15k below offer on property on at 335k?

loopy013

Is an offer of 320k on a property of 335k a silly offer?
The house is in a sort after area, it is a large property but needs a lot of modernisation - new kitchen, new bathroom, cloakroom bathroom and ensuite plus garden is completely overgrown and needs decorating throughout.
The property has been on the market since Dec 2013 (which is a long time for the area - properties tend to go within days). They did accept an offer a while ago but the person buying the property messed the seller about so it's now back on the market.
The EA won't give us any idea of how far or near we are from the offer that was originally accepted. They have had a few offers since it's been back on the market but the EA said that they had all been 'silly offers' what would u class as a silly offer? Another party is interested in the property but they haven't made an offer as they haven't sold their property yet (we have sold but the chain is quite long) do u think we r in with a chance? We can't increase our offer any more money due to the vast amount of work that is needed to the house.

PasturesNew

No, I might be tempted to go in at £299k, depending on local market conditions. If you don't ask, you don't get.

kinger101

Yes, it's too high. If it's been on the market over five months already, I'd go nearer £300,000.

loopy013

Our 1st offer was 300k which was rejected, 2nd offer was 310k (we are waiting to hear back so will be Monday now). To be honest I'm expecting it to be rejected, 320k would b our absolute maximum and we would be stretching our budget. If our offer is rejected on Monday don't know if we should then offer 315k or go straight in at 320k? I don't want to waste time as houses go v.fast in the area. Any advice would be appreciated

kinger101

loopy013 wrote: »

Our 1st offer was 300k which was rejected, 2nd offer was 310k (we are waiting to hear back so will be Monday now). To be honest I'm expecting it to be rejected, 320k would b our absolute maximum and we would be stretching our budget. If our offer is rejected on Monday don't know if we should then offer 315k or go straight in at 320k? I don't want to waste time as houses go v.fast in the area. Any advice would be appreciated

OK, that makes more sense. I thought £320k was gonna be your first offer.

Annie1960

loopy013 wrote: »

Our 1st offer was 300k which was rejected, 2nd offer was 310k (we are waiting to hear back so will be Monday now). To be honest I'm expecting it to be rejected, 320k would b our absolute maximum and we would be stretching our budget. If our offer is rejected on Monday don't know if we should then offer 315k or go straight in at 320k? I don't want to waste time as houses go v.fast in the area. Any advice would be appreciated

But this house has not sold very fast.

If you need to increase the offer more, I would personally go in £1,000 steps. If the vendor really wants to sell, it is not just your offer that matters, your whole position should be taken into account.

getmore4less

What's it worth relative to other stuff around?


No point in overpaying.


Complete your chain if it is a long one and think about renting.

loopy013

We are unable to complete our chain as we need to stay on the mortgage deal we currently have.

Houses around the property are on for 377k upwards but they all differ in size and style so it's hard to make an accurate estimate. A house just up the street which was different in style but was still a 4 bed was recently advertised for sale at 340k but that was in a good state of repair.

We've looked at a lot of properties in the area and it is by far the biggest we've seen. I think it would b worth a lot more once modernised throughout but it's going to take a lot of time and money although this is the only way we would be able to afford a property of this size which is important to us with 2 children, it's also in an excellent catchment area

gingerdad

I'd stick a 315 and walk away for a while.

duchy

Sounds like it has been priced to allow for some modernization - Has the price already been reduced or did it start at this price when it first went on the market ?

getmore4less

it's all relative just place them(on the market and sold in the last 6 months) in order see how asking and real selling price compare you fit the one you are looking at in there somewhere and that gives you relative value.


How much money needs spending on it you need to work out what's it worth.


if it more than you can afford then it is simple just offer what you can.


if less you risk overpaying.


If it was a bargain it would have sold,
It might be that the neglect means there is something lurking and the previous buyer found it, or added up the costs and pulled out because the seller was unrealistic.