Offer on property help

mutley74

Saw a property over the weekend a few times.
I liked most features except it does need some refurbishment in the garage; and the kitchen is okay but very basic.

i offered vendor £215k as quick buy (finances all ready to go for this & no chain) but vendor wants £15k more. Its on the market for £260k but he is willing to accept cash sale as he wants out as soon as (no chain on their side).

What do people recommend, i could go the extra he asks for but then that leaves me short for furnishings and repair works.
welcome any advice, how others have succeeded in getting a deal in such circumstances.

phill99

So you see a house at £260k, offer nearly 20% less, then are reluctant to make a revised reasonable offer because it would leave you short to buy furniture.

Its evident that you have got your sums wrong and can't afford this house.

And how does a garage need renovating? A garage is a garage.

mutley74

phill99 wrote: »

So you see a house at £260k, offer nearly 20% less, then are reluctant to make a revised reasonable offer because it would leave you short to buy furniture.

Its evident that you have got your sums wrong and can't afford this house.

And how does a garage need renovating? A garage is a garage.

not sure how you can say i got my sums incorrect? you dont know me or my income etc to much such a conclusion.

the garage needs some refurbishing as it had some water ingress problems.
i am moving as FTB from living with family, so i need to start new with everything!
i could afford to pay some of the extra but that would minimise my future availability to spend on other things inc refurb works etc.
anyway thanks for your response.

w00519772

look for a property in your price range - maybe 220k? Then you may get it for 215k if you are lucky.

unless this property is overpriced. If it is overpriced then wait for the vendor to reduce the price and hope no-one else buys it in the meantime. 20% below is very cheeky in my opinion.

jonnyb1978

Bit harsh. I don't think the Op has sums wrong. I think they have their head screwed on.

No chain, vendor willing to accept cash. Nobody knows the state of house, whether it's overpriced, what similar houses have sold for and how long on market. Op can offer what he likes within budget which is clearly what they have done. Vendor well entitled to refuse.
Vendor has indicated what they willing to accept which for me will be more than what they will really accept if a true offer came in. Plus a garage is not just a garage, it's part of a house that is still prone to accidents, leaks and other problems.

Decision time for the Op but if you go ahead I would offer 220k then 223k and let the the offer stand if they refuse. It will be seriously tempting.

phill99

mutley74 wrote: »

not sure how you can say i got my sums incorrect? you dont know me or my income etc to much such a conclusion.

the garage needs some refurbishing as it had some water ingress problems.
i am moving as FTB from living with family, so i need to start new with everything!
i could afford to pay some of the extra but that would minimise my future availability to spend on other things inc refurb works etc.
anyway thanks for your response.

Thats why you can't afford it. You are spending your furniture money on the house purchase. Or you have a more expensive house, but no furniture. You are effectively asking the vendor to buy your furniture.

G_M

Presumably the property was priced based on the local market an its condition (including garage).

Just how much of a problem is water ingress in a garage? Your car is, presumably, water-proofed?

And fixing a garage is not expensive.

You've offered £215 on a £260 property? I wouldn't even negotiate with you!

mutley74

G_M wrote: »

Presumably the property was priced based on the local market an its condition (including garage).

Just how much of a problem is water ingress in a garage? Your car is, presumably, water-proofed?

And fixing a garage is not expensive.

You've offered £215 on a £260 property? I wouldn't even negotiate with you!

well i dont think we are negotiating

mutley74

i am in a position for cash buy & no chain.
vendor is very keen to sell next month to avoid some liabilities (no upward chain), they even said tehy are willing to accept 10% less than asking price on this basis. House a few doors away with no garage is on sale just higher than this asking price. House is only been on the market less than 1 month.
Garage looked like it had a few years of water ingress due to leaky flat roof. Vendor has recoated the roof externally. However, internally he did not fix a ceiling plasterboard which is part hanging off (approx size 0.3x0.3) but does not look dangerous. The garage previously had skimmed walls - but this has been removed due to the water ingress right thro. However, either the walls need proper removal of the plaster or reskimming - otherwise the walls just look a mess. i have no plans to park a car there but it would nice to bring it up to a standard to reuse as a utility room.

mutley74

phill99 wrote: »

Thats why you can't afford it. You are spending your furniture money on the house purchase. Or you have a more expensive house, but no furniture. You are effectively asking the vendor to buy your furniture.

if i was to buy another other house in the same area i might save 10-15k on price for a semi-detached; whereas this one is detached. i can afford furniture just means i need to take savings from elsewhere for this year or limit how much i spend on new things.

not sure why asking for 20% less than market value is cheeky? but if you dont ask you dont get! at least its a starting point for discussions.

AndyT678

mutley74 wrote: »

House a few doors away with no garage is on sale just higher than this asking price. House is only been on the market less than 1 month.

I guess you know your local area but round my way I suspect that it would already have gone for 250.