Advice on what to offer

[Dhamaneedsanewjob]

Just as the title says really

The house in question is on at £425k

It needs lots of work as it is very dated, think kitchen, bathroom, windows, carpets etc

A House exactly the same, and in the same street was sold back in February (in same condition) and was marketed at £400k - unfortunately I don’t know how much it went for.

Third house in the same street (exactly the same) is in immaculate condition with an added conservatory and they have knocked through the kitchen and dining room is on at £480k - however it sold in 2022 for £390 - I don’t know exactly what work was actually done to increase the price by £90k but can ring the EA to ask

I Have a deposit of £380k so will need a mortgage to allow for work to be done but don’t want a huge one obviously

The house location and size is perfect - I am also doing this on my own for the first time following divorce and feel massively out of my depth

So wise property people of mumsnet what would you offer?

I'd probably go in at £385 initially and see what they say. Are the sold prices not on Right Move for the other houses?

Is it chain free?
Are you as good as cash, IE nothing to sell??

If the above two are a yes, then do this

As the EA whats been offered and and what has been rejected and ask if any were cash buyers ie chain free ready to go

Then offer 375k even if it has been rejected and see what the seller states - then make a second offer - if not accepted a thrid and final offer of possibly 295/400 - but only you know the area etc. Bottom line, you "final offer" can change as you are making offer.

How much do you want the place, if you really like the area, don't lose it

When we bought our rentals for cash years ago - we chose an area and road we would not mind living in - we always looked for chain free - we made silly offers and added bits to it and made clear, CASH offer, and NO survey - one of the properties someone had offered slightly more EA told us but sellers went with us as we were cash ready to go and the others had a chain

There is also and element of luck

As you have viewed the property, even if seller accepts someone else's offer, you have a right to make more offers and ask the agent for the outcome in writing

It depends how much you want it and not knowing how much other interest there is, are you willing to risk it. If the possible ceiling for the road is around £450,000 (that's without conservatory/extension) and assuming you'd spend up to £50,000 (and allowing a bit of haggling money), I'd go in at no less than £390,000. Mind you, we live in an area where houses generally sell quickly and not much below the asking price.

£400k

I'd go in at an odd number £393 or 4.

Id maybe start around £380k and hope to get it for under £400k.

it will depend on how long it’s been on the market for and how ready to go you are. I’d ask the estate agent how much they think the property would be worth once it’s been updated and also see if a builder could give you a rough cost.

Thanks all, I’m good to go, no chain at all

I spoke to the EA about the £480k property that they bought 2yrs ago for £390k

Other than new carpets and cavity wall insulation they haven’t done anything to increase its value by £90k 🙄😂

It depends on things like how long has it been on the market for?

If it hasn’t been on for long I would try an offer at 390k as a starting point.

I don't know your local market, but if your serious, I'd get an offer in ASAP - as I mentioned before you don't know who else has seen property and could be interested. Good luck.

Start at 380k, close enough not to cause offence and you will get the chance to increase your offer if someone betters it. Your in a very good position as a proceedable buyer, make sure you include all that detail with the offer.