What is the offers you've had accepted on 425k

[Bubblegum20]

We've seen a house that's listed for 425k, it needs completely renovating, similar houses occasionally come up between 375-400 for the same size, we was thinking of offering 395 with potential to go up to 400. There's no way the house is worth 425, 400 seems generous as an ok looking 4 bed went for 437,500 earlier this year in the next road along, and this is a 3 bed that needs completely renovating, same size as the other one just without the 4th bedroom and bathroom extension over the garage.
What is the lowest you've had offers accepted on a 425k house?

If there are similar houses going cheape then why aren’t you trying to buy one of those houses? This house you want must be a better house for you which is why you want it.

Last year ours went up for £425, and we received offers of £390, £405 and £415. We went with £415

@Bertielong3 that's good to know thank you!

@LindaDawn there's currently none on the market in that price range, one sold stc last month or we would be going for it, our house didn't sell until last week and this one came on the market a couple of days ago, we need to move before the movers deadline for our child's primary application deadline which for movers is in Feb, or we'd be more open minded about waiting for another one to come up. It isn't a better house at all, there's not even a dated kitchen in it like the other one had, it's completely been ripped out.

No one can answer this for you accurately because it is a very individual thing.

You are cutting it extremely fine for a February school application deadline even if you had a complete chain as of today. How essential is this deadline because you are unlikely to meet it now.
It sounds as if this house is worth nearer to 375 than 400k but the chances of them accepting 375k/a lower end offer are low if it has only just come on the market. Could you not wait until the New Year, especially Spring when lots more houses are likely to come on the market?

It’s impossible to say what offer the sellers would accept on this house. It depends on their situation.

For example we sold our house last year. We didn’t have to mive, we just wanted to find a a bigger house in the same area. We needed to get an offer very close to asking price to make it worthwhile us moving. If we didn’t get that we would have quite happily taken it off the market and stayed put.

However in other circumstances, such as divorce, need to relocate quickly for work/school/ or probate sale, the seller would be more motivated to drop the price and sell quickly.

All you can do is offer what you think it’s worth. If they don’t accept then move on to another house.

How long has it been on the market?

If there’s no kitchen at all you’d need to check whether it’s actually mortgageable as I thought that was a pre requisite (must be in a liveable condition). You may need a specialist building mortgage

I viewed a house yesterday on at £425k which is my absolute top budget if it needs nothing other than a lick of paint.

It’s pretty perfect, although I’d want to make some changes in due course e.g change one of the bathrooms to have a walk in shower (just because I find climbing in a bath to shower a slight challenge!) - but equally it’s been on the market for 4 months and the vendors want to move as they need to go back closer to London for work.

This is an area which is quite ‘buoyant’ as the estate agents would say.

Apparently feedback from others is that there’s no off street parking. But it’s a quiet but wide lane, and there were no other cars around yesterday so I’m not bothered.

I’m thinking of starting at £405k. It’s still within less than 5% so feels not too cheeky!

From looking at the old details on Rightmove they paid £320k 3.5 years ago, and they have converted what was a garage into a downstairs bedroom with en-suite, but everything else (apart from paint colours) looks the same. Kitchen is modern, and bathrooms look fine (apart from me wanting to change one to a shower room, both are baths.

Long winded way to say offer what you feel is right and to their circumstances. But as a PP has said, it may not be mortgageable without a kitchen.

To be honest, I’d wonder whether you’re rushing into buying because of the school application deadline and whether it’s a given that the house will guarantee a place at your preferred school.

It doesn’t sound as though it will be very comfortable living there, if so much work is required, at least until some of it is completed and I’d wonder about how you manage without a kitchen, even if the house is mortgageable.

'It doesn’t sound as though it will be very comfortable living there, if so much work is required, at least until some of it is completed and I’d wonder about how you manage without a kitchen, even if the house is mortgageable.'

This is the other thing. It doesn't sound as if this house is at all suitable for you in this situation with children. How would you manage a mortgage/ major renovation with DC, never mind the expense.

It sounds like a very bad option for you in every way.