To offer lower or no?

[MotherOfRatios]

Viewed a 1 bed first floor property £200k Woolwich I like the area, however there was no pictures of the bathroom.

I viewed and the bathroom needs some
work it's just gone on the market I want to offer lower but my gut says they'll say no.

There's a whole in the bath and bath panel (the inside one is blurred so haven't uploaded)

WYD?

Providing the price of the pristine flat is fairly recent, then why would you pay more for a flat that needs a chunk of work on it?

Have they had other offers from applicants with no chain?

you are in a prime position, for probably the only time in your property buying, and the seller knew that their flat was going on at £200k, they don’t really get to counteroffer at a higher price unless there is a bidding war.
Keep your nerve, and do what other posters have said, ‘you’ve slept on it, spoken to a plumber and £198k is the figure, with the pristine flat as a comparable.

I was happy to go to £205k as she said they've had lots of interest in it, I wouldn't want go to £10k however it's a good size in comparison to other flats I've viewed asking for more

If it is bigger than other flats in better condition then maybe it is worth 205k. But don't go any higher! Stick to your guns as you are in an excellent position as a FTB with nothing to sell and it sounds like the EA and seller have decided you are a bit naive and will be pressured to paying more than you want to. She may say there is "lots of interest" but that could be coming from people who have a place to sell or who are not really in a position to proceed. You are and you have offered over asking price. Your offer should be accepted so don't just raise it for no good reason apart from the EA playing you.

The only thing that lets the property down is but it's a bit dated the kitchen I could do in a couple of years no issue but the bathroom I have spoken to builders and they have said it needs doing immediately.

Is she comes back tomorrow and says the Seller wants more? Is it wise to say I am open to negotiation, but ideally I want to keep it at 205k I have seen tips to negotiate on an off number as in not specific increments so maybe if she came back, I could count offer for 207?

Just because the owner wants more that shouldn’t make you feel you have to offer more. All sellers want the best price they can get but it’s what the flat is worth that counts. She agreed to list it at 200k so she must have been told by the EA originally that the flat was worth about 200k.

I would just keep it at 205k if you really feel it’s worth that. Don’t offer any more. You will need money to pay for a new bathroom.

It was originally listed for £225k on the 18th jan and was reduced to £200k on the 30th

Well there you go - that just proves the flat wasn’t really getting lots of interest. It was probably getting very little interest hence reducing the price significantly to 200k

I don't understand any of this. Up north if a property is listed at 200k you would naturally go in at maybe 190k and often meet in the middle at 195k.

My advice, more north you get more for your money! Lol joking aside don't go higher than the asking price. They dropped it as it weren't selling. They will take the 200k I'm sure

If she dropped it to 200k why is she now expecting you to pay over that? I would be firm and just leave 200 on the table. I wouldn't pay more than that.

Is there nothing else in your price range in the area. What's going on on the wall behind the loo??

London is a different ball game the property has attracted a lot of landlords apparently since been dropped

Tbh they're all quite run down in my price range but you could probably get one with no work for £215k.

I think I'll leave it at £205k

The estate agent said this

Stop trusting the estate agent - her job is to get the best price for her client - ie not you!

You should offer what you can afford and feel comfortable with.

As I tried to explain before, you cannot trust what the EA says. They work for the seller & their job is to try to get the seller the best price.

Look at the facts. The flat isn’t selling so they had to reduce the price significantly. Don’t keep offering more & more money.

I don't want to pay no more than £205k but I really like the flat I'd reluctantly agree to £210k but if she rings back today, I'm telling her no £205k

I agree she's trying to get the best price and when I saw last night on Zoopla just how much it had been reduced by that made me question has there been so much interest because the day that I went to be at two people had dropped out. I can't verify there's been interest us. I can only take a word for it and like you guys have said it's a job to get the most out of me, but I won't let that happen.

I'd say EA is also similar age to me (both mid 20s)

The EA probably sees you as an inexperienced FTB that she can manipulate into paying more money @MotherOfRatios

Good on you for taking a stronger stand! Please let us know how things go after your next chat with the EA.

I definitely agree with this. She is taking advantage. I do think I've had multiple quotes in over the past two days and quotes for the work doing are coming in at £6-10k and one man to meet the surveyor report might reveal more work needs doing in the bathroom. Three bed flat in the property last year sold for £190k not sure what the standard of the property was as I can't see the flat.

I think it's either ex council/HA or it's been shared ownership

Right, so they have already reduced the price. So absolutely do not offer more than the current asking price.

You are a FtB, that alone is worth at least £5k.

Also looking at those pictures again, something nasty is going on behind that toilet cistern .

Agreed that toilet looks like a heslth hazard and will be expensive to rectify. Stand firm and do not pay over asking.

I also think - if you’ve been told you will need a complete new bathroom @MotherOfRatios - they are expensive.

My daughter is getting a new bathroom in her London flat & despite trying to do it cheaply and only going to Wickes & B&Q for materials it is coming in close to 10k. The labour alone is 7k. That is for complete installation including plumbing, electrics, tiling etc

Unless you have family or friends that can help with plumbing/ electrics etc it can be so expensive to fit a new bathroom.

Quite a few trades, people have said the toilet can stay if it works and everything it's fine to stay unless it's not to my taste but I need new flooring tiles and a bath. I could put a shower in later but it's probably better to just do it all in one go.

I definitely think she just thinks that I'll slowly be able to be increased to £225k and I'm not paying that.

I would feel very different if the bathroom was just dated, but there's a lot of disrepair in the bathroom, if they wanted more, then they should have done some repair to the bathroom.

also, one plumber said upon having a survey report more work could need doing, he said to me, don't pay no more than £210k but only that price if I really really want it.

Hold tight. A property is worth what you are prepared to pay for it. This is a negotiation, not a fixed price in a shop.

You have the upper hand here. They need to sell, they have already reduced the asking price and your trump card - you are a FtB with no chain so should be able to move quickly.

Negotiate from that position of strength and don't be swayed by any sob stories about the prices they "need".

I'm definitely surprised given she a woman in her may say 70/ 80s I would've thought it wouldn't take this but this is my first sort of offer on the open market. I previously done an offer on shared ownership but that was a completely different process.