Help with making an offer please

[Westly]

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!

What do you mean exactly please?

Thank you for the clear advice - I would probably say the same to someone else but I just have a gut feeling about the place that it could be just what we want and that’s hard to walk away from without a bit of a fight :)

We have a cash buyer for our house so we’re near the bottom of the chain.

What would the value be if it was in condition?

Sorry you’ve had to go through this - it sounds very stressful!

If it was in good condition, similar sized houses go for £1.4 to £1.5.

Thanks everyone for the advice - this has been incredibly helpful.

I called the agent this morning who had nothing to add except that it was a “guide price” - he gave very little away.

We’re going to chance it and out an offer in - wish us luck!

Good luck! what price are you going to offer?

🤞 be interested to see how you get on.

We’ve put in the offer my DH originally suggested (he was pleased people here agreed with him!) - will keep you posted x

Fingers crossed for you!

Good luck

Update - they have come back and said they won’t go lower than £1.2.

My husband is getting cold feet, especially as he has now read this thread and he agrees with the comments that the sellers are in no rush at all to move and we very much want/need to move in August. He thinks that a survey will show up a whole raft of issues.

We’re deciding tonight whether to make a counter offer or let it go…

I’ve got a bit of a different perspective- this is your dream house, you’ll stay there for years, it’ll be £1.3-4 when you’ve done it, you can’t stop thinking about it, there’s nothing else you’ve seen that you love. If you don’t mind the work it sounds priced to include that so I think you should up your offer.

they have said £1.2 is their bottom line, £1.3 is your max, and what it’s on at, why not offer to meet at 1.15?

We bought somewhere 20 years ago which was on at £695k, offered £625k when it had been on a year, which was rejected. I really wanted it so went to £650k which the agent said “that was always their lowest number” - hadn’t told me! 20 years later that £25k is irrelevant, it’s worth £1.5 now, not that we’re selling. I’d emphasise your cash chain status too. Best of luck.

I don’t think they want to move. At that sort of value they can afford to drop because they won’t have a mortgage.

How can anyone possibly say without knowing more detail? All the answers you get will be pointless since you have not shared any relevant information.

What is location? How fast do houses sell in the area? How big is the house in sq.ft? Best if you post a link.