How much should i offer ?

Redguy17

Hi Money savers

I want to buy a two end of terrace in the north east needs loads of work. We are talking the whole shebang new boiler, rewire , replumb, skim all rooms, new kitchen, new bathroom, so a gut and start again job. The property has been on the market for 6 months previously listed at 125k, however for some bizarre reason the asking price has gone up but 15%...:eek:

So my question is what would be a good opening bid considering all the work that needs doing? would link it to my post but there are no photo's on the add so will not really help anyone get an idea of its internal condition.

Thanks in advance.

suziemoon

Check how quickly property in the local area is moving. I wouldn't even consider putting in an offer at the higher price but it really depends on how much you want to buy the property. When buying our latest house I rang the estate agent and told them I had put an identical offer in on another property and the first person to accept the offer I would buy their property. I got a £189,000 house for £155,000 doing this....

Redguy17

Thanks Suzie

Good job on knocking 34 k off your house purchase!
Houses are moving pretty quick in area( North Tyneside) as its on the coast so always in high demand. However this one has hung arround for a bit, had a few offers but they have been turned down. I think i'll put a cheecky offer in and see what happens.

becominganobsessivesaver

It will very much depend on where in north tyneside you are looking as the market varies hugely. The market has picked up significantly here in the last 12 months, and even at the low point 30% less than asking was unrealistic.

Redguy17

Hi Looking in the Cullercoats, Monkseaton and North shields area . I do think prices are on the up but don't think a 15% increase in asking price realitically represents the up turn in the market especially for a property that neeeds everything doing to it. Agreed this is a very diffuclt search area as the porpeties vary so vastly in price with houses on the same street going for between 115k for a two bed apparment to 250 plus for a double fronted family home.

lee111s

I'm from NT and very much doubt the 15% increase is justified. The only thing I can think is that they were needing a quick sale previously however their circumstances have changed and they're now able to stick it out for a higher sum.

becominganobsessivesaver

Although if the house is on the 'tynemouth fringe' (also known as shields) the vendor could be trying their luck. Apparently the kings priory catchment includes some areas of north shields so that could be a factor.

Prothet_of_Doom

Redguy17 wrote: »

(They have) had a few offers but they have been turned down. I think i'll put a cheecky offer in and see what happens.

Why do you think they have turned down those offers ?

1) They know how much they need, if they are going to buy their dream house, and they don't need to sell?
2) They are re-locating with work, and someone is paying their bridging loan?
3) Greed/stupidity?

It's usually one of those 3.:rotfl:

Redguy17

Thanks for the replies guys . House is a vacant possetion so assume they are in no rush to sell.
Put offer in of 119k got shot down puttting another offer in on 122k after which I walk.
Loads of other houese in the area. The one i'm offering on is only good if you can get it for the right price, as i'll have to pay for the nose to just get it up to a livable standard before I even think about the nice to do's like new kitchen and upstairs loo etc.