Advice needed on offer price

ELDS

Hi,

My husband and I have found a family bungalow that ticks all our 'must haves' and are keen to make an offer on it.

We originally booked to view the property as it came through on a rightmove/zoopla search at the very top end of our budget at £320,000. However when we actually viewed and were given the paper details the asking price is actually a range of £320,000 - £360,000.

So we came away rather deflated but I have since done some research and would appreciate some advice before going any further.

The property last sold in November 2010 for £295,000 and appears to have undergone only cosmetic redecoration since then. It requires a new kitchen. It also appears that at the time of that purchase, planning permission was in place for a loft conversion, but this is now not being mentioned so I am left to believe that this has expired. The only 'recent' comparable (detached bungalow/same road) sold in August 2011 for £322,000. This bungalow appears to be slightly larger, with a larger garden and a newly fitted kitchen.

The vendor has received an offer already. We are chain free buyers who are renting and can therefore afford to wait if the vendor is struggling to find something to move to.

I don't believe the bungalow is worth much more than the lower end of this 'asking price range' and we don't want/can't afford to pay over the odds. Do you think it is worth making an offer? If so what argument(s) would you put forward to support it?

Seabee42

Hi

Firstly if you like the place feel free to offer.

£320 to £350 is just silly in my opinion. If its saying £320 why would anyone pay £350?

That does not mean you should feel you have to offer more than £320 although that is what they want.

So think of £320 as the asking price and go from there. I would emphasize you are chain free in the offer and not much else and the amount and nothing else. If you are genuinely putting in your maximum bid in the first offer I would state that to. (And then definitely not increase it).

Good luck:)

Mr_Moo_2

Price ranges are just a marketing gimmick used by some Agents, designed to draw people in looking at the lower end of the range while the Agent suggests to the Vendor that they will achieve middle to upper. Sounds like you've done your homework so offer accordingly. Only offer what it is worth to you and it's not easy to reduce an offer once you've made it, os start low rather than high

ELDS

Well I went ahead and put in our full and final offer of £320,000 yesterday explaining that I had done my research and we are in a good position but today it has been declined - oh well obviously not meant to be this time

Seabee42

Am sorry to here that:(

Mr_Moo_2

Look at on the basis that you'e offered fairly, they're not willing to negotiate so you move on. It's very hard to find really motivated sellers who appreciate the real value of their home, and price ranges don't help in that respect. We offered on a "price range" house over 6 months ago (offered under bottom of the range), and it got turned down. Same house is still for sale 7 months on....

Remember with house buying there is always another place just around the corner, so to speak...... Good luck.