Page 2 | Offers over?

GoldTurtle · 2025-04-18T18:25:31+00:00

A property on the market that we have had an eye on for a while is on the market for 340k offers over. Needs all updating a,detached property, no chain owner now in a home. Has been reduced from 350k What should we offer?

Original poster

GoldTurtle · 18/04/2025 22:30

springhassprun · 18/04/2025 22:19

How much would you need to spend on it? Are all the updates cosmetic?
I think this often depends on how much you want the property. If you offer £320k are you willing to lose it if someone else offers £330k?

All cosmetic, I'm budgeting around 60k mark. With the stamp duty kicked in I couldn't possibly go over 320k

OP posts:

rainingsnoring · 18/04/2025 22:43

It's impossible for anyone to give you a figure.
I think you are saying that it has been on the market a whole year and that they have just reduced it a tiny percentage. It sounds as if you have some unrealistic sellers who aren't too keen to move there. If they really wanted to move and had accidentally over estimated the market, they would have reduced by 10-15% by now.
What do you think it is worth based on your market and similar properties? As you say, it's reasonable to take the SDLT into account too. Is 320k the max you would pay or is this stretching too much?

minitigs · 19/04/2025 07:25

It's been on for a year?!
I'd say anything between 325-340,000. Depending on how much you think it's worth?
Surely they'd want it sold now.
The property we're currently buying said 'offers over'. We offered 10k less, and it was accepted. The property had been on the market a month.
It's worth a punt, OP!

Original poster

GoldTurtle · 19/04/2025 09:56

rainingsnoring · 18/04/2025 22:43

It's impossible for anyone to give you a figure.
I think you are saying that it has been on the market a whole year and that they have just reduced it a tiny percentage. It sounds as if you have some unrealistic sellers who aren't too keen to move there. If they really wanted to move and had accidentally over estimated the market, they would have reduced by 10-15% by now.
What do you think it is worth based on your market and similar properties? As you say, it's reasonable to take the SDLT into account too. Is 320k the max you would pay or is this stretching too much?

The vendor has moved into a care home. We budget 320k max and that's stretching. Personally I believe it's worth around 310-315k

OP posts:

rainingsnoring · 19/04/2025 10:41

Then perhaps you should offer 310k. The vendor probably won't accept it but maybe they will consider it in time.

NominatedNameOfTheDay · 19/04/2025 10:42

I put my house up as ‘offers over’ because that was the estate agents’ suggestion but realistically I just took the best offer (which was about 15k less than that). I wouldn’t pay too much attention to that phrasing.

HouseHouseHouse7 · 19/04/2025 11:04

If you think it’s worth 310-315 I’d go in with just under 310 and be prepared to go up a bit. And I’d say that I would do my utmost to complete in August (if feasible, of course) and I’d instruct a solicitor and arrange a survey quickly.

Surely the owner needs the money for care fees and doesn’t want another winter with responsibility for maintenance, bills etc. I genuinely feel sorry for elderly or disabled sellers in this position but it’s a transaction not a friendship and I would not want to overpay.

Original poster

GoldTurtle · 19/04/2025 11:34

HouseHouseHouse7 · 19/04/2025 11:04

If you think it’s worth 310-315 I’d go in with just under 310 and be prepared to go up a bit. And I’d say that I would do my utmost to complete in August (if feasible, of course) and I’d instruct a solicitor and arrange a survey quickly.

Surely the owner needs the money for care fees and doesn’t want another winter with responsibility for maintenance, bills etc. I genuinely feel sorry for elderly or disabled sellers in this position but it’s a transaction not a friendship and I would not want to overpay.

Brilliant suggestion,couldn't have put it in better in words . Will get in touch with the estate agents and take it from there.

OP posts: