How much would you offer?

[Blueuggboots]

If an estate agent told you a vendor had said they would accept £500k or close to it, what would your opening offer be?

@lateloverofcelery - I did ask if they'd had any offers but the person showing us around said they didn't know....

Not at all, I'm just asking for an appropriate starting point.....

Offer what it’s worth to you. Or less if you want a bargain. Don’t let the seller anchor the price to a value that doesn’t represent what you think it’s worth. Do your own research. It literally doesn’t matter what the agent has priced the house at.

@lateloverofcelery, we're viewing it again on Saturday. We will then ask what's been happening for the last 6 months....and then consider whether to offer....

Has it been on the market for 6 months at £550k or have they been gradually reducing it?

If on for 6 months without a price reduction plus you know the area and think it's over priced, than it is definitely is.
I wouldn't feel pressured to offer 500k just because this is the owner's preferred figure. Perhaps it's only worth 450k compared to other properties that are actually selling and completing. Offer what it is worth to you after doing your sums carefully for any work that needs to be done. If your max is 460 or 470, you can offer that and see what the seller's response is. It's v likely that you are the only interested party from your description.

Every time you reply, you add info that makes me change my answer. So:
What did it first go up for, 6months ago?
And then am I right it saying it's currently at 550? And has been on the market for 6 months. How long at 550?

I think anything under 495 (10% off) is probably going to get rejected. However, if it's never been reduced, offer less than that.

The drip feeding is not helpful.

I would be offering 490k or 495k if I really liked the property.

£450 and go up fro there.

How much do you want it though? Doesn’t matter if it’s over priced really, If you can’t afford it.
We bought a probate house in a beautiful village for
our children to grow up in..,they just had to wait 12 months until someone like us came by
still here nearly 2 decades later

100k below asking price?
what’s that 20% less?

I would tell the agent I didn’t want any further interaction from someone who offered that,

not interested obviously in the property

I think at 450 you'd be told where to go, I think at 480 the worst you will get is try again, I wonder if you could try 470/475 and then meet them at around 485. Is it a probate house if it's empty. If they don't have a chain based on what it will sell for they may be more inclined to go lower. If they are buying somewhere else they may have a minimum price to be able to afford the next one, but it's empty, so less likely.

485 to start xx

It's been up for £550k with no reduction for 6 months. I think it was up for more than that previously.

It's empty so I presume a probate but again, don't know. Will try and find out more information on Saturday.

I apologise, I am not intentionally dripfeeding!!!

@Lokioh35 - they have said they would accept £500k or near....I said that in my OP.

What do think it's real value is currently given what's sold (sold, not listed) near you and what can you afford?

I’d start at 485k or 490k.

@AmelieTaylor, it's hard to say. It's on a road where all the houses are different and they don't come up for sale very often....this was last up for sale in the 80's!

@Lokioh35, we can afford it at £500k, it would just be a push.

What they want for the house and what it's worth are two different things. However if the house is empty and going through probate then they may be happy to keep it on the market for a long time until they get exactly what they want from it I suppose. I'd offer £485.

There's one round the corner on a similar sized plot for £495.....quieter road, same size garden, slightly larger bedrooms.....

Sorry for ANOTHER dripfeed?!!

I asked the question and have continued to ponder and research.

Is there a reason you're not going for that house then?

@BluPeony - only just seen it now...can't view it until after 22nd...