Putting in an offer, help appreciated!

Moldy

Hi all,

I have been lurking on the site for a couple of weeks now, reading as much as I can find. My fiancee and I have found a house that we would like to buy. It is a 3 bed semi and next door to great friends of ours so we know the area well.

It is currently priced at offers over 120k (since Nov '08). It has been on the market since Jan '08 and has had a sale fall through due to buyers trying to gazunder! The house belonged to the vendor's mother (who died) and he has no chain (the house is currently empty). We are in a perfect position to move quickly, mortgage and solicitor arranged etc. etc.

We would want to open the kitchen/diner out into a bigger space and do the same with the upstairs bathroom which is currently a bath/sink and separate wc. This work has been priced up at around £3500 (exc. tiling, kitchen, electrics, floors)

Any advice on what is a sensible offer?

Thanks for any help

Rob

MissMotivation

Too hard to say without knowing what similar properties are up for sale/selling for.

Any alterations that you want to do to the property should bear no relation to what you offer on the property.

What did the property come onto the market at in Jan 08? Has it been reduced much?

Can't really help without more info

zone

I agree with the comments made above. Also it sounds like you are quite excited about buying this house. So i would say offer as close to the asking price as you can. Especially if its convenient for you with friends and family closeby.

You could offer less, but then it will depend on how motivated the vendor is and whether you will be taken seriously or not.

Robert_Sterling_3

Houses have different values to different people.For example a house within 250 yards of a relative might be worth more than one a mile away all other things being equal.

JayneG

Bear in mind that prices have fallen around 16% from the price it was first advertised at, and are likely to fall more. What do you think is a fair offer based on that info?

Asheron

Rent a house, don't buy one.

We sold our house 3 years ago, Put the money safe, started renting.

Robert_Sterling_3

He who laughs last ...

poppysarah

Robert_Sterling wrote: »

He who laughs last ...

Hasn't understood the joke?

besonders1

I suppose excitement can get the better of any house hunter but the op is choosing to buy now so if he really wants it now then he will have no choice but to pay todays prices .

Moldy

Thanks for all the replies so far.

Some extra information, the house was originally priced at 150k back in Jan '08.

MissMotivation said "Any alterations that you want to do to the property should bear no relation to what you offer on the property." Does this apply if there are things that need doing? eg. there is currently no kitchen at all.

We are keen on the area but there are other 3 bed semis around the 130k mark nearby that would not need any work doing, should I factor this into my offer? The house is currently an empty shell with double glazing.

Rob

poppysarah

if you've studied the area you'll know the state of other properties when they've sold so can better judge how well priced they were.

The problem is, if they've not reduced the price massively themselves, then they are not in a hurry to sell. Death, Divorce, Debt and Dementia are the 4 Ds that bring prices down quicker than Desire to move.

View every other similar house in the locality - compare and contrast.

Empty shell? Plaster, wiring, heating, flooring, ceilings, stairs, bathroom, kitchen? Add up full costs of paying someone to do it quickly to make a proper comparison.