How much would you offer??

Jojo1daffy

I'm thinking about putting in an offer on a house - it's a large terraced house, good area but on a main road (no parking at the front). The agent describes the house as having '3 good sized bedrooms', but the reality is it has one huge bedroom, one average sized bedroom and one room that currently has a cot in it and it's full - you couldn't get a bed or anything else in there at all. The asking price is £145k.
I need a 3 bed house in this location. My idea would be to buy it and split the main bedroom into 2, then the house would have 3 average sized bedrooms and an ironing room
The work would probably be about £5k.
I know the seller has a house that they are after and obviously can't move on that til they sell theirs.

Would £130k be a sensible offer??

Tinkaf1

I think you have to ask yourself if it is priced realistically or priced to be knocked down. In some cases you would offer 125 in others 143, all depends on the area, sold prices that compare and how the buyers decided to price it. I would say that if it is priced with the view of a bit of movement and it has been on a decent amount of time, it can't hurt to try around 130 or 132500, however if it is priced at value they will probably be offended, lol. In average terms I would guess they are after about 135 - 138 ish.

Jojo1daffy

It's been on the market over 6 months now and I know why - you walk around the house and it's 'oooh!!' lovely house, but then you get to the back bedroom and you can't stand in there at the same time as the agent and it's a thumping disappointment. But if the EA had been honest had said 2 bedroom + office/nursery/dumping crap room they wouldn't be able to ask £145. As an indicator, the last sold house on that row (next door but 1) was in 2007 for £145k.
Thank-you for replying!!

Tinkaf1

I would be going in at 125k or 127k then, lol. Depends how high you are prepared to go. If you would go to 135, then start at 130. If your max is 133, start at 129, with a 131500 as the middle, pushing to the 133 as final. They might need to get 140 or not sell, it all depends on the circumstances.

Jojo1daffy

Haha!! I might email in an offer of £125k and then go and hide behind the sofa to await the reply!
I don't think I would pay over £135k, it's such a strange time house price wise, plus I think EA's artificially inflate house prices don't they? They distort the market completely, bloody swines.
Thank-you very much for your help!

Tinkaf1

There might be someone more experienced along soon to add their bit, because we are just selling our first house and looking for our second, so not exactly a property expert. :-)
I am certainly getting used to the flannel from EA, maybe I should change careers, I know the local market here that much I could drop straight into it i reckon!

geoffky

Look what 2 beds are going for as in reality that is what you are being offered..Use one of the house sites that list sold prices over the last five years.

Jojo1daffy

2 beds seem to go for about £120k around here, the house I'm after is much bigger than your average 2 bed terrace though, so really starting at £125k doesn't seem so mad - although I'm sure the vendor wouldn't see it like that!