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Original poster

there is a property for sale - it is also on an auction website.....pls read want your opinions on what kind of offer

73 replies

Tortington · 31/12/2007 15:42

there is a house that has ben gutted and plastered and has new electrics - it has no kitchen, no bathroom and no central heating.

this means that some people wanting 100 % mortgae are going to find it v. dificult

this isn't really in the price bracket for anyone other than a first time buyer

its a twon centre location with fuck all garden and so i cant see young families wanting it

all in all i think that the possible buyers for tis property are limited

it was put up for action at 155 - 165k it was them removed from auction - i dont know why

what i do know ( having enquired about auctions myself) is that they will have paid at least £200 to list it.

the plot thickens

the developer who cant be arsed finishing this property has bought the commercial shacks round the back of the property and is wanting to build "mews" there.

it is on witht he estate agent at 180.

i want it

my dh wants it and he really doesnt give a shit usually.

it has 3 bedrooms and although the whole place is built for gimli and his merry band of dwarf bothers, we can only aford bed terrace at shit end of town with much hope to but boards and a velux in loft space for one of the kids.

v. excited by the prospect and have 80k deposit so am thinking that my getting a mortgage is prob going to be no bother

right then i am petrified of putting in an offer - now remembering that this place is on at £179950 with estate agents but 155-65 with auctioneers AND the estate agent said that an ofer of around 170 would be accepted

and i know its been on market for a bit

what offer would you put

am thinking of chancing my arm at 158,650

is that completely taking the god damned piss?

OP posts:
TheBlonde · 31/12/2007 15:45

developer may be selling cos he needs the cash
have you been to see it?

are you sure it was removed from the auction not that it just didn't sell?

you can offer even lower 155 and then offer more later if they turn you down

market is slowing

TheBlonde · 31/12/2007 15:46

sorry meant to edit and put 150K instead of 155K but rushing as baby is yelling

franke · 31/12/2007 15:48

It wouldn't do any harm - would be a way of testing the water.

Has the work been done so far to a reasonable standard? If so, you could think about striking a deal with the developer to finish the work for you at a mutally agreeable price but which benefits both of you i.e he still amkes a profit but you get it done cheaper than you would otherwise. I don't know - just a thought.

PestoMonster · 31/12/2007 15:49

I don't think you've got anything to lose by putting in your offer, which, by the way is not that far off what they said they'd accept. So I would say it's a battle of nerves. They won't know if they're gonna get any better offers, so definitely worth doing and then holding your ground. Ie, don't waiver. Keep calm and wait.

The very best of luck Custy!!

elesbells · 31/12/2007 15:51

agree with 150k - sounds like no interest at auction ....you can always increase the offer.

good luck!

Original poster
Tortington · 31/12/2007 15:52

thanks all!

eek

OP posts:
elesbells · 31/12/2007 15:53

sounds exciting though. I hope you get it!

ivykaty44 · 31/12/2007 15:58

I would telephone the estate agent and tell them you will offer £150k in a rather matter of fact way but very pleasant maner. Then just leave it.

12 weeks till easter - he will try and up your offer, then wait dont up your offer be very very patient, he will come back if you leave the offer open....

It is a case of you being calm.

noddyholder · 31/12/2007 16:01

Cusdty offer 155 and work up to your absolute max.Absolutely not taking the piss xx

PestoMonster · 31/12/2007 16:02

Agree with Noddy, but not too quickly!

chocolateteapot · 31/12/2007 16:03

I thought 150k without having read the rest of the posts. I would emphasise that you do have a large deposit and can move fast but that is the most you are prepared to pay for it given its condition,the price it was up on the auction site, your finance and the current situation with the housing market. Present it as a take it or leave it offer as ivykaty says and keep your cool, however uncool you are feeling. Good luck !

Original poster
Tortington · 31/12/2007 16:06

thanks went to see it a couple of days ago and they are not open until wednesday. i will make a second appointment to view and then put an offer in later that day

OP posts:
08aGreatYearForCarmenere · 31/12/2007 16:08

Offering 10 per cent under the asking price for a house that is not finished is very standard. This is a developer we are talking about, at a guess he needs the money to develop the outbuildings. Offer 155 and see what happens, I'll bet you get it for 160. Good luck.

noddyholder · 31/12/2007 16:08

If it was me I would be a lot cheekier BUT you and dh both really want it so wouldn't be too cheeky incase you loose it.Although the market is bad atm adn you are in a great position Good luck xx

ChirpyGirl · 31/12/2007 16:13

I would second (third,fourth) starting at 150k. We were pleasantly surprised when we offered 25% less than asking price on our house and got our arms bitten off in their eagerness. We were all ready to offer more but they were desperate to sell it and had had no offers in months.
Worst they can do is say no and you up your offer, not cheeky at all.

Original poster
Tortington · 31/12/2007 16:37

thats v. encouraging chirpy girl

right then even 8k lower than what i htought was well cheeky? you lot are really naughty!!

am going to make another appt ans say " oh no...can we make it quater past as i have another viewing somewhere else"

OP posts:
ChirpyGirl · 31/12/2007 20:19

okay, if you still feel cheeky I'll admit what we did (and break the MN money taboo!)
Asking was 60k, was orginally 70k but had gone down month before.
We offered 45 expecting to be laughed off the phone!

lalalonglegs · 01/01/2008 11:40

Auction properties often offered at prices to get people through door rather than what buyer is realistically looking for but no harm in putting in offer at what it was being auctioned for. I would also emphasise that I had a large deposit so mortgage would be formality and it can be tied up quite quickly.

I would have a very full survey carried out though - could be that the developer has uncovered a problem that simply makes finishing house not worth while and is trying to offload it to someone inexperienced.

WideWebWitch · 01/01/2008 11:44

I'd say that's a HIGH offer if it's on at £180k tbh. BE MUCH CHEEKIER. Really. you can go up but you can't go down. Do you know what he paid for it? Do you want a link to look it up? Hang on

WideWebWitch · 01/01/2008 11:45

nethouseprices will show you what he paid for it.

WideWebWitch · 01/01/2008 11:46

Propertysnake will show you falling prices in area

WideWebWitch · 01/01/2008 11:47

housepricecrash may persuade you you're in a VERY strong position. Hold your nerve. It's about to be a buyers market imho

WideWebWitch · 01/01/2008 11:50

If it's on at £155 with auctioneers, DEFINITELY offer LESS. People can't be arsed doing work. And you'll have to put a kitchen in etc. And lots of people are worried about the market. And it's a slow time of year.

Be very casual. You have a £80k deposit, you're in a good position.

WideWebWitch · 01/01/2008 11:58

I think I'd offer £130 and see how quickly or otherwise it's accepted or declined. If it's immediately declined you can go back and say ok £140k but it's my best and final offer. Bet you get it for that. Betcha! Look at chippy's post, that was 25%!

Dh and I looked through a local paper prop section last night (we're sad!) from August. There are LOADS still on (we are hoping prices drop) which are now massively reduced. One from £600k to £425k and it's still not selling.

Another from £399k to £350k and not selling so it's on to rent.

We made an offer of asking less 16% for a house we really wanted, they declined but came back a monh later asking if our offer was still open. We said no because we hink the market's going down I(and the house was flooded) and it's still on, 4/5 months later. I bet he's WISHING he'd accepted our offer, the one next door, v similar, went for at least £30k less than we offered him, assuming it went at asking.

WideWebWitch · 01/01/2008 12:05

And if the market's over valued by 30% according to Karen Ward, HSBC economist then 30% of £155k = 45k therefore the new asking price could, arguably be £110k. I think he'll take £130k, depending on a) how much he paid for it and b) how desperate he is to sell.