What would you offer?

Matt_L

Hi All

We recently viewed this House in Wythenshawe Manchester http://www.rightmove.co.uk/property-for-sale/property-45078816.html We put in an offer of £115,000 but after 2 weeks of chasing the EA were told that the vendor had rejected our offer.

The entire house wants modernising and redecorating. We like the house and area but don't want to be over paying, what do you guys think??

Matt_L

Just to add a little more to this. Houses on the same street have gone for as much as £155,000 but they have been such bigger 3 bedroom houses with modern decor. The house that this is attached to sold in 2013 for £117,000 but had a lot of money spent on it before selling.

We were thinking of buying this and then spending at the very least £20,000 to modernise it before moving in ourselves...

kirtsypoos

Modernising decor is not a reason to reduce your offer in my opinion. If it's a case of modernising the actual house (double glazing, central heating etc) then work out what that will cost and take it off what you would be happy to pay overall.

It's difficult for strangers on a forum to guide you about what to offer - it depends on your circumstances.

oystercatcher

Apart from the patio being full of weeds it doesn't look too bad. I have a feeling you just want to change things because of your taste in decor which as mentioned won't affect price.

Why are you basing your offer on a sold price from 3 years ago ? Next door to me was valued at 70K more after just a year and sold within days , even current sold prices are a few months out of date.

Certainly if I was asking 140K for a property I wouldn't be accepting less than 130K unless it had been on the market a long time.

karcher

Slightly OT but whilst the inside of the house looks clean and tidy the garden could have done with a bit of TLC before the photos were taken!!

Agree the decor isn't really relevant, most people redecorate to their own taste anyway. It is already 'modernised' in respect of having central heating, double glazing etc.

Matt_L

The photos actually make the house look far better than it really is..

We walked around with the EA and it very quickly became apparent that the kitchen needs replacing along with the bathroom. All flooring needs replacing and theres mould on some windows and walls along with a damaged garage roof and doors. The rear garden is now completely over grown. there is an extremely old boiler and as stated the electrics will need looking at.

We are not being our offer on next door, just using it as a guide also taking into account that the other houses on the street are selling for around £155,000 with bigger front and rear gardens, bigger houses over all and 3 bedrooms.



We are willing to up our offer, (didn't want to start with a high offer) but don't want to be paying to much...

The EA agreed that it needed work doing and said we would be very lucky to do so for 20k

TBagpuss

You offer what you, personally, think the house is worth and what you are willing to pay.

It's not surprising that the sellers rejected your offer - they want over £140K, you offered £25K less than their minimum. The property has only been on the market a month so it's unlikely that they will be starting to think about reducing the price, yet.

Matt_L

We viewed this property just over two weeks ago with an EA, the guy that took us around the house wasn't the one that we were talking to at their office. He did didn't know much about the house just that the gentleman that was living there had been put in a home (which he changed to had passed away before we had finished the viewing).

We spoke the following day to the EA we had been dealing with at their office and gave him our offer. He told us that someone else had also put an offer in but for well over the asking price. We then emailed him our offer.

Two weeks later we hadn't heard anything so again contacted the EA and he told us the both offers had been rejected....

Bonfire_Bride

I'm from Wales, so prices are very different here. We bought ours for 93k nearly 9 years ago (before the crash) and it was a right mess. We sold in August for 87500 and it was completely refurbed - new kitchen, bathroom, internal doors etc.


The market and economy are a huge influence. If you are not happy to increase your offer, then you need to walk away.

Bonfire_Bride

Matt_L wrote: »

The photos actually make the house look far better than it really is..

We walked around with the EA and it very quickly became apparent that the kitchen needs replacing along with the bathroom. All flooring needs replacing and theres mould on some windows and walls along with a damaged garage roof and doors. The rear garden is now completely over grown. there is an extremely old boiler and as stated the electrics will need looking at.

We are not being our offer on next door, just using it as a guide also taking into account that the other houses on the street are selling for around £155,000 with bigger front and rear gardens, bigger houses over all and 3 bedrooms.



We are willing to up our offer, (didn't want to start with a high offer) but don't want to be paying to much...

The EA agreed that it needed work doing and said we would be very lucky to do so for 20k

Ask them for a counter offer and take it from there...

Matt_L

Bonfire_Bride wrote: »

I'm from Wales, so prices are very different here. We bought ours for 93k nearly 9 years ago (before the crash) and it was a right mess. We sold in August for 87500 and it was completely refurbed - new kitchen, bathroom, internal doors etc.


The market and economy are a huge influence. If you are not happy to increase your offer, then you need to walk away.

Thanks Bonfire

Wythenshawe is a complicated area, just a few years ago it had the largest council estate in Europe and is classed as a deprived area. Many houses in this area are selling for less than what they were bought for just a year or two ago. We currently live around the corner from this particular property and my partner has lived here all here life and knows the area well..

We are prepared to walk away, were just in two minds on how far to go with increasing our offer. We are also unsure whether or not someone has offered well over the asking price as stated by the EA, if this is the case then we would definitely be out....