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Original poster

Offering 525k on a 649k house?

161 replies

Blibbleflibble · 11/09/2023 13:28

So would this be massively cheeky? I think the house has potential but it's in need of a full renovation, wallpaper peeling off walls a knackered 1980s kitchen with wood panel ceiling and peeling lino floor, useable but dated bathroom and a green coloured loo in cloakroom, houses on the same side of the road 2 doors up went for £425k in 2018 same amount of beds but you could move straight in condition with modern kitchen another house 3 doors the other way went for £589k 2019 but it is larger with a wider plot and had 5 beds not 3.

I feel the price they're asking is what it would be worth if it was properly renovated to a high standard, with new roof, boiler etc.

Its been on since end of June.

OP posts:
CatherinedeBourgh · 11/09/2023 13:30

Have you been to see it? Have they had many viewings? Any offers?

If it's on at a really high price my guess is someone doesn't want to sell and will only do it at the very high price, so you are unlikely to get far with a low offer.

But you don't lose anything either.

WowIlikereallyhateyou · 11/09/2023 13:31

Of course it would be cheeky!

skippy67 · 11/09/2023 13:33

Yes offering over £100k less than asking would be "cheeky" to use your word. I'm surprised you have to ask.

HarrietJet · 11/09/2023 13:33

It's 2023, op. Sold prices in 2018/19 aren't particularly relevant.

Quartz2208 · 11/09/2023 13:34

What are houses in the area going for now, those prices in 2018/2019 would lead to a 649k price now given rises depending on what the market is like now.

Comparing past prices doesn’t help you need to compare now as it could very well be that is the prices

GrazingSheep · 11/09/2023 13:36

Offer what you feel it’s worth. The vendors can refuse.

HermioneWeasley · 11/09/2023 13:36

It depends on whether their price is realistic and how keen they are to sell.

Thelonelygiraffe · 11/09/2023 13:36

How many viewings has it had? Does the EA think it's overpriced?

What have other houses in the area sold for recently?

Putting in a low offer might be cheeky, but you can if you want. Sounds like the house needs a lot of work.

Oiseau2 · 11/09/2023 13:36

Yes cheeky but worth a shot surely? You aren't trying to make friends with these people! Some people have absolutely no idea when it comes to selling houses. Also don't let the estate agent talk your up - legally they have to put any offer to the sellers. Do it!

HarrietJet · 11/09/2023 13:37

Some people have absolutely no idea when it comes to selling houses
Or indeed buying them, it would seem!

EggInANest · 11/09/2023 13:38

5 years ago is irrelevant.

Offer what you like. They will can say no, they might come back with a counter offer, they might decide you are an untrustworthy chancer who will gazunder them at the last minute etc.

But in the end if you could only afford the renovations you think necessary if they accepted at that price, you have nothing to lose.

Andanotherone01 · 11/09/2023 13:38

Well you can offer and they can refuse 🤷‍♀️

Thebigblueballoon · 11/09/2023 13:38

That a hell of an underpayment (in their minds, at the very least). Offer it, but be prepared to be laughed at. And they might not view you in the post positive light for counter offers.

ClematisBlue49 · 11/09/2023 13:39

If you are correct that the property has been over-priced, and it sounds like you may well be, then it's likely that they will get few or no viewings. What are similar places on for currently? Is it a great location where anything sells and there is lots of demand?

What you could do is approach the EA and ask if they are open to offers, given the amount of work that needs doing.

Toomanygreenbeans · 11/09/2023 13:40

Have you looked on zoopla for the current values of the houses you are using as comparisons ? That would give you a better idea of the going rate .

cocksstrideintheevening · 11/09/2023 13:40

You can offer whatever you like, they can say no.

Twiglets1 · 11/09/2023 13:40

Lol is this a joke? If the vendors would accept 525k why on earth would they have listed it at 649 in June?

They are probably hoping for around 600k. 550 would be disappointing to them but 525k is just laughable.

AnSolas · 11/09/2023 13:41

You can offer

The fact that no NDN house has sold in 5 year could justify the premium.

Crikeyalmighty · 11/09/2023 13:41

Also OP, if you need to mortgage then they are only likely to lend against what it's worth in the condition it's in (if at all if it's bad) not whatever the vendor fancies getting. Your figure sounds about right to me given other houses sales a couple of years ago. My friend has been told her house would only likely go for what she bought it for in 2020 plus the amount she has spent on improvements - and that's in an in demand city

SlipSlidinAway · 11/09/2023 13:42

Toomanygreenbeans · 11/09/2023 13:40

Have you looked on zoopla for the current values of the houses you are using as comparisons ? That would give you a better idea of the going rate .

Zoopla is very unreliable and often has ridiculously inflated values.

PlacidPenelope · 11/09/2023 13:43

I don't think it is cheeky at all - there is a lot of work there to be done which if done properly and to a high standard will cost a fair whack.

The mantra Something is only worth as much as someone is prepared to pay for it never seems to chime with some posters when it is the buying of a property but wheeled out regularly when posters on here query why their house is not selling, then it is all about the price.

Offer what you think it is worth, what you would be prepared to pay for it in it's current state and don't be put off by people saying it is cheeky, it is not.

YukoandHiro · 11/09/2023 13:43

You can offer but the agent is unlikely to even put it to their client. Legally they're supposed to put every off up but they don't - they'll find lots of potential issues with your situation and spend ages investigating them to be sure the offer is tight and in the meantime a much higher one will come in. This happened to us, we found out later the vendor had never even heard about our offer. Don't forget they get paid based on the sale price. They're not going to help go for that much less.

EggInANest · 11/09/2023 13:43

Does the EA think it's overpriced?

Why would the EA think it over price...or admit to it? The EAs to is to advise the vendor on a price realistic enough to get the house sold, while realising as high a price as possible. It costs an EA a lot to market a house and they don't get paid unless sold. So while they might advise a price drop if no offers, I would be surprised if they had agreed to market at £150k-ish over likely sale price.

YukoandHiro · 11/09/2023 13:45

I should add our offer was only £30k under asking but they still didn't offer it.

Pipsquiggle · 11/09/2023 13:45

Do you have time on your side?

If you are genuinely interested, I wouldn't put in an offer right now and just say to the agent that you really liked the property but it is just way over priced considering the size of plot, the number of beds & the amount of renovation that needs to be done vs the immediate competition.

See how the agent reacts - they might say they've had other offers / interest. It might sit on the market for a while which will make the vendors think.

Keep 1 foot in the door and say 'let me know, if they move on price' - see what they say.

We offered a low ball offer on our home, it had been on the market a while, needed complete renovation and reconfiguration yet had been priced as a turnkey property. If we had gone in with a low offer straight away it would just have been rejected, after a bit of time, the vendors realised if they wanted to shift it, they would have to lower the price.