Urgent help needed on offer price

6 replies

mintyfresh · 14/04/2010 20:05

Our Landlord is selling up and has given us first option to buy. We had a letter today to say house has been valued at £225,000 but they would sell to us for £220,000. The house is a 3 bed link detached with garage in a village and needs a considerable amount of updating. It has barely been touched or maintained in 20 years now so needs a new kitchen, bathroom, windows and lots of work done on the garden. There is also an issue of neighbours trees (leylandii sp?)which overhang into garden and are around 15-20ft tall!

We want to offer our max which is £200,000 and think this is a fair price. Does this sound unreasonable given the valuation? Also should we list the work that needs doing with costs etc on our offer letter?

Would be grateful for any advice please!

OP posts:

FabIsGoingToGetFit · 14/04/2010 20:06

Without knowing where the house is it is impossible to say.

Nice of them to offer a discount though.

scurryfunge · 14/04/2010 20:10

If it's been valued at £225,000 as a asking price they are probably willing to accept £215,000 - therefore I would initially offer around £200,000 as your only offer and see where you go from there.

FabIsGoingToGetFit · 14/04/2010 20:17

Obvious question/answer really but do you want to live in this house or is it a case of convenience? If you were considering buying anyway would this be a house you would view if you weren't already living in it?

Original poster

mintyfresh · 14/04/2010 20:37

Fab - very good question - I think I don't actually want to buy a house at all at the moment but am worried about getting kicked out of here with nowhere to go! There are no other rentals available around here and my son is at the local primary school.

The house is nice - we've been here for nearly 4 years but I don't love it. I also hate DIY and think it needs too much work.

Is probably more convenience and the fact that very few family houses are for sale in this area in any condition.

OP posts:

FabIsGoingToGetFit · 14/04/2010 20:55

I would look around then tbh. Primary school is better to change than secondary imo.

LittlePushka · 14/04/2010 21:06

I would go into local estate agents and have a general conversation as to whetherthe trend locally is still for properties to be sold at less than the marketed value, and if so what sort of margins for the type of property you are interested in.

Currently, in my locale properties are generally going for around 10% less.

Flip