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House Price Drop by 50k, what to offer?
highguyuk
Posts: 2,763 Forumite
We like a property we've recently viewed but are struggling, as a lot of people are, on what to offer etc.
The property (1920s 3 bed semi) we like was originally put on the market in Mid 2009 for 160k, dropped to 150k March 2010 and withdrawn from market Mid 2011. It has just come back onto the market.
The property is now on at 110k, which appears to us a large drop in valuation - despite the property market crash.
Like all FTBs, we need and want the best possible price and the house does require some modernisation but we're unsure where to start. This is especially the case, as when chatting the vendor and asking what they'd accept - he said 140k! :eek:
Any advice? Was thinking 102k to start, but then no harm in offering 98/100k is there? We would like to wrap it up quickly though before anyone else views, we believe we were the first viewers. FTB who wants everything ay? :rotfl:
The property (1920s 3 bed semi) we like was originally put on the market in Mid 2009 for 160k, dropped to 150k March 2010 and withdrawn from market Mid 2011. It has just come back onto the market.
The property is now on at 110k, which appears to us a large drop in valuation - despite the property market crash.
Like all FTBs, we need and want the best possible price and the house does require some modernisation but we're unsure where to start. This is especially the case, as when chatting the vendor and asking what they'd accept - he said 140k! :eek:
Any advice? Was thinking 102k to start, but then no harm in offering 98/100k is there? We would like to wrap it up quickly though before anyone else views, we believe we were the first viewers. FTB who wants everything ay? :rotfl:
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Comments
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On at 110 and vendor says 140??Official MR B fan club,dont go............................0
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The vendor sounds like a lunatic, I wouldn't offer anything.0
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It's an older gentleman, who has seen the value of his property decline. On further discussion he knows it is lower than that - but he did say 140k first time around.0
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You always first have to ask yourself the following question - what amount am I willing to spend on the house?
What's your top whack for that property?Smile and be happy, things can usually get worse!0 -
Is it advertised as offers in excess of by any chance?Nothing is more damaging to the adventurous spirit within a man than a secure future. - Alex Supertramp0
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The_Palmist wrote: »Is it advertised as offers in excess of by any chance?
Nope, just offers in region of.0 -
Do you mind sharing which estate agency is involved here?
I have a feeling that vendors have absolutely no intention of selling for 110K. It has been priced so low just to attract more viewings.Nothing is more damaging to the adventurous spirit within a man than a secure future. - Alex Supertramp0 -
The sellers sound like time waster to me. House has already been on and off few times, it is best you move on. Remember if it is too good to be true, it probably is.Nothing is more damaging to the adventurous spirit within a man than a secure future. - Alex Supertramp0
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I actually don't think it is too good to be true, in the sense that there is serious modernisation to be done. I think the initial valuation in 2009 was too high. Average house prices in the area indicate that too, although the amount of similar type of properties in the area is minimal.
I just think the Vendor's head is still in that area, even though he knows the market has changed.0 -
Remember that you have no comeback on a vendor who lets you amass survey and solicitors' fees and then decides not to move. And in my (expensive) experience, it's the greedy sellers who imagine they'll be able to buy more with the proceeds than they actually can, then take out their reality check on you
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