89 · 22/08/2021 11:43

That was my thinking too, see what they say.

OP posts:
Tuscancat · 22/08/2021 11:43

Yes we had this (but not rented) we offered 10% under. I'd even consider going in at £490k for a first offer and then make a best and final at £505k
Hard to know without seeing a link. I'd also say no exchange until property is vacant and get a full structural survey with owner to reimburse if the surveyor can't get access.

Tuscancat · 22/08/2021 11:44

Oh I forgot to say our offer was accepted

CausingChaos2 · 22/08/2021 11:50

Offer what you think it’s worth, and be prepared for a long drawn out process. The tenants did nothing wrong by staying at home while you viewed - I don’t blame them for not leaving their home so strangers can traipse around it. They could have refused access full stop.

But if the place is badly hoarded be prepared for it to be left in a terrible state. Also, if the tenants do refuse to leave, it will take the landlord a few months to officially evict them through the courts.

Original poster
Pringle89 · 22/08/2021 11:51

Thank you, good advice. I would never think to offer that low especially in the current climate of people offering £££ over asking price!

OP posts:
FreeBritnee · 22/08/2021 11:51

We’re going to go on at ‘offers over’ but would also consider offers under if it doesn’t get much interest. If you want it just make an offer!

Original poster
Pringle89 · 22/08/2021 11:53

That’s good to know, I’m hoping other people are too freaked out by it and put off! We could never afford this house if it was in a good state so I do feel it’s a too good an opportunity to pass!

OP posts:
CloseYourEyesAndSee · 22/08/2021 11:55

I wouldn't offer until it's vacant anyway

countrytown · 22/08/2021 11:56

I hate offers over. To me it means it's worth less then in this case 550k but vendors don't want to accept less

PotteringAlong · 22/08/2021 11:57

Do not offer until it’s vacant. It’s a nightmare to currently evict people.

FreeBritnee · 22/08/2021 12:09

@countrytown

I hate offers over. To me it means it's worth less then in this case 550k but vendors don't want to accept less
I don’t mind it. To my mind your setting your lower limit but it’s not set in stone.
OnwardsAndSideways1 · 22/08/2021 12:10

Thing is- you know why it's cheaper than you can afford. It's because it's in a terrible state (and you really can't know the half of it if their possessions/dirt were covering stuff up) and there's no vacant possession. These are costly and time-consuming things to sort out, so they will cost you a lot of money in the long-run (e.g. legal costs, sorting out damp/structural damage which isn't visible).

If you don't have the money, then it might be better to move on, even though I know your heart is set on this place. It sounds like a nightmare. If it's a bargain, the market is hot and someone else will pay out for it. You aren't the only person who can see past all that, house-flippers and builders/house renovators will snap it up if it's reasonable, but all that hassle is what's keeping the price low, because it will be a hassle, I don't think it sounds like skip and a bit of paint will sort it out.

WittyUser · 22/08/2021 12:11

Tenants situation aside, just offer what you think it's worth. Last month I offered 780 on an asking price of 875. They rejected but dropped their asking to OIEO 840. 4 weeks later, they've just turned around to ask if my offer was still on the table as they've dropped the price again..

TheWholeJingbang · 22/08/2021 12:13

We went in at 490 on a 550 house

It had been in the market for three years though and had a very obvious flaw which we’ve now fixed 💪

SecretOfChange · 22/08/2021 12:43

Agree with previous posters, sounds like a nightmare of a job, and you can't even evaluate the extent of the problem until it's vacant. Renovation in the current climate is very stressful due to shortage of tradesmen and materials - can you afford not to live there for 6-12 months until you get it done up, as this also obvs costs money!

I would offer well below, probably 490k, but would then do absolutely nothing (not even instruct solicitors) until it's vacant.

I bought a 'project'. Offered 90% initially, met at 95%. No tenants in my case - which is an additional issue for sure, I'd be very wary.

LittleG69 · 22/08/2021 13:15

Are you aware of the implications of the tenants refusing to leave? Unless there are serious arrears the only way to get them out is to issue a s21 notice which currently gives them 4 months notice. If they are then hoping for social housing they will be advised to stay til the courts grant possession and there are huge backlogs due to Covid.

I wouldn’t touch this with a bargepole

EverydayCook · 22/08/2021 13:21

Don’t under estimate the tenant issue. That would concern me more than anything else. Before going any further I’d get absolute clarity on if they’ve already been served notice, the date they have to be out where they will go, etc. The risk will affect the price. With vacant possession it’s easier to assess how long and complicated the sale might be. With sitting tenants who refuse to leave it could take forever.

Viviennemary · 22/08/2021 13:26

I wouldn't try to buy a house with tenants still in it. If they don't even keep the place in a readonable state it wouldn't be surprising if they refused to move out.

BluebellsGreenbells · 22/08/2021 13:27

Yep go in cheap!

£550,000 rented house? I wonder how much the monthly rent is to live in a shit hole? Which I know os their own doing.

Clearly have more money than sence.

Tuscancat · 22/08/2021 14:06

It is fine to offer low so long as you can make a good case for it. I looked at sold prices of various houses in the area worked out cost per sqm Upper and lower, both valuations and sold prices. The property was overpriced for the condition it was in. No one wanted to buy it either as it was an absolute state and full of animals, pets and wildlife! The owner was lovely but it just got too much for her. We stayed with friends for the first 6 weeks after we got possession, so we could get it habitable. We had to spend 50k right out the gate.

TheWayTheLightFalls · 22/08/2021 14:11

Just echoing others. Offer what you’re willing to pay, and accept that there will be ££££ in clearance and additional “unforeseen” work. And I’d offer subject to vacant possession - ie I wouldn’t exchange until the tenants were out of there (and the locked changed).