Property experts, please tell me what you'd offer on this house? Thanks

[MrsRyder]

What would you offer for this?

According to est agent it's been on since spring and they recently turned down £200k, which seems MAD to me.

I think £175k but dh says that;s too cheeky.

Thanks for all views.

It's for PILS

They probably won't take £175k if they've turned down £200k but you never know.

Why not try it and see?

be cheeky, whats the worst that can happen?

Offer 10 percent less. that is what they will be expecting.

Only 10%?
But 30% would be what, £60k odd and what if it';s only worth that in a year?

they probably won't accept 175k, but i'd give it a go, you can always go up, can't go down with an offer. start at 175k and have in mind the most you pil can afford for it.

the vendor is going to have to accept that currently the stamp duty holiday is going to have a huge adverse effect on all property between 175k and 250k

Then that's their problem not yours. If you're sure your offer is fair then put it to them. I wouldn't accept it if it was me but they might just take it.

Give it a go. What have you got to lose? Other than pissing them off.

You want to offer 30 per cent less because you think that is what it will be worth in a year?

Yes Carmenere and because if I bank were to survey it (they won't it's cash) they would downvalue it I feel sure. You can get a 3/4 bed house in the same area for £200 ish.

Offer them £175k then. Simple.

Fair enough, and tell the agent that, so, at least if they turn you down, you could re-offer in a month or two and they might have a change of heart.

£175k gets you this and £240k gets you this

I know this is a bungalow and so not quite the same but there must only be a certain pool of buyers who want a bungalow. The owner is in a nursing home, family selling apparently.

PILs are in position to move and cash buyers too, actual aash in the bank.

What do you lot reckon now I've linked to some others same value?

Thnaks for all this advice. Much appreciated.

Go low, you have all the cards.

Having looked at all three, I'd go with £175k. (Although I don't know the areas which obviously makes a big difference.) It's not got a bathroom, only a shower room, which will put lots of people off. Don't like the sound of a lean to conservatory, doesn't sound like a proper job.

The modern house you linked to has much smaller rooms but more of them.

Bungalows do tend to be on a bigger plot, though, so can be more expensive. But then again, lots of people just don't like bungalows, which limits the competition.

lean to is shite
on small plot
no bath
on estate

hmmm.

Do they HAVE to buy now - like, really HAVE to?

I wouldn't be surprised if house prices fall at least 30% on selling prices now (see Zoopla for that), so as soon as they buy, their house will be worth less than they paid.

Can they not hang on till next year to see if price falls have slowed a bit?

Tbh, if you have a choice, you would be mad to buy at the mo, even if you have no mortgage to consider.

Sorry to be negative.

house prices are still dropping, plus (i know they don't need a mortgage) surveyors are down valuing properties in order to try and protect people from negative equity. we had to re-mortgage last month and were stunned by the house value, they had us on paper as having a value decrease of 25% in 2 years, leaving us not quite into negative equity due to large deposit, but sailing very close. thankfully, atm, it's neither here nor there, as we're not looking to move again for a long time.

Thank you all, not convinced it is the house for them but will see what happens. Advice appreciated.

Well I wouldn't pay £175k for it, in fact I wouldn't pay £175k for anything at the moment unless I really had to(i.e nowhere to live) as the market is really unstable and likely to be seriously affected by the current finacial crisis.

Hmmm certainly no more than £160k, we have friends who turned down £250k for theirs and have just accepted £185k.

From what I understand, the market for bungalows is very dependent on older people trading down (so selling up larger properties to move into smaller, more manageable bungalows). Therefore many bungalow purchases will have long chains behind them. So, if you're in a position to move....

No bath would be an issue for me though. Has the shower room been adapted specifically for an older person to access? Could you use this as a reason to bring down the price even further?