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Original poster

is 25k -below asking price too low to start with??

35 replies

pinkprincess1206 · 02/05/2010 16:04

would love some advice on this.
We have seen a house which needs alot of work to make it liveable- most suuperficial tho- new kitchen,new boiler, 2 x new bathrooms, new toilet downstairs- and the whole house needs new carpets and decorating.
I am thinking of going in with an offer around 25k below asking price because of this. the house has been on market for 2 years and the couple has seperated- so want a quick sale.

Do you think i am being too cheeky going in that low with an offer?.... DP does- but i think it s worth a try!

OP posts:
SpringHeeledJack · 02/05/2010 16:08

I looked this up on tinternet the other day and was a bit to see property 'experts'- ok, estate agents - suggest starting by knocking off 20 per cent or so

the consensus seems to be "if you're not embarrassed by your first offer, it's not low enough"

yomellamoHelly · 02/05/2010 16:14

We knocked off £55k to start with. Settled at £25k below. Like the property you describe this one needs new kitchen, 2x bathrooms, new toilet, boiler, new flooring ......, stripping of over-the-top Sharps furniture in all bedrooms, layout rejigging slightly, garden sorting out, doors replacing (imo - all different styles which annoys me). Am wondering where to start when we move in.

blametheparents · 02/05/2010 16:20

Sounds fine to me.
You can only ask

However, depends on % that you are asking to drop to a certain extent.
If you ask to drop 25k off a 75K house, then cheeky.
If you ask to drop 25k off a 250k house, not so cheeky

Original poster
pinkprincess1206 · 02/05/2010 16:39

the house is up for 175k but i really wouldn't pay that- im estimating it s going to cost us around 15 -20k to do the work

OP posts:
Ohforfoxsake · 02/05/2010 19:46

Yes.

You can always increase your offer.

Or, a higher risk strategy - you can put in a less cheeky offer and try to negotiate it down when you've had the survey done and have an idea of exactly what needs doing. That way things have got going and might work in your favour as they might not want to lose you, their buyer. But if as you say its superficial, I wouldn't risk it. The boiler isn't superficial though. That's a couple of grand before you've started.

mintyfresh · 02/05/2010 20:19

We've just got £15k off the asking price after having gone in for £25k lower with our first offer. It took a lot of negotiation and I wasn't sure we'd get anything off because it is in a desirable area. The house also needs a lot of work - similarly new bathrooms, kitchen, modernisation and decoration.

Depends on the house and the area - if others can see the potential you could have competition.

ChequeredFlag · 02/05/2010 20:25

The agent will have allowed for work needing doing when deciding on a price with the buyer, however any property which has been on the market for two years without selling is likely to be well overpriced. I would offer at least £25k less than the asking price on a £175k house that hadn't sold in that time - always worth a go, they can only say no.

ChequeredFlag · 02/05/2010 20:26

I didn't mean they can 'only' say no - of course, they could say yes! I menat, the worst that can happen is they say no, in which case, up your offer if you think it's worth it.

said · 02/05/2010 20:41

Does it need decorating or do you just not like it/it's a bit dated? I wouldn't expect a price reduction on the grounds of taste. But otherwise, offer what you fancy; they can only say no.

NonnoMum · 02/05/2010 22:30

If it's been on for two years, try 30k under!

Or more!

Original poster
pinkprincess1206 · 03/05/2010 12:08

It needs decorating!! the couple have split up and the lady told me they literally ripped stuff off the walls!!! which is clear- even kitchen cupbaords- but they left some! v. strange. There are marks all over the walls holes where god knows what happened!

she told me they are desperate and very open to offers and that they have not had one offer at all... i think people walk in and think bloody hell where do we start!

anyway- thanks for all the comments.
think we are going to make an offer 2moro and see what happens. x

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NonnoMum · 04/05/2010 10:15

Ooh - 'citing. Keep us posted...

Original poster
pinkprincess1206 · 08/05/2010 07:33

sorry not update you sooner.... right, i offered the 140,000, they said no so i offered 145.. that was 3 days ago and we have not heard anything??????? so now i dont know what to think! :O

OP posts:
mintyfresh · 08/05/2010 20:19

Maybe they are waiting it out to see if you will increase your offer?? Have they had any other offers in the meantime?

You could always phone agent, offer the max you would want to pay for the house and say you are interested in offering on another house if they say no - put pressure on a bit (cheeky but at least you would get a quick response!).

RedLadyBiscuit · 08/05/2010 20:27

Slow is good (agonising though it may be). No response means they're mulling it over and as they've separated it's probably going to need discussing a bit more than usual. I wouldn't go back at all now. Wait to see what they do. If you go back to the agent now, they'll know you're dead keen and you'll have lost your advantage. Keep your cool

Original poster
pinkprincess1206 · 09/05/2010 08:50

good job you all know what to do! i end up getting carried away with bidding! doesn't matter what it is.. houses, clothes, shoes toys - anything on ebay!!! once i start bidding i have to win!

lol

I am going to look at a few others today then if they dont call me 2moro i will ring the agent and sak if they have considered it as i have seen others too.

I would have thought if they were going to say no they'd have said it straight away.

I hate this bit- must remember not to get carried away!

thanks everyone for your advice tho- it is appreciated.

x

OP posts:
Hopandpop · 09/05/2010 19:20

our house was on the marker for 117 tousand we got it for 93000 with no work need doing!

NonnoMum · 09/05/2010 22:54

Clever Hopnpop.

Now, what would people offer for a house that's empty and been on the market for over a year that is on for £685,000???

'Tis my lottery house.

bibbitybobbityhat · 09/05/2010 22:57

Nonno - what was your lottery house originally on for? a year ago?

NonnoMum · 09/05/2010 23:19

The same, I think. Think maybe they had a purchaser and it fell through.

bibbitybobbityhat · 09/05/2010 23:26

Have you looked it up on PropertySnake?

If it was on for £685,000 a year ago, I would offer £595,000 now.

NonnoMum · 10/05/2010 16:22

Ooh - thanks for the tip - another property site to waste time on peruse!

Original poster
pinkprincess1206 · 11/05/2010 06:32

UPDATE*
I called the estate agent angain yesterday. Apparently the venders are not talking at all and all communication is through solicitors.
They also said the solicitors have a say in what the house can sell for??? why would this be?

anyway, the solicitors are aware of our offer and we are still waiting for a response.

arrrrrrhhhhh
it's been a week since we put the offer in.

OP posts:
NonnoMum · 11/05/2010 21:41

Think you'll get it if you can hang on in there...

Original poster
pinkprincess1206 · 12/05/2010 19:51

next episode in the bloody house saga!
The estate agent called today and said that the couple couldnt agree and that they are really sorry they didnt tell us but the house is going to be reposessed next wednesday! arrrrrrrrrrgggggggggggghhhhh

i called the people that are going to reposes the house and they said we would fax them a copy of our offers-... does anyone have any experience of this?? i'm gutted

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