whats it worth?

GDB2222

OK I was wrong then. :-)

Really, there's not much point in looking at what they are asking and working from that. They may have priced it very aggressively (low) and expect to get close to their asking price. Or, they may have unrealistic expectations. You want to look at what houses have actually sold for recently.

If you are keen to buy this particular house, it may be worth waiting. You can always write a nice letter to the owners and pop it through their letterbox. Tell them that you want it as a family home, and say that you don't want to upset them with what they may regard as a low offer, but you have a limit of £x and can they get in touch with you if they ever want to discuss a sale with you.

PasturesNew

Just hold out, it'll drop.

The most any detached in that road's sold for so far is £243k and £240k (2006, 2007 respectively).

It's priced for last August's market really.

It's "value" if you apply sweeping statements to it, is an asking price of £243-10%. So probably "worth" £199-210k

It's only a house. There'll be more ... and maybe this one at the right price. Nobody's buying much. Plymouth's not a wealthy area. It won't be snapped up.

bride_on_a_budget

barnaby-bear wrote: »

Yuck the house of the 1980s... what rift in time did their decor fall through :rotfl:

yeah, i know what you mean, but it has so much potential and we are willling to do the work to make it a lovely family home.....

i am waiting for the Ea to ring as they usually do at around tea time...
but i will let my hubby do the talking..

when they rang last time they said it was between us and another couple but the others need a mortgage and we dont...
the highest we would offer is £220 but i think we will leave it for a bit

thanks for your replies

bride on a budget

shays_mum

The price was only dropped last month (looked at this via propertybee!!) keep an eye on it, i am sure it will go down yet......!

lincroft1710

Council Tax band seems low for a 5 bed 2 bath det, but having said that, prices seem low in your area. I agree with all other posters, ensure your offer is made known to vendor, they could make counter offer.

barnaby-bear

bride_on_a_budget wrote: »

yeah, i know what you mean, but it has so much potential and we are willling to do the work to make it a lovely family home.....

i am waiting for the Ea to ring as they usually do at around tea time...
but i will let my hubby do the talking..

when they rang last time they said it was between us and another couple but the others need a mortgage and we dont...
the highest we would offer is £220 but i think we will leave it for a bit

thanks for your replies

bride on a budget

In this kind of economic climate - a lot of people are going to expect bargain and well finished.... refurbing/redecorating is difficult for people with kids, moving stuff from room to room if you already have loads of furniture so to take on something like that more likely to FTBers so you have a strong hand - cr&p tastes, did you coo lyingly - ooh you've a beautiful home...

bride_on_a_budget

Hi Barnaby-bear,

thank you for your advice/reply

luckily the owners were not in when we went to view it, so we were free to say what we liked about the decor! also th eEa who showed us around also said it looked like it hasnt been touched in over 20 years.
As i said we dont mind doing the work as we did it when we bought our house that we are in now.

Ea did ring but hubby said we were still thinking about it.

will post when and if we hear anything

thanks
Bride on a budget

GDB2222

Is that all extension on the left hand side of the house? If so, that's a pretty big 2 storey extension, which is worth a bob or two (in fact quite a lot of bob) when comparing with similar houses in the area. Looking at the floor plan in the brochure, it seems to add 60% or so to the space in the house. What's more, it looks a lot better than a lot of extensions round our way. I can see why you are keen on it, and it may make it difficult to compare prices with other houses in the road.

RHemmings

bride_on_a_budget wrote: »

Hi Ginvzt.

i think i will get hubby to ring the Ea he argues better than me.
we dont think we can go any higher than £225 with all the work to do, the wiring is from build 1960s and the boiler looks like its from the same time.

Bride on a budget

If this happened to me, I would contact the Estate Agent, and tell them that I know that it's illegal (checking the law a bit more first) for them not to pass on the offer. I'd then say that if they are prepared to break the law on this minor point, then you have serious concerns about their honesty, and feel that you couldn't work with them in something as important as a house purchase.

Personally I have a suspicion that this frequent "not passing on the offer as it is too low" business is a negotiating ploy. To get the potential buyer to ratchet up a bit before the vendor has to come back with a counter offer.

I'm wondering if the following would be possible. Potential buyer A makes an offer to Estate Agents B, which B does not pass on to vendor C. Later on, B notices that (due to the falling market) the property sold for considerably less than their offer. They then contact the vendor (if possible), and ask why their offer wasn't accepted. C now realises that they have missed out, and sues the EA. Could this happen?

Chris2685

I think it would be pretty difficult by then to prove whether or not they had passed on the offer to the vendor or not.

However, I am quite shocked that the EA would not at least pass on the offer, because I imagine in this type of market it would be better for them to make some commission than none at all...