What would you offer on a house thats worth 99k?

TWDgirl_2

Our house has been on the market coming up to a year at the end of november, it was valued last year at 129,950.

When we put it on the market we told the agent to price it to sell it quickly so they put it up for 115k.

It obviously hasnt sold, so we arranged for three new agents to come out today to re value it.

All three gave the same price. They said it is now worth 99,950.

If that is what it is now worth then fine, no problems with dropping the price to reflect this.

How much do people usually offer under the advertised price? I know, how long is a bit of string! Im just looking for a general answer because its looking like we will be taking it off the market if we drop the price to 99,950 and it doesnt sell as we wouldnt be able to pay off the mortgage if it goes for much less than that.

What would you offer on a house thats up for 99,950? just so I can get a general idea of if we could clear the mortgage and fees.

Thanks.

SecondLegDownIsTheBigOne

If it was worth £100k I'd offer £85K. If your EA has given you a market appraisal of £100k then the property is worth £75K and I'd offer you £60K.

Isleman

I think your best approach is to check land registry or Zoopla for how much similar houses in the area were sold for.
If you are in North West the offers can be really cheeky .You can't say the same about South East where you are lucky if you can knock several grants off.
By the way don't trust the EA valuations, they are useless. They just trying to get your instructions.

geoffky

IF i was buying, and looking at your place i would of done months and months of research on your area and would know before i viewed the house how much it was worth and what you paid for it.
So estate agents who overvalue are doing their customers a disservice as i would know and therefore not view the house..
But some people really put more research into buying a ipod than a house..when i was buying i knew every house on the market in my range and out of all of them five of them where realisticly priced for the market.

Bogof_Babe

We offered £93K on a flat priced at £99,950 three years ago, and got turned down as he wanted "something close to the asking price".

It's still on the market now, at £79,950. I bet he kicks himself every day!

Going4TheDream

Only you know how much your outstanding mortgage is and how much the associated fees to sell and move are going to cost? This will tell you what your bottom line is if you need to sell and that you cant go below it without having NE. Ideally check land registry prices to see what similar houses in the area have recently sold for to give a guideline.

People always tend to go in under asking price, you just need to know how low you are prepared to go/can sell for if you wish to sell quickly, some are more cheeky than others so its hard to say how much people would offer!

TWDgirl_2

I cant really check land registry prices as they dont give sold prices in Northern Ireland, I wish they did it would make things a bit easier.

geoffky I agree with you that estate agents who overvalue are doing their customers a disservice, if they had just given us the right price at the start we probably would have sold last year, instead we have sat on the market for a year, I would rather just know how much its really worth then we could price it right.

DannyboyMidlands

If similar houses nearby have sold for £99k within the last year, I'd probably offer £75k. These days I'm generally going with a circa 2003 type price as a starting point.

tomjonesrules

I would put it on for £105,000, in the hope that someone then offers c. £95,000 and then you can meet in the middle. Go for what you want to achieve, and then add a margin for negotiation.

Think about it from the buyers point of view - they'll probably know that it was previously on for £115,000. So they know that you are serious about selling, but also psychologically they may think they are getting a bit of a bargain (unless it was blatantly overpriced before) because of the higher price.

Looking at 'SecondLeg's signature, I'd take anything he says with a pinch of salt.

Going4TheDream

TWDgirl wrote: »

I cant really check land registry prices as they dont give sold prices in Northern Ireland, I wish they did it would make things a bit easier.

geoffky I agree with you that estate agents who overvalue are doing their customers a disservice, if they had just given us the right price at the start we probably would have sold last year, instead we have sat on the market for a year, I would rather just know how much its really worth then we could price it right.

you can check Rightmove, there is a tab SOLD PRICES, if you enter the postcode you can see by street prices of sold houses, that may help you get an idea of recently sold properties in your street or maybe the next street? Might help you

Cissi

Going4TheDream wrote: »

you can check Rightmove, there is a tab SOLD PRICES, if you enter the postcode you can see by street prices of sold houses, that may help you get an idea of recently sold properties in your street or maybe the next street? Might help you

I may be wrong, but I don't think that information is available for Northern Ireland.