First offer - a question

Jennings_2

I have seen a house that I like. It is up for 315K with the promise of 15K cashback on completion, to cover the cost of modernising that needs doing.

I feel that the work needed is way beyond 15K.

The estate agent that took me around said he values it at 275K, and the seller was unhappy with this suggestion.

I have an offer for my house, so the estate agents consider us 'hot' (although I am no George Clooney). I am not an expert, but I would only be prepared to pay 270K max. Thus I want to open with a 260K offer.

I want to appear interested. Am I going about this the right way?

Thanks for reading. I am searching the forums for similar posts - but there is so much good stuff on here that it is taking me hours to get through .

Sammy85_2

You can offer anything you like, but since the owners havent listened to the EA's recommendation i doubt they will entertain your offer.

I would put in the offer stating what the house is worth in your opinion and the cost of works you think need doing. If nothing else it may make the seller realise the agent was right..

Emmzi

I assume by interested you mean "interested at 270k or lesss" and you won't be gutted walking away at 270?

I would offer
- 260k
- subject to valuation survey
- and builders quotes
- in awareness of current position
- and tell them you are not interested in gimmicks like cashback

bloaty

Hi

I was very interested in your post as we have decided to invest our capital in a bigger property and consider downsizing closer to retirement.

We went to view a property today which has been on the market since Dec at £325K. When we called at the Estate Agents they said the property was overpriced so sounds like they have valued it at less but sellers (who are quite elderly and looking to move nearer their daughter) want as much as possible to purchase another property.

The bungalow is nice and spacious, in a good location but they have been there over 30 yrs and not done anything to it and it looks tired and dated.

It has potential but the bathroom and kitchen need replacing - which is normal, oil central heating so we would want to change this for gas and the roof needs some work on it.

The market in my area is quite flat at the moment, a detached corner bungalow in my road was on the market at £185K this time last year and has just sold for £155K. It was left to brother and sister and I think they wanted the money so have decided to let it go, as down the road there are smaller semi's on the market for £159K. We haven't got our bungalow on the market at the moment but depending on the offer price we could possibly take out a smallish mortgage and rent our property for the time being but money would then be limited for modernisation, so not sure what to do.

Any thoughts/suggestions would be appreciated please?

Jennings_2

!!!!!!!
Asking price = 310. A lot of work needs doing. I value it at 279 max.

I offered 265. Rejected "come back with better offer".
I went back with 270. Rejected "I want 285 before I will even start to consider asking the wife"
The estate agent says try 280! but that is 10K more!

What should I offer?

Milliewilly

Jennings wrote: »

!!!!!!!
Asking price = 310. A lot of work needs doing. I value it at 279 max.

I offered 265. Rejected "come back with better offer".
I went back with 270. Rejected "I want 285 before I will even start to consider asking the wife"
The estate agent says try 280! but that is 10K more!

What should I offer?

Offer to start looking at other properties and ask the EA to book you some viewings.

Why is the EA deciding the property is worth £280 after telling you £275? And why between yesterday afternoon and this evening have you decided its worth 9K more?

richardvc

You shouldn't - you should explain the strength of your offer ie own house under offer and stick to your valuation of 270k.

It's a game - some you win, some you lose.

Please don't pay more than you believe it's worth !

Cannon_Fodder

Slow down!

No need to immediately go back with another offer. They have no better offer. Sit tight a while.

Maybe see some other properties, if only to confirm this is "the one" for you.

Another 48 hours or so will have his wife giving him ear-ache for risking missing out on where she wants to move to...!

Jennings_2

Milliewilly wrote: »

... And why between yesterday afternoon and this evening have you decided its worth 9K more?

Sorry. Yesterday's was a typo. I initially thought it was worth 279 - but I am no expert at all.

My head is spinning.

Milliewilly

I would leave it a few days and then see if the EA comes back to you. If not then offer your £279 if you really want it. If you are having a Mortgage you may be surprised when the lender values anyway.

Jennings_2

Milliewilly wrote: »

.. If you are having a Mortgage you may be surprised when the lender values anyway.

What do you mean Millywilly?