FTB How much should I offer???

MrWhite_4

I've seen a house that meets all the criteria I need (secure parking for my motorbike ) It's being advertised as "offers in the region of £62,500" in an area where houses are going for circa £79k.

The house in question is in quite a state and requires the following;

New kitchen (there's only a sink atm)
Damp Proofing throughout
Rewiring (all the electrics run over the plasterwork at present)
New heating system (possibly)
Every room needs re plastering

Thankfully I can do all this myself but it's an awful lot of work. I was thinking of going in at £50k with my maximum offer of £55k. Does this sound like a fair offer considering the amount of work needed or am I being a cheeky get :rotfl:

Headintheclouds_3

Hi there!

My own personal opinion (and your mileage may vary) is that I don't think that it's unreasonable to take the cost of any work which needs doing away from your maximum price and then offering that. However whether you factor in all of the work which needs doing or just the most crucial is difficult to judge. The other option is (if you really love the place) to offer a decent amount and then use the survey to negotiate down.

Although I'm oop north and things are a bit different here, I'm in a similar situation with the house I've offered on; various bits and pieces possibly need doing, but after a bit of research and thought I've rated the rewiring as most crucial to get done immediately if I got the property - so I took that cost off the maximum I was prepared to offer. Anything else can wait - if I take too much off then I risk losing the property.

Good luck anyway!

missile

"offers in the region of £62,500 in an area where houses are going for circa £79k."

Seems like vendor has already reduced the price to reflect the condition of the property. It really depends on how desperate he is to sell and how much you want a home for the bike.

MrWhite_4

Well I called up today and put in a quite cheeky offer of £52k, the lady on the phone told me there had been other offers on the property (although there weren't any last night!) is this a ploy to get me to offer more???

I have to go into the EA tommorrow for some sort of financial verification to say I'm a position to buy. So I expect they'll try and sell me their products although my mortgage is in place & ready to go.

Will I be given the opportunity to offer more tomorrow? (i've revised my maximum to 58k) I don't really know how these things play out?! I'm worried I'll lose the property due to my cheekiness now that I know there are other offers

I

cavester

Stick to your original maximum, if you keep sliding you will eventually get it but that is what the EA wants you to do! If you think it's worth 58 then make that your max but decide before you start bidding!