What would you offer?

ixia · 9 August 2011 at 7:59PM

Hi just looking for a bit of advice.

I'm going to view a house tomorrow it's been on the market for nearly 2 years and the sellers have dropped the price again. It is priced now at offers around £85000.

There is no-one living in it at present and hasn't been for a while it is the previous owners children who are selling it as he passed away some time ago.

The house is in a state and needs absolutely everything done to it costs would be in the region of £25-30000 pounds to put it right. I wouldn't want to offer the £85000 what would you say would be a reasonable offer without being cheeky.

I am a FTB and have an AIP.

Thanks.

erdd2 · 9 August 2011 at 8:01PM

What is the market value? What are similar properties in the area going for? What was the original asking price?

ixia · 9 August 2011 at 8:22PM

Home report £100 000, similsr property sold recently for £90000 in a better condition though, original asking price was £100 000.

erdd2 · 9 August 2011 at 9:57PM

It does appear that the seller may be in a position to "hold out" for £85k. Is there opportunity to make an offer without costs? I sold a property that had been vacant for one year and had been run down to some degree by reducing the market value to an extent that would accommodate refurbishment costs...sold in 6 days! But as I stated, if the buyers are in a position to hold out, you may lose out. From the figures you produce, I would be looking to offer a figure that considered spend to update/refurbish....and at £80k it would appear the seller is still getting a reasonable amount, all things considered. Good luck!