reasonable offer?

stillEuropean

I'm thinking of making an offer on a house that's been on the market for some time now. During that time, (6 months) its been dropped in price from 765000 to 740000 and then in late Nov to 695000. I know that the vendors have split up and this seems to be the reason for the sale (which fell through once due to the potential buyers not wanting to spend money on having the Artex skimmed (there's plenty of it). However they did have a full building survey done, which I got access to from the EA. So I'm familiar with the problems in the house (Artex, new windows, new guttering, installation of Helix bars on front corner sort of problems). House is 1930's semi, otherwise in reasonable shape.
I had a builder around to quote on the work and he has quoted £27000, (which I believe is top end - he was recommended by someone who said he did great work but was pricey).
My question is whether it is reasonable to offer £670,000 i.e. the asking price minus the building work? Thanks for any advice on this.

badgerhead

Hi,

Not an expert on this but worth a shot. I'm very interested to know where a semi- detached is on market for 3/4 million !

novelty-socks

First of all, I wouldn't place much value on the survey. The agent represents the seller, so they might have an ulterior motive for sharing the survey. Maybe it doesn't tell the full story, but they're hoping to discourage you from having your own survey done?

That aside, I'm guessing this might be somewhere in London from the price, lack of interest and price reductions. In that case I'd probably go in at £640-650k, giving me some wriggle room to go up £670k to take into account the building work etc.

The place has been on for over six months. If the sellers really do want to just sell up and move on, they might be happy to take a low offer. Hell, if they've owned the place a while they're probably looking at a healthy profit in any case.

But it's hard to be more specific without knowing more about the local market. Are comparable properties moving? Is this a one-off, or are there lots of similar houses on the market?

(My experience: just exchanged on a flat that was on at £660k, then reduced to £625k, eventually agreed to sell at £590k.)

stillEuropean

It's in Cambridge, in a central location, which accounts for the price. Comparables in the area are upwards of 800,000. Not much on the market at all really although things in this range are not going especially fast. Maybe a combination of Brexit fears and time of year....
I know you're right about the sellers having made some money on the house as I know when they bought about 15 years ago, it was in the upper 300s.

micky2phones

Hi, if it was me have an amount you are happy to pay then offer a lower amount and you can work up to your happy amount if you need too, if you get it for the lower offer its a bonus

Crashy_Time

stillEuropean wrote: »

It's in Cambridge, in a central location, which accounts for the price. Comparables in the area are upwards of 800,000. Not much on the market at all really although things in this range are not going especially fast. Maybe a combination of Brexit fears and time of year....
I know you're right about the sellers having made some money on the house as I know when they bought about 15 years ago, it was in the upper 300s.

They haven`t actually sold it yet though? Any chance of a link, it would be interesting to see what 600,000 - 800,000 gets you in Cambridge. Surely Cambridge is going to take a hit from Brexit, are you not better waiting to buy?

chrissie57

Is this it?
https://www.rightmove.co.uk/property-for-sale/property-55775640.html