How low an offer is too cheeky? What would you offer this property??

Newmummy2b

My husband and I are first time buyers. We've viewed a property today that has only just come onto the market with its current estate agent however, it was for sale with another estate agent and had offer etc but the party due to buy it pulled out last minute so its gone back on the market with this different estate agent and the vender is obviously looking for a relatively quick sale due to the fact she was all packed and ready to go. The agent told us today the state of the property reflects her ability to afford living there.

I want to know what serious offer we can open with?

The current state of the property is very poor in our opinion but its mostly cosmetic. Its semi detached with garage/parking.

The entire house inside needs decorating as its a mess and some rooms require plastering work and/or new ceilings. Every room will need new skirting, door frames & new internal doors as well as painting/wall papering and new carpets as there are currently none!
Only half the house is double glazed so we will need to complete this (approx 2 velux windows, 3 normal windows and patio doors). The central heating system does not work so we would need to replace boiler and potentially get some new radiators. The electrics will also require some attention. The kitchen and bathroom are livable in current state but would need updating in the near future.
Outside the guttering needs clearing/?replacing and the back garden needs serious attention.

I'm fully prepared to go in with a low offer and have read that if we're not embarrased by our first offer then its not low enough. Its on market for £149,950.
On zoopla the average property price on the road is £145,000 however, they are for 3 bedroom houses and this one also has the added bonus of loft room.

Any advice would be appreciated. Thanks.

thomasdown

Need to know more info like location? or you could copy the web address from Zoopla or Rightmove and we can have a look? If its on Zoopla or Rightmove obviously? Don't be embarrased about going in with a low offer its a buyers market and FTB's are a dream for a seller (No chain, apart from cash buyers obviously)

Newmummy2b

It's not on rightmove, not yet anyway. But I'm in the south west.

thomasdown

Me personally I would offer £127,500 sounds like it needs loads doing to it. I wouldn't pay more than £135,000. Sounds like it needs £20k spending on it at least (Re-wire £3k-£5k, New windows/doors for 1/2 house £2k-£3k, Re-plaster house £1k-£2k, you say kitchen bathroom are livable which means they need doing so kitchen £5k bathroom £1k-£2k, boiler & radiators £1k-£2k)

Newmummy2b

Just wanted to UPDATE.

We put in an offer of £125,000 of the said property as we know the vendors are desperate to move and thought we could work it to our benefit, the vendor declined after having a long think about it but said if we were to offer £130,000 they would accept and take house off market. We declined and said due to our situation we couldn't afford to increase our offer (due to have our first baby in 10 days and the fact we weren't ideally looking to buy a house that needed work as we don't have spare money each month so needed to reap money back from mortgage each month to help renovate the house). Thought that was that and was set to look elsewhere only to be called less than 4 hours later by EA to say they had re-thought about our offer and will accept!! So we got a real bargain.

Just wanted to say thanks and to anyone else out there really worried about putting in a low offer that it really does pay to investigate the situation and go for that cheeky offer!! :-)

Lizbetty

Congratulations!!!! Hope it all goes smoothly for you. And good luck with your baby! What an exciting time. xxx

b3ckford

This sounds just what I want to hear. We've just got a AIP from nationwide and have arranged a few viewings.
most of the houses we like are for £170,000 £174,000 but we only want to spend between 152,000 to 155,000. One of the houses has been on the market for a year and a half and had been reduced twice from £190.000 to £179,000 to £169,000 so unsure of the starting offers! Congratulations on bagging that house. You got a good chunk off!

Gonzo33

b3ckford wrote: »

This sounds just what I want to hear. We've just got a AIP from nationwide and have arranged a few viewings.
most of the houses we like are for £170,000 £174,000 but we only want to spend between 152,000 to 155,000. One of the houses has been on the market for a year and a half and had been reduced twice from £190.000 to £179,000 to £169,000 so unsure of the starting offers! Congratulations on bagging that house. You got a good chunk off!

Oooh I have seen a house like that too. Although we are currently overseas and have a house on the market at the moment, so not yet in a position to do anything.

How much are you thinking of starting with?

b3ckford

Gonzo33 wrote: »

Oooh I have seen a house like that too. Although we are currently overseas and have a house on the market at the moment, so not yet in a position to do anything.

How much are you thinking of starting with?

I don't really know. I have a view in mind to walk away from any houses that we offer and don't get accepted. as I don't really get attached to things like that but at the same time, we want a house and have everything setup for that purpose.

Should we go in at £150,000 then after first rejaction increase to 153,000 then walk away? Or lower?

We have got a AIP for £160,000 but repayment are rosier at £153,000, £155,000 even when interest rates rise

Tucker

It's buyer market, so chance your arm!

RedfordML

I would always take 10% off asking with the aim to achieve a purchase around 8%!! Gl