Is it way too cheeky to offer 75k under asking?

skintchick

I know, the obvious answer seems yes, but I think this house is seriously overpriced.

Details:

3-bed end-terrace, ex LA, on very edge of LA housing (most of it seems to still be LA according to Mouseprice info at least there's hardly any Land Registry sold info) but technically on one of town's most desirable roads as it is on the corner of the LA area. Has new double garage which is great, but as a result garden is a bit small. Bathroom is tiny, as is ensuite. Living room, kitchen/diner but kitchen bit is very small and needs redoing to make it 'work'. Downstairs loo is in the garage and very utilitarian.

Only other comparable I can find on Mouseprice is the same size and plot size (in fact very slightly larger) and is opposite so I think a good comparable. Is mid-terrace so no garage. Is on the 'cheaper' road though.

THe house we like is on for 445k. the other sold in 2006 for 325k.

Not that it's relevant but the one we like sold in 2003 for 238k. The guy who owns it lives in one of town's most expensive roads, and this one is empty. I assume he wants to sell it quickly to avoid the higher CGT due to come in.

Agent has already chased me twice since our viewing at the weekend. I had told her we would make an offer and she keeps phoning, but I guess she hasn;t had any others (no mention of that today on message anyway).

We have an offer, but they dropped it to 220k from 245k today as they have been offered 385k for their house - 45k under their asking!

The people buying our buyer's house have nothing to sell so it would be a shortish chain, and we are all keen to move asap.

We are thinking it is worth 370k, all things considered (it is close to town, has parking, but is ex-LA next to scruffy LA houses one of which is currently covered head to toe in England flags, and is a bit tight upstairs with no potential to extend although EA seems ot think you could, but the roof pitch wouldn;t allow it as far as we can tell and there is nowhere to put a set of stairs with getting rid of a bedroom which defeats the object.)

Anyway, I ramble. Basically, would you offer 75k under asking? Will we be laughed at? I honestly don't think it is worth more than that BUT I am also desperate to move and it's one of the best houses in our price range that we've seen. However, we did see one we didn;t get that was 4 bed, terrace, period, no parking, on busy main road but immaculate inside and that was on for 425k. We offered 415 but were outbid, but bearing that in mind I don;t see how the one I'm talking about now can possibly be worth 445k.

Anyone got any thoughts? If you were the seller would you give consideration to an offer of 370k?

G_M

If that's what you think it's worth to you, or all you are willing to pay, then it's not cheeky. They can only say yes, or no, or start negotiating.

skintchick

I guess so I'm just worried they won;t think we're serious. Although all the local agents know me very well now and know we are serious buyers. The more I look at prices in the surrounding streets the more I cannot understand why they have valued it at that. I wonder if the seller thinks it's worth loads more because he built the double garage? (well, had it built).

Henry_P_Chester

I wouldn't say it was cheeky at all. It's 16% under the asking price. I would normally make an initial offer of about 15% below personally so I can't see a problem. If they say no who cares.

skintchick

The more I research the more I think it is worth more like 350k! I suppose my judgment is getting clouded by the fact that if we don;t secure this house our sale will fall through and we are stuck in our current house even longer and it is driving me slightly mad being here with so little space as our DD is nearly toddling now.

BUT we don't want to overpay because we will be screwed when we resell.

I hate trying to move house

minksthedude

its worth probably 100k to be rebuilt

you must be nuts :P

skintchick

minksthedude wrote: »

its worth probably 100k to be rebuilt

you must be nuts :P

WHy nuts? Rebuild value is irrelevant.

Wee_Willy_Harris

skintchick wrote: »

WHy nuts? Rebuild value is irrelevant.

As is.....

"the one we like sold in 2003 for 238k. The guy who owns it lives in one of town's most expensive roads"

C_Mababejive

You need to change your username.

skintchick

Wee_Willy_Harris wrote: »

As is.....

"the one we like sold in 2003 for 238k. The guy who owns it lives in one of town's most expensive roads"

Well, I thought it was relevant in terms of him not being in a chain, it being a second property, and him persumably knowing the town market and therefore that his second home isn;t worth what he has it on the market for, and I thought it might make a difference to what he'd accept in terms of if he wants to sell it quickly to avoid the higher CGT rate as it is a second property.

I also wanted to give people as much info as possible in order to help you all reply.

skintchick

C_Mababejive wrote: »

You need to change your username.

Ha ha. It's not real money though is it? It's just on paper.