Advice on making offer - Glastonbury

Monchan2003

Hi.
Interested in a property in the Glastonbury area. Property has been on market since 08/18 and asking price is 455K.
After viewing it seems it needs quite a bit of ‘cosmetic’ work both inside and out to tidy it up (need a proper survey to see if more substantial work is needed). Since the last sale (2008) it looks as if nothing has been done by current owners to maintain the property. I believe the 2008 price paid was too high for the property, but of course do not know the full details behind that purchase.
Given the current market, general state of the property, our position (no chain, financing in place, ready to push the button) I’m tempted to offer 400K on the property but wonder if this is too low...?

Any advice very much appreciated!

quantumlobster

Monchan2003 wrote: »

Hi.
Interested in a property in the Glastonbury area. Property has been on market since 08/18 and asking price is 455K.
After viewing it seems it needs quite a bit of ‘cosmetic’ work both inside and out to tidy it up (need a proper survey to see if more substantial work is needed). Since the last sale (2008) it looks as if nothing has been done by current owners to maintain the property. I believe the 2008 price paid was too high for the property, but of course do not know the full details behind that purchase.
Given the current market, general state of the property, our position (no chain, financing in place, ready to push the button) I’m tempted to offer 400K on the property but wonder if this is too low...?

Any advice very much appreciated!

Do you dare chance a rightmove link?

Harvic

You haven't got much to lose- unlikely they'll refuse to deal with you if 'offended.' House has been on the market five months, at a quiet time of year and a slow period (Brexit uncertainty etc).


Why not put in an offer with your pros (chain/speed/finance) in a letter and point out any recent comparable sales in that area if they are around your valuation. Cosmetic work is only likely to come to a few thousand unless you need kitchens etc. Survey findings could be further negotiated later. If owner (via estate agent) rejects you, they might give polite noises around a value that would be acceptable.

chunkytfg

Monchan2003 wrote: »

Hi.
Interested in a property in the Glastonbury area. Property has been on market since 08/18 and asking price is 455K.
After viewing it seems it needs quite a bit of ‘cosmetic’ work both inside and out to tidy it up (need a proper survey to see if more substantial work is needed). Since the last sale (2008) it looks as if nothing has been done by current owners to maintain the property. I believe the 2008 price paid was too high for the property, but of course do not know the full details behind that purchase.
Given the current market, general state of the property, our position (no chain, financing in place, ready to push the button) I’m tempted to offer 400K on the property but wonder if this is too low...?

Any advice very much appreciated!

The sellers have 2 options. Say yes or Say no.

Unlikely to say yes if the problem is nothing more than cosmetics as that doesn't equate to a 55K reduction.

Any chance of a link?

ess0two

Tough one expecting the seller to fund your cosmetic work / changes?

G_M

What have oher similar properties been selling for?

TBagpuss

I guess it depends how much you like the property.

If it's the one I think, It seems to be at the top of the price range for that size of house, so you'd be paying a lot for period features and no parking.

Also,it's been on the market since August with no reductions in price, which would suggest to me that either the sellers aren't willing to accept anything under asking price, or there are issues which a survey will bring up.

Given that there are several 4 bed detached properties available for around £400K that does seem a reasonable place to start, not least so you can ask the sellers or their agents to explain why they feel their property is worth so much more than that others.

chrissie57

https://www.rightmove.co.uk/property-for-sale/property-75220340.html

https://www.rightmove.co.uk/house-prices/BA6-9DN.html?backListLink=%2Fproperty-for-sale%2Ffind.html%3FlocationIdentifier%3DPOSTCODE%255E45334%26minPrice%3D400000%26maxPrice%3D550000%26minBedrooms%3D4%26radius%3D0.5

Monchan2003

As a new user I’m apparently not allowed to post links to other sites!

There are three other properties on offer in the immediate vicinity ranging from 367-410K. All of a similar size but in better condition.... the property we viewed does have more appeal to us though

Monchan2003

I think that approach is worth it: digging for some details as to why the current asking price is justifiable when similar local properties are a little off such a valuation.

MysteryMe

Not enough information to make any sort of informed comment. Perhaps what makes this property more appealing to you is why it is priced higher than other properties.