realistic offer

lokipoki

I am interested in purchasing a property in Scotland and would like some thoughts on what would be a realistic offer to make. I am a first time buyer.

The property has been on the market for over a year. It has already had a price reduction from £128000 to £122000 (offers around). The estate agent has told me the price is "very negotiable" as the sellers have seen another property they wish to purchase. A house across the street sold for £90,000 a few months ago but needed huge improvements inside, this house is in walk in condition.

I was considering offering £110,000 but a friend said I should offer £100,000 at first. I am worried such a low initial offer would insult sellers and result in bad feeling which in turn might hamper further negotiations.

Any constructive advice welcomed on this matter. Thanks

ali-t

Is there anything in the home report that you could use as leverage to get the price lower e.g. window frames or roof ranked at 2 or anything that has declined from the first home report to the current one (there may have been 3 if it has been on for over a year). I would go with the cheeky offer, the worst that can happen is that they refuse it.

lokipoki

there are two items in home report showing as a 2 as follows:

Roofing including roof space - Category 2 - There were some slipped and broken slates. Some of the zinc ridging was
untidy and many of the fasteners were corroded.

Rainwater fittings - Category 2 - Some corrosion of the cast iron elements.

ali-t

The home reports give a warning that when items rated 2 are not fixed they can deteriorate very quickly into category 3 isses.

If you can get a rough idea how much it would cost to fix these things then that will give you some leverage. What is it valued at in the home report? You will have less room for negotiation if it is valued at the top price in the home report (£128k) than if it is now at the lower end.

Go on, offer £100k you know you want to. At the moment you don't have the house and if they refuse your offer and refuse to negotiate you won't have the house so you will never end up in a worse position than you are now. Best case scenario is that they are so desperate to sell and there is no chain that you get a bargain.