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
    • lovehols
    • By lovehols 30th Nov 17, 8:06 PM
    • 58Posts
    • 16Thanks
    lovehols
    Realistic Offers Considered
    • #1
    • 30th Nov 17, 8:06 PM
    Realistic Offers Considered 30th Nov 17 at 8:06 PM
    We have seen a property we want to make an offer on. It was out on the market back in October for £375k and reduced on 14th November to 'Realistic offers considered £359,950'. It is a two bedroom detached bungalow but unique in that it is on the canal with private garden frontage onto the canal (no public access as towpath is on opposite side and it isn't possible to access this). We know it is more expensive than other properties in the area, purely based on the location and the house needs work (dated, definitely needs some work - was elderly person). We want to get an architect and completely reconfigure it so that his isn't an issue anyway.

    We are in a good position, no chain, finances in place and we want to make an offer. What does Realistic Offers mean, is this an indication they are open to offers, would 10-15% lower than asking price be 'realistic'.
Page 1
    • JoJo1978
    • By JoJo1978 30th Nov 17, 8:26 PM
    • 181 Posts
    • 175 Thanks
    JoJo1978
    • #2
    • 30th Nov 17, 8:26 PM
    • #2
    • 30th Nov 17, 8:26 PM
    Decide on your ceiling that you won't offer above and stick to that. Work out how much you think roughly the work you want to do would cost. Subtract that 'work fund' total from your ceiling. Take a few thousand off that to give you some wriggle room in case it's rejected. Offer that, it would be realistic to you, right? They will say no if it's not realistic to them, then start negotiating.
    Hamster in the wheel (London) 1999-2017
    Mortgage free since 2015; Pension pot sorted 2017
    Second career (what TBD!) 2018
    • Aylesbury Duck
    • By Aylesbury Duck 30th Nov 17, 8:35 PM
    • 1,205 Posts
    • 1,503 Thanks
    Aylesbury Duck
    • #3
    • 30th Nov 17, 8:35 PM
    • #3
    • 30th Nov 17, 8:35 PM
    Ignore the descriptor, it's totally meaningless. Ones person's realistic offer is someone else's cheeky punt. As with the ridiculous "competitively priced" which gets attached to everything from ovens to houses, it's just marketing waffle that doesn't stand up to any sort of scrutiny or reason.
    • Sarastro
    • By Sarastro 30th Nov 17, 8:37 PM
    • 360 Posts
    • 277 Thanks
    Sarastro
    • #4
    • 30th Nov 17, 8:37 PM
    • #4
    • 30th Nov 17, 8:37 PM
    They won't know what 'realistic' means until they receive some offers, so I'd ignore it. Offer what you want and see what happens. They can only say, 'no', in which case you can increase your offer up to your max.
    • lovehols
    • By lovehols 30th Nov 17, 9:12 PM
    • 58 Posts
    • 16 Thanks
    lovehols
    • #5
    • 30th Nov 17, 9:12 PM
    • #5
    • 30th Nov 17, 9:12 PM
    Thanks!

    I'd just never seen the term. I've see OIEO AND OIRO but never 'Realistic Offers'. We will probably go in around £320K-ish and go from there.
    • Cakeguts
    • By Cakeguts 30th Nov 17, 9:38 PM
    • 3,280 Posts
    • 4,573 Thanks
    Cakeguts
    • #6
    • 30th Nov 17, 9:38 PM
    • #6
    • 30th Nov 17, 9:38 PM
    What will happen when you want to insure it? Will the insurance companies make out that it might be a flood risk? If so that would limit the market for it even more.
    • lovehols
    • By lovehols 30th Nov 17, 10:22 PM
    • 58 Posts
    • 16 Thanks
    lovehols
    • #7
    • 30th Nov 17, 10:22 PM
    • #7
    • 30th Nov 17, 10:22 PM
    We have already checked insurance quotes and it is fine, I believe canals are considered last risky than rivers. We won't be moving again, it's our forever home, a bungalow and one we wouldn't want to buy to make money on and leave.
    • FTBuyerGlasgow
    • By FTBuyerGlasgow 30th Nov 17, 10:54 PM
    • 17 Posts
    • 13 Thanks
    FTBuyerGlasgow
    • #8
    • 30th Nov 17, 10:54 PM
    • #8
    • 30th Nov 17, 10:54 PM
    My advice would be if the property went on the market in October and is already reduced in November that they are looking for a quick sale, possibly an inherited house or former elderly occupier in a home from your description?

    Not everyone will look at a canal-side 2 bed bungalow and fall in love, I'd guess you have the edge over the vendor in that respect.

    I'd go with your gut of £320k and work up from there.

    They can only say no.

    Good luck.
    Started out with nothing, still got most of it left.
    • Mutton Geoff
    • By Mutton Geoff 1st Dec 17, 6:31 AM
    • 999 Posts
    • 1,041 Thanks
    Mutton Geoff
    • #9
    • 1st Dec 17, 6:31 AM
    • #9
    • 1st Dec 17, 6:31 AM
    Nice looking plot. Prior to working out a price, I would speak to British Waterways or whatever they are called about mooring rights along the property because that would boost it's value.


    You could ring the agent and ask them where you need to be price wise which will gauge their brief from the vendor. Then offer less and come back up, if required, to your max.


    https://hallsgb.com/properties/three-bridges-grindley-brook-whitchurch-shropshire-sy13-4qh/


    Edited to say, just seen a boat moored on opposite bank so canal people might well say no.


    Google sat view
    Last edited by Mutton Geoff; 01-12-2017 at 6:37 AM.
    Compensations/Refunds from Banks & Institutions - £4,165 | Stooz Profits - £7,636 | Quidco - £4,014

    All with a big thank you to Martin and MSE.com from Mutton Geoff!
    • Slinky
    • By Slinky 1st Dec 17, 8:30 AM
    • 4,763 Posts
    • 20,777 Thanks
    Slinky
    Wow, lovely property.
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

2,228Posts Today

6,080Users online

Martin's Twitter
  • RT @bearface83: @MartinSLewis check out the @Missguided new 60% off offer. Upping the cost of items almost double to make us think it?s a?

  • RT @efitzpat: Thank you SO SO much @MartinSLewis for your Student Loans refund advice! I just got a grand refunded right before Xmas! Whoop?

  • Have a lovely weekend folks. Don't do anything (fiscally) that I wouldn't do!

  • Follow Martin