What would you offer? What would you accept?

titewad_2

I am very interested in a property local to me.It has been on the market since June last year and was originally £119,950.A few months back it was reduced by £5000.Now last week the owners have changed estate agents and it is now on at £109,950.
Assuming that I can get a mortgage for that amount or somewhere near,what would you people offer or if you were the seller,accept.
It is an ex police house and I found out on the web that they paid £71,155 in June 03.If I could get the mortgage I would really like the house but I Think I will probably £5k-£10k short of the ask price.Thing is it's been approx 9months on the market so they obviously want to sell.I have no idea what price their new property is or indeed if they are in a chain.However the estate agents are after the best price for themselves so I feel any offer I was to make would be rejected without even being submitted to the sellers.Any advice would be most welcome.

cattie

First off you need to find out the amount of mortgage you'd be able to get. No good making offers if the finance isn't going to be there.

As the owners have just changed estate agents & also lowered the asking price it's probably unlikely that they will accept a low offer at this stage. If it hangs around for a while at this price then you can try an offer & may be you'll be lucky.

Police houses are usually quite roomy, so it should be attractive to prospective purchasers from that point of view.

If you've viewed the property & the interior is outdated, then perhaps this is what is putting prospective purchasers off. Do you have an idea of how many people have viewed the house since it's been on the market?

How much they paid for the house in 2003 doesn't really have much to do with the current selling price in my opinion. You don't say what area you are looking in but over 3 years in a decent area I'd expect a property to show a reasonable increase in price. Also if they have carried out improvements the price will reflect this.

Good luck if you offer & let us know if you are successful anyway.

flutterbybutterfly

titewad wrote:

the estate agents are after the best price for themselves so I feel any offer I was to make would be rejected without even being submitted to the sellers.Any advice would be most welcome.

The estate agents are professionally bound to submit your offer to the sellers. If they failed to submit offers to the sellers they are risking being struck of any professional bodies etc... they are affiliated with. If your offer is reasonable then go for it, you don't get if you don't ask!

If you get a survey done or professional checks done it might identify aspects which need money spending on i.e. repairs, damp proofing, etc... It is quite common to reduce your offer by the amount needed to complete the repairs.

silvercar

Are you a first time buyer? If not, I would want to know if you have a buyer lined up for your house.

AndrewSmith

flutterbybutterfly wrote:

If you get a survey done or professional checks done it might identify aspects which need money spending on i.e. repairs, damp proofing, etc... It is quite common to reduce your offer by the amount needed to complete the repairs.

Unless the asking price has already been reduced to reflect the condition of the property and any work needed. Never forget that the seller will, in most cases, have a minimum amount they need to attain to make the sale viable to pay off their mortgage and move etc. If the offers coming in are not viable they may simply withdraw from selling.

Andy

Tassotti

The house has been on the market for nearly a year. The sellers will have in their mind, by now, the lowest price they will accept.

If it was me, I'd go in with 95K. This will get the sellers thinking. The least they will probably expect is 105K, so with a bit of negotiaiting you will get a bargain.

They still make 30K

Bst of luck#

Tass