How much to offer?

m0t

Saw a house today which we liked, but due to the lack of similar properties sold in the area its difficult to know what to offer.

Listed on rightmove for £280K-£300K (which is annoying). A house in the same road sold for £275K 12 months ago, and was in similar condition.

The house needs a lot of work doing to it and we would need to buy it for £285K to make it work for us, what should our starting offer be?

House is in SE London.

robatwork

280-300 means 280.

Is anything else on the market in the same street or nearby?

In most of London, prices have crept up, but may have stayed the same in 12 months - if you love this house why not start at 265 with a view to going to 275?

If you really think that it's worth 285 then perhaps start at 272

Mrs_ted

Go in low, make a few offers then your final offer. If they come back wanting more firmly say know but your offer is on the table and you FTB so no chain etc.

dimbo61

" the house needs a lot of work doing to it" would put many people off.
How much would all the work cost?
How long would it take to do the work?
Do you want to live with builders for months?
Are the vendors living in the property?
Has it got a kitchen and bathroom ( maybe a requirement from mortgage lender!)
How quick can you move and how desperate are the vendors to sell?
Offer £250K for quick exchange if the property needs MAJOR WORKS ?
If there is nothing worng with the property and YOU want to update and change to your tastes that is different

m0t

Answers below:

dimbo61 wrote: »

" the house needs a lot of work doing to it" would put many people off.
How much would all the work cost? around £30K
How long would it take to do the work? would diy most of it (except electrics) so a while
Do you want to live with builders for months? not worried about this
Are the vendors living in the property?it is a probate sale
Has it got a kitchen and bathroom ( maybe a requirement from mortgage lender!)yes it has both but both are old
How quick can you move and how desperate are the vendors to sell?we can move pretty quickly, i.e. as soon as the mortgage was ready
Offer £250K for quick exchange if the property needs MAJOR WORKS?
If there is nothing worng with the property and YOU want to update and change to your tastes that is different property needs complete redecoration (last done in 70's), new electrics, partial reglazing, new boiler

m0t

Put in offer of £271K, which was rejected within 40 minutes of receipt.

Agent just said declined and said he would forward me details of other similar properties when they come up.

Would have at least expected a counter offer.

PancakeP

You could put in a second offer anyway though? Even though they didn't come back with a suggested figure for you?