What to offer?

wen-tom

Hi all,
hoping for your insight..
We are going to offer on a house after a 2nd viewing tomorrow where I am taking a builder with me to cost out a few essential works and some non essential but wanted works!

The house is on for £215,000, but the agent some time ago told me that the vendor was likely to accept £195,000 before we viewed it at all.

The house has been for sale for a long time as it is in a rural area where houses do take time to sell. the current ad was added to right move September 2014 but prior to that it was rented and they had it listed for sale in 2012 for £165,000!

so what would your opening offer be?

mrpickled

Without looking at the recent/historic sold prices in your area and going on the figures you've given alone, you "know" they will accept £195. So you should aim to start lower than that, and not go a penny higher. The agent may have forgotten they told you this, if my experience with agents is anything to go by.

lee111s

How much do YOU think it's worth? Roughly how much is the work that's required going to cost?


Previous sale price is irrelevant mostly. I bought my house for £117k three years ago (owners were splitting and wanted a quick sale, recession etc), identical house in the street sold for £140k a couple of months back.

indianabones

wen-tom wrote: »

The house is on for £215,000, but the agent some time ago told me that the vendor was likely to accept £195,000 before we viewed it at all.

Likely to accept 195k, offer 180k, then go up in small increments up to maybe 185-188k and then walk away if they don't accept.

david1951

Unfortunately it is not an exact science and depends on so many variables the only thing you can really do is start low and increase until they accept, as indiana suggests.

wen-tom

Thanks, my idea was to start at £180 and move up very slowly

its my 1st time doing any sort of negotiating as we bought our current house right when houses were sold before they even got a for sale board up so I really had no idea what was acceptable.

sheff6107

"prior to that it was rented and they had it listed for sale in 2012 for £165,000!"

So why not go in at 165?

indianabones

wen-tom wrote: »

Thanks, my idea was to start at £180 and move up very slowly

its my 1st time doing any sort of negotiating as we bought our current house right when houses were sold before they even got a for sale board up so I really had no idea what was acceptable.

You're going to hear this kind of nonsense.

The Vendor is expecting the asking price.
The Vendor won't accept anything under x amount.
We've had an offer over the asking price. When you ask why is it still on the market then, expect them to say the vendor is weighing up their options.
The house is priced competitively.

But don't fall for any of that nonsense.

I've yet to enquire about a house that the vendor isn't expecting "close to or above the asking price".

wen-tom

indianabones wrote: »

You're going to hear this kind of nonsense.

The Vendor is expecting the asking price.
The Vendor won't accept anything under x amount.
We've had an offer over the asking price. When you ask why is it still on the market then, expect them to say the vendor is weighing up their options.
The house is priced competitively.

But don't fall for any of that nonsense.

I've yet to enquire about a house that the vendor isn't expecting "close to or above the asking price".

I'm pretty sure that the vendor will want it gone. its been sat costing him money for years as he now lives is the USA!

Hoploz

It may or may not be costing him money. He might just be waiting for the right price. Prices around here are approx 40% up on 2012.

wen-tom

Hoploz wrote: »

It may or may not be costing him money. He might just be waiting for the right price. Prices around here are approx 40% up on 2012.

I'm not sure where you are but prices are not 40% up here