What would be a cheeky offer for overpriced property?

[nomorespaghetti]

We’re interested in a property that’s been on the market for about 7 weeks. It ticks a lot of boxes for us, great location, good sized garden, lots of space. But it’s definitely overpriced. From what I can see online the current owners bought it in 2019 (for 620k), and have done nothing to it (no change of decor etc) since then. It was clearly done up to a high spec before the current owners moved in, but now the carpets are stained, there are lots of kids drawings on the walls (I get it, it was lockdown, but still…), the garden is very weedy, etc. It’s looks like it’s been neglected, and while the cosmetic stuff is not a problem I worry about skeletons hiding in the closet. I can see past cosmetics, but they are asking for 850k, and for that price I think you do expect a certain finish…

What would be a non-cheeky opening offer? I don’t want to insult them with a low offer, but I can’t see it going for 850. In this area properties are moving fast… almost all going to best and final after one block booked weekend viewing session.

thanks

What makes you the expert on whether it’s overpriced or not. Have you even been inside?

Yes we’ve viewed it.

What makes you the expert on whether it’s overpriced or not.

presumably the fact it's been on for 7 weeks

No harm in going in at 90% of the asking price, if you are proceedable. Good luck!

I would definitely offer under if it’s been on for 7 weeks, I would go in at 800 and see what they may negotiate to?

Exactly: shy bairns get nowt. Go in low then your next offer will seem generous and spendy in comparison

Offer what you think it’s worth and what you can afford . Prepare to walk away if someone else pays more. No one here can guess what the owner will be willing to sell it for.

put the house into zopla and see how much prices in the area have increased

They might have done work; when I sold my last house the “previous” pictures on the sales history on Rightmove had randomly updated to the new marketing photos.

Exactly: shy bairns get nowt

sadly neither do the cheeky ones…

Bid what you're willing to pay. I had 1 cheeky bugger on a flat years ago that told me my price was unrealistic. Sold in a fortnight. It's worth to you what you're willing to pay so offer that.

I'd offer £799k but be prepared for them to say no...

Thanks all. Been for a second viewing. It’s been on 7 weeks, no offers, no second viewings (except ours)… I do really like it, but just don’t think it’s worth over 750…

We viewed similar. On at £795k, but then realised that the current owners had done nothing and paid £595k 3 years before.

We offered £725k grudgingly .... and were declined.

It's still on the market nearly 4 months later. Every potential buyer will have looked on Rightmove/Zoopla as well. Some people are just greedy.

Zoopla isnt very good unless you have indentical houses that have sold recently.

Our last house was in a road that had a lot of one off's. The Zoopla price had a huge variation and was useless because what we paid for the house and what we did to it didnt show. We did over £250k worth of work and unless you were smart you would think we were being greedy with the asking price.

I would offer what you think it’s worth. The worst that can happen is that they turn it down and you are in the same position you are now. You can always ask the EA to leave your offer on the table in that case

We did over £250k worth of work and unless you were smart you would think we were being greedy with the asking price.

it doesn't always work like that though? I sold a property for 100k more & hadn't even repainted it. Colleague spent 150k on refurb but only sold for 30k more than they paid.

This is what we’ll do. We’re going to go in with an offer that is significantly less than what they’re asking, but it’s what we think is fair and reasonable. Happy to start negotiations, but we’ve got a figure we won’t go over. I’m willing to walk away if they reject it, but worth a shot..!