Is this a cheeky offer - london

[ClaphamSeller]

getting pressured to put an offer in by agent but I dont know if this is too cheeky at 575K because asking price is 650 which means 10% off. Its in a busy road opposite train line so I will struggle to sell it in a few years time

https://www.rightmove.co.uk/properties/87939948#/?channel=RES_BUY

Do I wait for it to be reduced or go and put in offer of 575 - we cant afford more sadly - Market is dead and we are selling with no viewings or offers so also part of a chain

London prices! it is similar to my house, I'd be lucky to get £160k for mine and the area I live in has been all but taken over by BTL landlords and even they aren't buying these days.

Oh, you live and learn, I had no clue. 😊

May I ask why you say they have "hired in furnishings" - what makes you say that?

That's your answer. You do not want to live there. I know the area. It's great to visit for restaurants and bars but you'd be better off in a flat in one of the quiet side streets.

Without viewings or offers you are not a serious buyer, and if the market is that dead the flat you want to buy is going to get cheaper anyway?

Many are not able to sell either.

Agent called me and told me the seller accepted 525K and if I can get to 526K its mine as a sort of bidding war.

Firstly I am shocked that something listed for 650K would really take off 125K from purchase price

Secondly 526 is lower than my original price so this looks really good value

Am I getting taken for a ride and should i snap it up ?

Seems like a steal to be honest - did not realise market is dead

How much did they buy it for and when? You have to account for interest rate changes/borrowing costs to get a feel for how much you are being scammed. When I used to look at PropertyLog occasionally you would see ridiculous price drops, often many one after another, it just meant that the initial price was a fantasy price.

@ClaphamSeller i’d personally go for it as I do think it’d be great rental opportunity when you’re ready to move on , for so many reasons (location , commuting, house layout etc)

but if you don’t want to ever be a landlord perhaps not

How many offers did they get do you think?

A cheeky offer is just that, a start of negotiation and it all depends on how much the seller wants to sell for quickly.

We all know the value of a house but circumstances can override, eg inherited and wanting cash or a loving home with a lot of money spent on it and needing the amount for next house.

Very few people know the value of a house now, they have sort of forgotten about reality in many ways, higher interest rates are probably the cure that is needed?

This house started at 700K so for them to accept 526K seems unreal to me - Was actually thinking of paying 575 so this is even better value and I am going to go for it

I still feel it is overpriced, is that unreal? They bought it for less than 300k.

A random number has no real bearing in reality, if no one is interested they have to drop the price.

Wow what a bargain! I’m house hunting in London with that sort of budget and it sounds like you’ve done really well! Keep us updated about whether you get accepted!

Nope! It has far to many negatives and that was before I knew children would live there.

Why is it so cheap (for london)?? Am I out of touch?

Have you even sold your own home yet?
I really wouldn't rush in just because you think you are getting a bargain.

Do keep us updated - does sound like the agent is trying to create a phoney bidding war to not lose the client. Why would the seller accept just £1K more from you when you aren't proceedable?

How can you go for it when you haven’t sold your flat? Am I missing something?

Piss in doorways ? If this is what the area is like then keep looking.

I’d not be buying even just on the basis of ‘strong smells from the commercial unit’ let alone the rest of the issues. Don’t be so excited by the low price that you overlook the issues, OP.

We need more space. It’s either that property or this one that we have to choose from. Second one is nicer but it’s a flat and only two rooms

www.rightmove.co.uk/properties/90910647#/?channel=RES_BUY

That is so much nicer.