Advice on what to do next please re: offers

**woody123**

Hi,

At the weekend i viewed a 2 bed semi that i really like. It's up for offers around 105,950.. The area is the West Midlands

The one neighbour bought their house last november for 85,000, and the other neighbour bought theirs december 2009 also for 85,000.

The house i viewed only looks like it has a porch and conservatory over the 2 houses. Obviously i am unable to know the interior of the neighbours and what work they have done since they moved in.

I started with an offer of 92,000 yesterday.. i could possibly have began lower.. That was refused and this morning i have put a final offer by e-mail of 93,000 and listed down what work i feel needs doing on the house and also let the agent know that i know what the neighbours paid for their house.

So far i received no contact regarding my offer or no indication at what the vendor will accept or offers refused. The house has been on the market since last october.

Does what near neighbours houses have got for their houses matter when offering?

Do you think i'm being over optimistic about my offers? any help and advice is welcome.. Thanks

DannyboyMidlands

Do not offrer any more. As it's been on the market since October and the ones next door went for £85k, I reckon that even £90k would be generous.

Sit tight and keep cool. If they can afford to accept yor offer they will, if not and they have other debts they want you to pay off for them then you should walk away.

What did the vendor pay and when?

NAP6W

Tricky one!! The price the neighbouring houses paid has a little relevance but my brother in law bought his house for £50K less than next door 3 years ago and if they sell today they both get the same.......so..........only pay what the house is worth to you. The other thing you can do is door step the nieghbours and explain you are possibly bying next door and wanted to see what they had done internally. Human pride will see these people invite you in for a tour that will let you see what they are like.

**woody123**

Thanks danny i've sent you a pm. Don't want to put too many details on an open forum.

pararct

Is the conservatory brick built and a 'substantial' addition? Only this will add value over and above what the neighbouring properties have sold for, bearing in mind they are all of a very similar size. Nice Interior decoration which always is of course is a + when it comes to marketing a property rarely adds any value.

You should only offer what you think the property is worth, not a penny more. If you need a mortgage to finance the purchase then the lender will insist in a professional valuation. It is from this figure which they will decide on how much mortgage funding to give you (LTV - whatever deposit you are putting up. Of course the professional valuation may bear no resemblance to what you have offered on the property, particularly as the valuer will base this figure on recent selling prices of the neighbouring ones.

**woody123**

Thanks,

The conservatory is brick built yes but i'm sure the nieghbour has some sort of extension also!!

They list it having a garage but i think it's more of car port because of the plastic roof and the timber. It is built of brick and joins the house. Next door also has garage but a better roof.

KateLiana27

The sale price of the neighbouring houses does matter if they are comparable in size/condition, and sold in a comparable market. Which seems to apply here. Also TWO neighbouring houses going for the same price does suggest it may be the "going rate" for such a house on your street.

Personally I'd have offered £85 000 and not gone above £90 000. Just because the vendor is insisting on a particular price does not mean the house is worth it.

Edit: They weren't by any chance bought by the council/local authority, were they? It's just that that can sometimes be the case when two neighbouring houses go for the exact same price within a short timescale.

**woody123**

Thanks for your help.

I'm not sure if they were bought by the local council to be honest. All the houses in the street i always thought were privately owned.

I had a call from EA at 5.30pm as they were about to close. My offer of 93k has been refused and they are saying they want nearer the asking price. I said i'm off to view some other houses as i feel the vendor is being unrealistic considering the work needed doing on the house and what near neighbours paid for there's.

Property bee shows it being up for sale since October last year but the agent denied that and said it went up for sale when the price dropped to 105,950 in July 2011..

I've decided to move on..

hcb42

good idea - £20K for a conservatory is going some.