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Original poster

Offer too low?

28 replies

SleepyOwlz · 29/02/2024 21:03

Hi all

I’ve seen a property that’s been on the market since October 2023. When we visited, we realised it needs some work to be done plus some modernisation required.

Its priced at £290k and I was considering offering 250k. I realise it’s quite a cheekily low offer and it’s simply what we can afford if we were to also do the extra work after the property purchase.

However, I then checked “the move market” and this particular house has a valuation estimate of £233k with the range being “£220-£246k”.

This was shocking as looking at the previous photos, it shows hardly any work has been done? And the EA didn’t mention of any recent upgrades/improvements either.

I’m sure any offer that’s not close to asking won’t be considered by the vendor anyway, but should I offer closer to market value or stick to my £250k? It’s not exactly my dream house but we’ve been looking for ages and want to get on with a purchase quickly (for various other reasons).

And even though we could afford up to £250k, no one would want to pay more than what somethings worth right?!

What do you think?

OP posts:
OnePearlViewer · 21/11/2024 11:51

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shininglight16 · 07/12/2024 00:13

DrySherry · 01/03/2024 08:01

As 250k is what "you could afford to pay up to" that should be your initail offer, to try and get the vendor into a situation where they accept an offer and start to plan for the future. You then wait as long as you dare before getting an independent RICS valuation done before committing to the full mortgage application and survey.
If the value comes in considerably lower - you have a very strong justification to adjust your offer downward, and a seller that has started to plan ahead relying on you to purchase. If the valuation comes in close to your offer then you can just go ahead feeling comfortable that you are paying a fair price.
The costs of doing this if it falls apart are very small, compared to how much you might be overpaying by. The RICS valuation survey for example will be about £300. You can also appear to have appointed a solicitor but have actually asked them to not start working on any enquiries until after valuation. You can get the MIP free also by choosing the right broker.

Edited

Not a great thing to suggest. This is what a buyer did to us, kept us hanging till the last minute. Played nasty games and tried to outsmart us, but got played herself instead. We didn't end up selling our flat to her, wouldn't sell it even if she offered us the moon. She put us under a lot of stress and anxiety. A really horrible thing to do.

shininglight16 · 07/12/2024 00:27

Sorry to hijack your post. Wondering what happened eventually, what did you offer, was it accepted or rejected?

I also wanted to ask we're in the process of buying a bungalow (3 bed) that requires some modernisation. Our offer of £475000 has been accepted, it was listed for £515k then quickly reduced to £500k. We went in to see when it had been reduced. Needs a new kitchen, and some other works. It is a detached bungalow. The next door 2 bed bungalow went for £435k this March. That's 760sqft and the one we're buying is 1260sqft, so 500sqft more in size. I hope we've made the right offer.

Our lender did a valuation of the property but it was a desktop valuation that came to £488k.

Curious to know what others think!

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