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Original poster

Property Savvy People - What would you offer?? I do nee you thoughts :)

28 replies

mascaraohara · 06/05/2009 13:26

If a 2 bed property was on the market for ~£175k

They have no chain

You have no chain

the property is in a good location and has large gardens BUT need complete overhaul inside as it's VERY dated. At a guess I would say someone eldery last lived there for quite sometime and it's probably the family selling it on.

how much less than the asking price would you offer? Would you go in with a really cheeky low offer?

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Original poster

mascaraohara · 06/05/2009 13:29

sorry not sure what happened to my title that should say need and your

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Tinker · 06/05/2009 13:32

What have neighbouring houses sold for recently?

Original poster

mascaraohara · 06/05/2009 13:38

there aren't any to compare it to.. not that are the same. It's just a little semi-detatched on the edge of some village houses (not an estate so all houses/cottages are different)

that said my 2 (double) bedrommed modern house in the centre village would sell for about 125k but obviously it doesn't have the gardens or the views that this place does

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Owls · 06/05/2009 13:39

Do you need to sell yours first though?

Original poster

mascaraohara · 06/05/2009 13:41

no, like I said I don't have a chain I'm keeping mine to rent out.

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Tinker · 06/05/2009 13:42

Hmm, tricky. Is it bigger than yours? Is it deemed more desirable than yours - locationwise? Are you "proceedable" (hate that word)?

Instinct would be 150k but no idea really with nothing to compare to

Heated · 06/05/2009 13:44

Well they've not been daft, they've priced it just on the stamp-duty limit, haven't they? Can you look at nethouseprices and just get a sense for what 2 bed cottages in the immediate vicinity have gone for. Do you know how long it's been on the market for?

Original poster

mascaraohara · 06/05/2009 13:47

not internally bigger, I'd say it's actually smaller although long back and front garden mean the plot is bigger.. probably slightly more desirable location as is semi-rural so views from front and back windows are over fields.

Though I know they will be building on the field behind in ~3yrs time. So it'll potentiall be overlooked

I would be buying it with a view to extending on the side to add a garage, utility room and 1 or 2 bedrooms depending on internal layout upstairs

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Owls · 06/05/2009 13:48

Oh sorry I see now.

Ooh tricky one. Depends on your cut-off point and how much you really want it. Agree with Tinker, maybe an offer of £150/155?

Fimbo · 06/05/2009 13:49

I would go in at £140k, they can only say no and you have room for negotiation.

Original poster

mascaraohara · 06/05/2009 13:50

It's only just gone on the market - I regular run past it and for the last couple of weeks there has been a skip outside. I've kind of been waiting for it to come on the market.

I live in a really higgled piggeldy village where tereaced character cottages go for anywhere between 135k-160k with tiny yards etc then modern houses like mine go for 125ish even though I have a reasonable sized garden etc

this looks ~1920s/1930s at a guess

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Sorrento · 06/05/2009 13:58

This is interesting because I had my house valued yesterday and was told to go on at £295 with a view to taking £275.
Which seems bloody madness why not just go on at £275k and cut the crap, apparently that's not how it's done so £155k seems high, I'd want to end up there and start at £140k.

Sorrento · 06/05/2009 13:58

Original poster

mascaraohara · 06/05/2009 14:28

that's a big drop Sorrento.. bigger than I expected the play in the value to be

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Heated · 06/05/2009 14:31

So well-maintained ones go for much lower than the asking price of 175k but they're possibly thinking the big garden makes it worth more - but it will shortly be overlooked/inconvenienced by major building work? I wonder how realistic they are being, given the amount that needs doing?

JMO, 140k offer, up in 5k increments to 155? Or just offer 155k without pussy-footing around. If it gets a lot of interest, you might need to rethink.

Sorrento · 06/05/2009 14:37

The other problem you have is that it's only just gone on the market, if we were sell ours and the week after I got an offer of £250k whilst I wouldn't say outright no I'd certainly want to give it 3-6 months to see if I got a better one.

Original poster

mascaraohara · 06/05/2009 14:43

Small houses in my area rent very well as it's very close to a well known business chool - think international mature students studying post grad rather than 18yo's partying everynight

so I think their main market will be investors to be honest.

I'm going to have a look tomorrow but I'm in no rush to move as such as I will rent mine out. If I offered £140k and went up to £155 if they still weren't happy I could leave it with the estate agent that if they change their mind to call me.

Do you think the estate agent would push them to take my offer because the agent would know that they would be getting the business from renting mien out? in effect they are in a win win situation aren't they?

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Original poster

mascaraohara · 06/05/2009 16:04

Someone went and put a meeting in my calendar for the exact same time as my viewing so I'm going to see it this afternoon instead. If I think I can do something with the interior I'll view it again at the weekend and then offer 160k I think

It's higher than I would like but it's affordable. I'm not sure I'd have the guts to offer 140k

would it be wrong to ask the estate agent, to tell me outright what the lowest they'll accept is?

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Fizzylemonade · 06/05/2009 16:47

Sorrento I think we live in a time where people don't want to offer the asking price, we were told by one estate agent to put ours on as "fixed price" but we were advised by another agent that people still like to feel they have "knocked your price down and still got a bargain"

mascaraohara The £175k is the cut off for stamp duty so feel that is a bit telling, ie they want more than £175k but feel that they buyer having to pay stamp duty would mean they were knocked down to £175k.

Offer as low as you dare but then if it is rejected start very low increases, sometimes that triggers the vendor to come back with what they want for the property rather than have the EA ring them with every £2k you offer.

Original poster

mascaraohara · 06/05/2009 18:35

Well long story but I had to go and view it today.

Personally I cam eaway thinking that for the amount of work that needed doing it was very overpriced and won't be putting in any offer.

The agent told me they'd had 9 viewings already (been ont he market a week). Apparently someone had offered 170k but withdrawn.

I knew the field behind was being built on and agent knew I was local so offered up that piece of info but expected the views from the front to be over the fields unfortunately house was angled in such a way that the view was over the opposite farms industrial units. Plus needed a mountain of work. Literally the only thing that was ideal was the garden + smaller bedrooms than I have now etc. so all in all a no go

BUT OMG!!! agent reckons I've been overly conservative with my estimate on mine (using it for rough calculations -LTV etc) anyway he thinks I've under valued by 25k. So might get him round for a formal valuation. but obviously now I have to sit down and re-think. might be better to sell or at least realease more equity than I had planned.

Eek. exciting stuff

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lalalonglegs · 06/05/2009 20:26

But hasn't this agent just seriously overvalued the cottage you viewed ?

Heated · 06/05/2009 20:49

Given what you said the other cottages went for, Lalalegs makes a good point and it sounds as if Sorrento was more on the money suggesting 140k, especially given your viewing today and the work that also needs doing.

News said today house-prices are anticipated to fall another 8%. If their relative has died they are probably trying to make the most money from their nest-egg, have gone with the highest EA valuation having no idea what prices these cottages command, and will only drop their price into the realms of reality once the house becomes a burden, or if someone is silly enough to offer near the 175k.

Original poster

mascaraohara · 06/05/2009 21:45

Yes I agree re. valuing high though I don't actually want to sell mine so higher valuation means I can take more equity out of my existing property.. think it's 75% on BTL mortgage

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Sorrento · 06/05/2009 22:20

I'm not being funny but the estate agents valuation is not what the building society is going to use to lend against.
The surveyors will want to cover their own backsides and I can assure you they are conservative at the best of times, the EA's valuation will be neither here nor there.

Original poster

mascaraohara · 07/05/2009 08:49

so in reality my own estimate is probably more on the mark then

it has seriously made me consider selling I have to say.

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