1.3mil what to offer

[123NorthWest]

Please can anyone advise - know this is a fortunate position.
We have seen a property we like but it’s over budget at 1.3million and needs work. Apparently feedback so far is all that it needs to much work (which makes
me think price is too high for the same). Has been on the market a couple on months. Please can anyone whose bought around that price advise on offers?

Sent you a PM!

What have similar properties locally sold for?

We got our house for over 100k reduction a few years ago & it was cheaper than that one to start with.

What is your budget because that is the most relevant thing. You can only offer what you can afford, & think the house is worth compared to others you have seen.

The feedback they have been getting about it needing too much work, along with the fact they’ve had no offers will have been a bit of a reality check after the EA raised their hopes with the 1.3M valuation. They are probably considering reducing to 1.25M soon (or at least should be).

I would start negotiations at 1.150M giving all the work needed as the reason, assuming you would be comfortable paying that amount for the house. That gives the EA the signal that you are serious buyers but won’t be paying anything like 1.3M.

May I ask why you've viewed a property over budget and what will you do to manage your expectations if your offer is rejected? There's nothing worse than viewing property that you love and just can't afford.

Can you afford the renovation even after a reduction? How much will the renovation cost? That would be my starting position, get a rough quote for the refurb and deduct that from your offer.

I think you need to do your homework- price up what needs doing and then make an offer which takes that into account. What you can afford will probably be completely irrelevant to the seller, but if you can present them with hard evidence that it’s overpriced (I.e. house X in the same street which has had a full renovation sold for 50k more a few months ago but you think it will cost 150k to do the work) you might get some traction.

It might also be a case of a waiting game- I eventually got over 200k knocked off a property but that’s because I waited for a year and no one else bought it in the meantime! Are you under offer yourself? As a cheeky offer definitely won’t work if you’re not proceedable.

Well, what is your budget? Surely that drives how much you can offer.