Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • jackridge
    • By jackridge 10th Oct 17, 1:45 PM
    • 7Posts
    • 3Thanks
    jackridge
    Question about property asking price
    • #1
    • 10th Oct 17, 1:45 PM
    Question about property asking price 10th Oct 17 at 1:45 PM
    I've been accepted for a mortgage and found a property. The listing online is "offers over £30k"

    When I went to view the property I asked the vendor if they could tell me what they are realistically looking for. They stated around £40k.

    I'm not going to lie, I was a bit shocked. I'm a first time buyer, no experience in this sort of thing but the only reason I went to view the property was the £30k price. (I knew it would be offers slightly over this but didn't expect £10k of a difference?

    Is this regular practice for vendors to advertise a certain amount but want way more?
Page 1
    • LEJC
    • By LEJC 10th Oct 17, 1:49 PM
    • 9,178 Posts
    • 57,581 Thanks
    LEJC
    • #2
    • 10th Oct 17, 1:49 PM
    • #2
    • 10th Oct 17, 1:49 PM
    Offer what you feel the property is worth.

    The vendor of course always wants the highest price so has potentially told you their "ideal" figure...

    I always struggle with the concept of offers over prices and yep I agree with you that if the vendor was looking for £40k then the EA advert could have been better worded at offers over £35k...or even offers in the region of £40k.
    frugal October...£29.92 of £40 food shopping spend for the 2 of us!

    2017 toiletries challenge 141 out 118 in ...£14.92 spend
    • jackridge
    • By jackridge 10th Oct 17, 2:03 PM
    • 7 Posts
    • 3 Thanks
    jackridge
    • #3
    • 10th Oct 17, 2:03 PM
    • #3
    • 10th Oct 17, 2:03 PM
    Thank you for the reply LEJC. I offered £32k and they declined. I've now offered £35k. I can't realistically afford to go over that at the moment so hopefully it's enough. I was just a bit shocked at the £10k difference. I don't like wasting others time OR my own.
    • Crashy Time
    • By Crashy Time 10th Oct 17, 2:22 PM
    • 5,002 Posts
    • 2,157 Thanks
    Crashy Time
    • #4
    • 10th Oct 17, 2:22 PM
    • #4
    • 10th Oct 17, 2:22 PM
    Most will be shocked at the low price......
    • david1951
    • By david1951 10th Oct 17, 2:36 PM
    • 365 Posts
    • 413 Thanks
    david1951
    • #5
    • 10th Oct 17, 2:36 PM
    • #5
    • 10th Oct 17, 2:36 PM
    Usual tactic is to decide what you think it is worth, and then (i) offer a bit less than this and, if rejected, (ii) make a final offer of what you think it is worth.

    If (ii) is rejected, say that it remains on the table and look elsewhere in the meantime. If no one comes along with any more offers you will get a call from the estate agent asking if you're still interested.

    Rinse, repeat.

    If you 'lose' the house, bear in mind you never had it and didn't want to pay whatever it was sold for anyway.
    • lincroft1710
    • By lincroft1710 10th Oct 17, 2:43 PM
    • 9,726 Posts
    • 7,755 Thanks
    lincroft1710
    • #6
    • 10th Oct 17, 2:43 PM
    • #6
    • 10th Oct 17, 2:43 PM
    Where is this magical kingdom where luxury abodes may be obtained for the price of a horseless carriage?
    • Red-Squirrel
    • By Red-Squirrel 10th Oct 17, 2:51 PM
    • 1,736 Posts
    • 4,671 Thanks
    Red-Squirrel
    • #7
    • 10th Oct 17, 2:51 PM
    • #7
    • 10th Oct 17, 2:51 PM
    30K?

    Is it a fixer upper or a short lease or something?
    • Rambosmum
    • By Rambosmum 10th Oct 17, 3:34 PM
    • 1,476 Posts
    • 1,927 Thanks
    Rambosmum
    • #8
    • 10th Oct 17, 3:34 PM
    • #8
    • 10th Oct 17, 3:34 PM
    30K?

    Is it a fixer upper or a short lease or something?
    Originally posted by Red-Squirrel
    Grimsby, Doncaster, some parts of Liverpool.
    • 00ec25
    • By 00ec25 10th Oct 17, 3:50 PM
    • 5,015 Posts
    • 4,358 Thanks
    00ec25
    • #9
    • 10th Oct 17, 3:50 PM
    • #9
    • 10th Oct 17, 3:50 PM
    Grimsby, Doncaster, some parts of Liverpool.
    Originally posted by Rambosmum
    do people actually live in those places? Wow
    • Akahotpot
    • By Akahotpot 10th Oct 17, 4:32 PM
    • 47 Posts
    • 19 Thanks
    Akahotpot
    Yea its the same sense of shock for tiny properties in the South , I look at the price and think" I would want towers and a bloody moat for that much "
    • Crashy Time
    • By Crashy Time 10th Oct 17, 5:10 PM
    • 5,002 Posts
    • 2,157 Thanks
    Crashy Time
    http://www.dailymail.co.uk/money/comment/article-4855966/VICTORIA-BISCHOFF-Fix-housing-crisis.html
    • jackridge
    • By jackridge 10th Oct 17, 5:28 PM
    • 7 Posts
    • 3 Thanks
    jackridge
    Thanks everyone. I'm in a very small town, not exactly a wealthy area but happy with the area nonetheless. Its very much needing fixed up. The bathroom is horrid and the kitchen is like something from the 70s. I'm prepared to move in and work on it bit by bit though.
    • ukcarper
    • By ukcarper 10th Oct 17, 5:47 PM
    • 11,668 Posts
    • 12,349 Thanks
    ukcarper
    What's the relevance of that.
    • ProDave
    • By ProDave 10th Oct 17, 5:54 PM
    • 313 Posts
    • 388 Thanks
    ProDave
    Please do tell us where you can buy a mortgagable property for £40K

    Even up here, a wreck needing total rebuild will cost you more.
    • jackridge
    • By jackridge 10th Oct 17, 7:00 PM
    • 7 Posts
    • 3 Thanks
    jackridge
    ProDave, I'm up in the southwest of Scotland. Cheap up here in the small villages!
    • davidmcn
    • By davidmcn 10th Oct 17, 7:18 PM
    • 5,927 Posts
    • 5,680 Thanks
    davidmcn
    If you're in Scotland, aren't you looking at the Home Report before bothering to view? If so then what was the valuation for this property?
    • sheramber
    • By sheramber 10th Oct 17, 7:23 PM
    • 3,737 Posts
    • 2,755 Thanks
    sheramber
    Our house was offers over 152,500.

    Seller advised they were looking for 1755,00

    Our solicitor said he would offer 152,500- this was refused but they said they would accept 155,000.
    • ProDave
    • By ProDave 10th Oct 17, 7:54 PM
    • 313 Posts
    • 388 Thanks
    ProDave
    ProDave, I'm up in the southwest of Scotland. Cheap up here in the small villages!
    Originally posted by jackridge
    Wow there are some cheap properties there. I just looked at a 1 bed flat advertised for OO £15K, and £15K under home report value, so the HR value must have been £30K

    Be aware some of those cheap properties have very poor EPC ratings. e.g E or F and you can no longer let such a poor property. these are no doubt being offloaded by landlords unable to continue letting them.

    The Home report value is what they will be hoping for, advertising it lower is to try and get interest.
    • cjdavies
    • By cjdavies 10th Oct 17, 8:27 PM
    • 2,694 Posts
    • 2,651 Thanks
    cjdavies
    It's certainly annoying and time wasting, why not just advertise offers over £40K an over!!
    • cr1mson
    • By cr1mson 11th Oct 17, 6:32 AM
    • 761 Posts
    • 579 Thanks
    cr1mson
    If you are in Scotland it is quite common for properties to go well above their asking price and often their Home Report value in some areas. A local solicitor can usually advise.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

1,255Posts Today

8,042Users online

Martin's Twitter
  • Hurrah! The ASA's ruled against 2 fake Facebook ads using my image https://t.co/GvNrqDPOC5 tho Facebook still shows others

  • PS Today's poll is obviously inspired by the real question I was asked and tweeted about last night.

  • Not all firms have panels and HR teams. There are many very small businesses out there without such resources :) https://t.co/cLo0zO7Yqu

  • Follow Martin