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Original poster

Help with making an offer please

41 replies

Westly · 10/04/2023 21:21

Hello!

Using an old account that I save for these types of questions :)

We’re looking to buy a property and I’ve found a house in my chosen area. It’s a complete project - would need gutting.

However, I absolutely love it and have thought about it non-stop since viewing.
It’s on the market for £1.3 and has been for months - they’ve had viewings but no offers. It failed to sell last year with a different agent and I’ve researched that it was reduced to £1.3 last summer. It’s a family home but I guess not a lot of young families want to take on such a project. It’s not pretty but I can totally see a beautiful makeover in my mind - would take me years but I would get there!

Houses are expensive in the area but you can get modern ones ready to move in for £1.2 but they just aren’t to our taste.

I want to make an offer, but I don’t know how much for. We always said our budget was £1.3 max if we found somewhere incredible and ready for living. It would be a big mortgage for us (scary) but I really do love it.

I don’t want to insult the sellers and potentially alienate them, but I will also need every penny to renovate.

What number would you start with? If we could get it for £1.1 that would be a dream - would leave us £200k to get it liveable, and that would equate to 15% off the asking price. My husband is keen to start with £1,050,000 but I’m concerned that this would be insulting.

Any advice great received!

OP posts:
ACynicalDad · 10/04/2023 21:27

I’d tell the agent you can stretch to £1m and test the water, rather than make a bid and go from there.

Toooldtoworry · 10/04/2023 21:27

You don't say what area, but in this market I'm inclined to agree with your husband.

wwyd2021medicine · 10/04/2023 21:29

I agree with your DH

Chippy1234 · 10/04/2023 21:31

Is there a family in there at present? I won’t be surprised if you say the owner is elderly btw!

Original poster
Westly · 10/04/2023 21:33

Thanks all! Very helpful to get some feedback.

I forgot to say that I don’t think they sound like they’re in a rush to move, otherwise they would have dropped the price again. They’re downsizing. The agent had zero information about them other than “they want to sell…” - helpful!

OP posts:
Original poster
Westly · 10/04/2023 21:34

Yes they are elderly and downsizing. They have grown children.

OP posts:
Georgiepud · 10/04/2023 21:35

I think your husband is right. It has got to be over the £1m mark, but likewise you want to drive good bargain in order to get all the work done.

Original poster
Westly · 10/04/2023 21:39

This is good advice thank you. I always find it daunting speaking to seller agents - they play everything so close to their chest!

OP posts:
Viviennemary · 10/04/2023 21:44

I might edge up a little bit from your DH's amount say £1,075,000 That leaves you a bit for negotiation up to your limit. But you could sound out the estate agent first. They will want a sale to get their commission.

Original poster
Westly · 10/04/2023 21:49

Yes I do wonder if no other offers would mean they would encourage the sellers to come down. I will call the agent tomorrow - wish me luck :)

OP posts:
SparkleSpangle · 10/04/2023 21:50

We made a low offer on our house which was rejected. But by making that offer we got more info from the sellers vendor, they have rejected a higher offer, they are separating so keen to sell, looking for close to asking price etc. It's worth offering low to start.

Seaitoverthere · 10/04/2023 21:55

I agree with your husband. We are involved in the sale of a probate house and we received an email saying a bit about the couple to accompany their offer so when we recently put in an offer on a probate property we decided to do the same.

We asked agent to send it to sellers with our offer and said we know it will be less than they are hoping for but we accepted a lower offer on ours to get sold so know what it feels like and our offer is set in the current climate with backdrop of rising interest rates and the high cost of house renovations and we hoped they would consider our offer.

They didn’t accept which I knew they wouldn’t and came back and said it’s lower than they were looking at accepting at that stage (on for 5 weeks), could we go a bit higher . We did another 10k which took us to 10% under asking and they agreed. Ours is a lot lot lower than the one you are looking at but the one you want has been trying for some time.

Original poster
Westly · 10/04/2023 21:55

This is good knowledge, thank you! Interesting to hear that there might be varying stages of disclosure.

OP posts:
Original poster
Westly · 10/04/2023 21:58

Thank you. I’ve heard about people writing a bit of personal information and the current climate; I think this is good advice thank you.

OP posts:
OnaBegonia · 10/04/2023 22:01

Don't be afraid of going in low, they've not sold in a year, likely because they're holding out for an unrealistic offer, is there anything comparable nearby?

Original poster
Westly · 10/04/2023 22:10

Nothing comparable at all unfortunately. I half wonder if they don’t actually really want to downsize and quite like the fact it’s taking a while - but that is pure speculation on my part.

OP posts:
organisedmother · 11/04/2023 08:13

I just offered on a house that had been on the market 6 months and offered at 8% below what’s was on for witch was 400 went in at 368 and they met me at 375 but I am sstc with a cash buyer and porting mortgage, they have told me these are some of the reasons they’ve accepted my offer, where do you stand on the housing market?

GasPanic · 11/04/2023 09:44

Your sellers sound like kite flyers who are advertising their house at a high price because they are in no rush to sell, so they can wait for a long time for someone to come along.

If and when they do finally sell they will probably string out the process for ages as they attempt to find another place they like.

My advice, just walk away and find someone who is actually motivated to make a transaction.

custardbear · 11/04/2023 09:51

What's the difference between the 1.2M homes all done and complete vs this 1.3m home?
Also is it just decorating and refurbishing or do you need new roof/windows etc, plus how big is it because £200k doesn't stretch that far when you've got a lot to do

KievLoverTwo · 11/04/2023 12:05

Westly · 10/04/2023 22:10

Nothing comparable at all unfortunately. I half wonder if they don’t actually really want to downsize and quite like the fact it’s taking a while - but that is pure speculation on my part.

If they have grown children, it's more likely they're holding out for asking price to maximise the offspring's future inheritance.

OR, bungalows are 25% more expensive!

Anyway, I've seen loads of houses reduced from 600k to 500k slowly over the last 9 months that then sold at that price point, so I don't think your other half's suggestion is that unreasonable in the current market.

Good luck, and let us know how you get on?

Muchtoomuchtodo · 11/04/2023 12:27

Are good in a good situation to out it what might seem as a cheeky offer to the vendors?

Are you chain free with a mortgage accepted in principle?

If so and the vendors are serious about selling I’d go in just over the £1m but with an emphasis on your situation and ability to move quickly. If they come back with a reasonable counter offer you’ll know that they’re serious about selling. If they don’t then I’d walk away.

Ella6 · 11/04/2023 12:34

Westly · 10/04/2023 21:21

Hello!

Using an old account that I save for these types of questions :)

We’re looking to buy a property and I’ve found a house in my chosen area. It’s a complete project - would need gutting.

However, I absolutely love it and have thought about it non-stop since viewing.
It’s on the market for £1.3 and has been for months - they’ve had viewings but no offers. It failed to sell last year with a different agent and I’ve researched that it was reduced to £1.3 last summer. It’s a family home but I guess not a lot of young families want to take on such a project. It’s not pretty but I can totally see a beautiful makeover in my mind - would take me years but I would get there!

Houses are expensive in the area but you can get modern ones ready to move in for £1.2 but they just aren’t to our taste.

I want to make an offer, but I don’t know how much for. We always said our budget was £1.3 max if we found somewhere incredible and ready for living. It would be a big mortgage for us (scary) but I really do love it.

I don’t want to insult the sellers and potentially alienate them, but I will also need every penny to renovate.

What number would you start with? If we could get it for £1.1 that would be a dream - would leave us £200k to get it liveable, and that would equate to 15% off the asking price. My husband is keen to start with £1,050,000 but I’m concerned that this would be insulting.

Any advice great received!

Are you cash buyers? If not, £200k off the mortgage does not equate to £200k cash to get it liveable…

Chippy1234 · 11/04/2023 12:53

I knew they would be elderly! They are generally a nighmare to deal with. Unrealistic expecations regarding how much its worth and really cannot face clearing it so they pretend they want to sell, put it on the market and wont move from the silly asking price.

They probably arent aware that its very easy to see how long a house has been on the market and just dont see the state of the house - after all they are living there. It cannot be that bad..

Can you tell I have been there and got the t - shirt. First parent desperately wanted to move in the end and allowed me to organise it all. House was in a terrible state BUT it was in a very desirable area and we were blown away by all the offers.

Second parent is in denial about the state of their house. They have moved out but its a tricky market at present so proving difficult. Both were over 80 so let me take over. Some parents will dig heels in and stay put.

Both houses in London btw.

Its 100% a buyers market at present for most. For these two older people they probably didnt get the memo and will hold on and once they get an offer will then claim they cannot find anything. If you think about it - if they are over 80 then its almost impossible to see how they are going to move out. What tends to happen is they either need to go into care or they pass away but even if one does the other will still be hanging on. I hate to say it but I dont think they are invested in moving.

Original poster
Westly · 11/04/2023 13:45

The other homes are just nice, regular detached houses. This home is much bigger but yes, requires new windows throughout, new carpet (moth eaten), the outbuildings are in disrepair, the boiler looks older than me, but the proportions of the rooms are generous and it has loads of character!

OP posts:
Original poster
Westly · 11/04/2023 13:49

They have sold adjacent land which has been built on, so I’m guessing they’ve already provided inheritance from that. This also makes me think that they have the time and resources to hold out for the asking price.

OP posts: