Making my first offer - Advice and Guidance Needed!

Kratos666

Hello all

Despite owning a 25% share in a shared ownership property - the move to purchasing our own house is the first time in which my wife and I have actively sought a property and will be going through the process of buying a house. Reading the 50 tips article on MSE has been an eye opener - however I still need more info!

So - let me take you to a hypothetical scenario in which I may find myself in!

Hypothetically...

• We have a found a property on the market. It is for sale at £340000
• It has been on the market now for 13 months
• It was originally placed on the market at £375000
• It has since dropped to its current market price of £340000
• I am unsure as to whether any offers have been made on the property - although I do know that more recently there has been little interest/activity
• The reason in which few people are interested is that to get to bedrooms on top floor you have to walk through a bedroom to get to them (this does not bother us) and that the bathroom is down stairs (again - does not bother us)
• Average house price for other properties very close by sit at around £303450
• Similar properties (literally 6 doors up and another 12 doors down) had sold between £310000-£315000

I have factored in all costings/fees etc. and have to now make a hypothetical decision on making an offer. - I have some hypothetical figures in mind - but really I would like to know what the experts/experienced minds on this forum have to say... hypothetically of course...

Look forward to your hypothetical responses
Mark

Thrugelmir

Sounds overpriced. If vendor was serious in selling. Price would have been reduced further by now. Therein may well lie your problem.

GoingOn30

Agree sounds like a vendor who's not that interested in selling. Worth a try with offering what you think it's worth but I'd keep viewing other places too of I were you.

Kratos666

There is no chain to this property either - the house has sat empty for past year.

amnblog

Why would you not start sub £300,000?

Bear in mind that bathrooms beyond bedrooms or ground floor situated may not 'bother' you, but they will impact future saleability.

Kratos666

Would it be advisable to make an initial offer at £300000?

The Estate Agent in question had already said they would be willing to drop the price - a drop to £306000 would be a reduction of 10% - is this a good starting point?

Mark

ACG

If you offer anything more than £315,000 I would be inclined to find a Mortgage with a free valuation as it is very possible it could get down valued (and you lose money).

It makes me wonder why an agent has put a property on the market at £20-30k more than it is actually worth - on the face of it. Nobody benefits from that.

csgohan4

It's greed by the EA To get their business from the Vendor and lock them into a contract.

Kratos666

So... to update you all - the vendor had last year divorced wife - he is in no rush to move homes. The house is in a very poor condition and will need a lot of work if we were to move in. Double glazing, new kitchen, new bathroom, flooring, potentially a new boiler...

The vendor had also told my wife that recent properties on his street sold for £330000 - and that his house for sale at £340000 was a bargain as it was originally for sale at a much higher price. Of course this is not true, as I previously mentioned - the houses on the street sold for no more than £315000.

I now understand why this house has not shifted - I would have gladly offered £300000 for the property before my wife viewed - now I am thinking more akin to £280000...

Your thoughts any one?

Thrugelmir

Mark_Nichols wrote: »

Your thoughts any one?

Make your offer via the EA. Provide your reasoning as well.

csgohan4

The vendor is in no hurry to sell, meaning he wants max price over and above market value, whether they get it is another matter.


I would find something else, the vendor is deluded and lies to your face, what else are they concealing?