Putting an offer in for a house whose value is uncertain

smartfirecheesecake

I am thinking of putting an offer in for a house. I can't post links as I'm a new user so after rightmove.co.uk it's /property-for-sale/property-50991552.html

I went to a (pre open day) viewing and it is very nice, just what I want to buy to do up and live in.

I was thinking 200k is too good to be true and looks like it is. Spoke to someone more knowledgable than me who was pretty sure it would go for 240k+.

Agent has said they will take offers at face value and there won't be negotiation so the highest one wins.

I honest think they are going to get a range of bids from 200 up to 250.

I just wonder how much to offer. Anyone know the area? What would you offer?

Cakeguts

This one http://www.rightmove.co.uk/property-for-sale/property-50991552.html ?

Tom99

It needs a bit of doing up by the look of it.

Has the EA said best offers by a certain date? That is what they usually do.

If they have not said best offers by a certain date then I expect they will do that once they have a few offers in.

If you want a bargin, put in a low offer, if you really want it put in your max offer above which you would not buy it anyway.

Jenniefour

Depends how much you can afford/willing to pay. If you're a cash buyer, or have a very hefty deposit, will probably put you in a stronger position than someone who needs a mortgage and has a small deposit.

Just checked rightmove and similar house, not a do-up project, went for 185k in 2013, so I suspect your knowledgeable friend isn't too far out.

Looks a really nice do-up project.

Debtslayer

This one is SSTC and was on at 250k all done up: http://www.rightmove.co.uk/property-for-sale/property-50005239.html
So personally I can't see how the one you're looking at is worth too much more than it's offers over price. But that's my opinion and depends how much you want the house and what you can afford.
But research the area and see what properties sold for and put your offer in based on all that information. Try not to get carried away and end up offering too much because you fall in love with it. Factor in how much you'll need to spend doing it up which will be quite a lot.
Remember EA's job is to get best price they can for the seller

Sarastro

You can give the EA a time limit. Decide what you're willing to pay; go low if you want a bargain, higher if you really want it. Make the offer but tell the EA you want it taken off the market if they accept.

00ec25

rather depends whether you a) want a do'er upper for personal reasons because you enjoy that sort of thing and/or b) you are able to expertly price the cost of any works required so you precisely what you final cost will be

if one or the other of the above is untrue then >£200k asking price looks poor value compared to this one already done up (personal taste compatibility obviously an issue) for £215k where they will , presumably "have" to expect to get offers below asking price, so a £10 - £15k price difference between "your" house and "their" house does not strike me as making "your" house hugely stand out, and certainly not if you are even contemplating paying >£215k for "your" place
http://www.rightmove.co.uk/property-for-sale/property-61009345.html

Mr_Costcutter

Although I live in Surrey, I do have a friend who lives in the area. It seems very pleasant and is a very popular location by all accounts. In your shoes I would have an informal chat with the agent in an attempt to establish whether there has been a 'genuine' interest in the property with concrete offers etc. I would then consider what was said (or not said) and hopefully come to a decision as how to proceed. Hope what I've said makes sense and helps in some way

suzie_chapman

I've been in a similar position! It's always tricky to know how much something is worth and how much to offer, is it a bargain or a 'too good to be true' situation. It is best to compare house prices in the local area. I was a first buyer and found the whole thing daunting and asked friends and family for their personal opinions. Often that can help shine some light on value, but also your personal position or reason for investing in the property. Consider your original budget and how much flexibility there is with that, of course taking into consideration that there could be some additional work to be done with the property. But I think working on a home can be totally rewarding if you have the time.

Vectis

If you look at the price at which houses in this street sold for...

http://www.rightmove.co.uk/house-prices/detail.html?country=england&locationIdentifier=STREET%5E2322853&searchLocation=Montagu+Gardens&referrer=landingPage

...a similar house across the street sold for £187,500 about 4 months ago.

HampshireH

It has an open day today so may be worth getting your offer on the table as a starting point if your interested.

It's a delightful shade of pink. It Would be so satisfying to do up and reflect on. I know that's irrelevant to your thinking/post.