Asking Prices!

lianne1978

Hi all

We went to view a property today up at 170k, we considered it was in quite a bad state but didn't realise how bad, it was advertised as double glazed, it was only part. It has a back boiler, rather than a combi. Has a very dated kitchen, albeit huge, but very old! An old bathroom, it basically looks like its hasn't had anything done to it for years.

I know the area very well and its where we want to live but this one is way overpriced. I had a look at mypropertyspy to see what they have gone for recently and the last to sell was five doors up at 158k in August last year.

The house has been up since August and the vendors no longer live in it and it has had one offer of interest. We have never put forward an offer on a house before (we've sold ours) and was wondering what bargaining techniques to use. We would ideally want to pay around 135k, but doubt we'd get it for that and definetly wouldn't go beyond 145k.

Any help would be appreciated.

Thanks.

Doozergirl

I'd just go in armed with the truth. If it is overpriced, the agent will know and if you've viewed enough houses recently, you should be pretty confident of it's value.

I'd be straight with the agent; say that you like the house, where it is etc. but you know what your money will buy you elsewhere. So whilst you don't offend the vendor, the amount of work needed is overwhelming so you'd like to make a very serious offer of £135,000. State your strong position to proceed and that you have your mortgage DIP ready.

If they come back and reject, then immediately ask what the vendor is looking for. If it's way off, don't up your offer. Wait a while (and I mean a week really) before revising your offer upwards. You need to make them think you've gone away to stand a chance of knocking them down much further.

If it's that overpriced, it won't be going anywhere soon.