What to offer

[rowboat5]

Hi all I would like some of your opinions of possible.

A house we would like to purchase has a guide price of £235k-265k it's been on the market for 10 months and was originally listed for £280k and dropped the price around 4 months ago. We have been told there has been a couple of crazy offers and not many viewings. Cosmetically it needs updating and possibly new windows.

We don't want to go in too low but also don't want to miss out on a potential discount on the asking.

Would a starting price of £218k be perceived as too low in general opinion? (Obviously this will entirely depend on the sellers wants/needs) if declined to then increase to £226k - if need be we would go up to £235k but ideally want to try and save for the updating costs.

It sounds like they want £235k as a minimum. It’s a weirdly broad range, and I would say not a particularly helpful for the sale. 10 months is long to be on the market though. As a complete stab in the dark I think I’d try £224k, but who knows? - you could always chat to the estate agent and get a feel for the situation.

Thank you, it's one of those free estate agents where you make the offer on their website with nobody to actually speak to which isn't helpful to us

I think it also depends on your position to be able to proceed?

eg you’re renting and cash buyer … or you are in a chain with three below you all needing mortgages.

good luck!

I’d not accept your offer, it’s very low. I’d imagine they’re wanting well over the low guide, probably £245-250. Coming into spring the market is likely to pick up a little (well seems to be round here).

We have an offer from a first time buyer and ready to proceed with a mortgage.

I think you’ve got little to no chance of them accepting 218k if they were initially after 280k. I’d go in at the mid-20s, but would expect them to counter-offer.

There are 3 sales of similar size houses within the last 2 years very close which went for £256k, £226k and £206k all more updated than this one.

I don't think £218k is drastically low - try it. It's average-ish of what the last 3 sold for so a logical amount

Presume you don't know what the refused 'crazy' offers were?!

they don't sound like they even know what the house is worth. put in the offer you think it's worth and go from there. no lower offer is cheeky. it's a buyer's market. there will be no spring bounce, and if there is... there will be more properties than buyers which is a good thing. interest rates are still too high for people and buyers across the board are being cautious. offer what you want. good luck

Ask the agent what offers were refused, what they were and why. EG, you could make an offer already refused as markets have moved and/or, you are ready to go, chain-free/etc.

A genuine seller may curse the low offer, but they wont ban you from making further bids - unless the property is hotly contested which its not from what you said, consul the EA and make a low offer if you are ready to go/chain free etc etc

Do't forget, even if they accept your offer they may change their minds just like you may.

Ask the EA why they feel its been on sale for so long - could it be that there is a fundamental problem with the property, area, next door or the sellers?

It is your choice what you do and I kow people who regret not offering the right amount when the property goes off the market to another potential buyer

We've always bought chain free and tried to sell those ready to move, inc very small chain of one possibly

I would probably start at 220k if you think it’s worth that. They’re unlikely to accept but it sounds better than 218k which is a weird amount.

I’m guessing that the one that sold for 206k was smaller or worse in some way? If not, who not just wait until another similar house is listed at about 206k?