how much to offer on this house...

chrisp1986

Hi all

First time poster here but think this is the right place to ask! We want to make an offer on a house that is on at 285. It has been reduced from 300 in the last few weeks and it failed to sell at 285 in 2013. It was previously last bought for 295 in 2007. I really hope someone can help here as we are struggling with how to play this!

Thanks

Landofwood

You haven't given us any useful information. Impossible to advise, sorry.

chrisp1986

what information is needed?

JohnB47

chrisp1986 wrote: »

what information is needed?

Well, for starters, what condition is the propery in, what other similar properties are selling for. What's the location (type of area, near main road, railway etc). If it hasn't sold yet, at a higher price, what is the reason for that ( that you're being told?) Is it freehold/leasehold, if the latter what lease remains?

Other factors too, but that's for starters. Is this your first purchase?

Hoploz

How does it compare to other houses on the market? You think it is better than others, as you want to buy this one and not the others.

It is a red herring that it was in the market in 2013, as you don't know the reason it never sold. It could be they got a buyer but couldn't find an onward purchase, or it could have been overpriced, or it fell through due to family illness .... A multitude of scenarios, so forget about that I would say.

How keen are they to sell? Have they found something they are keen to sell quickly in order to buy, or are they just testing the market?

What is your position? Do you have cash in the bank, do you have a DIP? Are you selling in a chain? Do you have a buyer ...

All these things affect the final sale price, as well as the comparison to other local properties.

chrisp1986

The house is in a 'move in' condition and it is kind of a one off house as all the houses in the area are individual so there is very little to complare with on price. We did sell our place last year and so are now chain free and currently renting. The house is currently vacant as it had tenants in recently but they have now decided to sell up instead of renting it out. The estate agents do not know why they have chosen to do this but the oweners have not lived in it for some time. I would say that they are pretty keen to sell as they reduced the price from 300 to 285. We are told that there has been interest in it and one other couple had a second viewing last week although as far as we know they are still to make an offer.

Landofwood

You should offer how much you think the house is worth to you.