How much would you pay for this house?

[StripeyKnickersSpottySocks]

3 bed terrace on the market for 150k. Current owners paid 139k for it in July 2006. I thought prices had come down since then?

It doesn't look like they've done a lot to it since they've been there as cosmeticlly its a bit shabby. Dirty cream carpets throughout, multiple layers of paint on the woodwork and paint drips on light switches, etc. I think the bathroom has been recently retiles but its a poor DIY job where there are big gaps between the tiles and the lino is badly ripped.

Are they having a laugh? Their company is relocating them so they have got a relocation package where they have all their moving costs/fees paid for them. So I thought maybe offering 120k? Is that too low?

They can only turn it down! Go for it.

Sounds a fairly reasonable offer to me. You are obviously going to have to do a fair amount of cosmetic work.

I think prices went up before they came down.

Depends where you live and which agents the house is on with (e.g. Foxtons always overprice IMO).

When we sold our flat in Dec we had to persuade the buyer's mortgage valuer that the buyer's offer was acceptable market value as the valuer wanted to base it on December 2004 values and we had to argue for the work we'd done (new bathroom etc.) to bring the value up.

So possibly an offer of even £115k is not too low, although I am a bit mean and can't see the harm in trying for the lowest offer first.

Definitely go in with an offer - no harm in trying! Also have a look at websites like www.ourproperty.co.uk and www.mouseprice.com to see what other similar properties have sold for in the area recently as that'll give you a better idea. I think on ourproperty you can also do a calculation of what the property should be worth now based on it's last sale price, recent sales nearby and taking into account any work done etc.

Also check www.zoopla.co.uk to see what the property is estimated to be worth now. Good luck

There is a house in Oxford that was sold for around 300K this spring, then refurbished, now on the market for 490K. So there is more madness elsewhere. Your seller's madness is relatively modest.

Zoopla reckon its worth 128k so thanks for that link.

Zoopla isnt very accurate. Its based on the price last paid for the house, so if someone got a very good (or bad!) deal last time it was sold then zoopla doesnt take any account of that.