how can we/ should we get this house?

Annabee

We have sold our 3 bed semi (subject to contract) and now we're having trouble finding a house we like enough to buy and are considering going into rented and seeing what the market does.

However it would obviously be nice to only have to move once and be settled. There is a house we have viewed twice and like. It's a 3 bed detached on for £250,000 (which is our absolute limit) The thing is, round here its possible to get a 4 bed with ensuite for the same amount, but we like this one because of the nice big garden and just a nice feel to it.

Having spoken to builders, we know it would cost around £18-£25k to add a bedroom and ensuite over the garage (depending on the 'footings') or £30k for a loft conversion.

With this in mind, we were thinking of offering £220k for the house, explaining why, and saying its our best and final offer. But recent posts on here make me think maybe that's not the strategy to adopt?

We don''t want to and CAN'T pay more and still have enough to do the alterations. But on the other hand we don't want to alienate the sellers.

They have been for sale since at least July and apparently were originally on at £260k! I know from that houseprice website that they only paid £190k for it 4 years ago. The seller has a new job down South, so if they had sense they'd take our offer, but will they?

What is the best way to go ahead with this, ie what to offer? I'm so nervous!

Broken_hearted

How much the seller paid is irrelivent, I payed very little for mine but would expect market value if I sold it. All you can do is put in the offer and wait.

Annabee

I take your point, but like I said, you can get a 4 bed for the same price or less round here. Also other people in area must think its overpriced or it would have sold before now?

Doozergirl

Someone who is marketing at well above their level is the hardest sort of person to convince. All you can really do is wait for them to realise and drop the price.

What you offer should be based on comparables in the area, not of what you want to do. A new extension is hardly essential work! Talk to the agent, talk of comparable properties and put in your offer. And wait.

There will always be a cross over between big three beds and small 4 beds, just be sure that the price you offer is realistic as well - have you looked at 3 beds in the £220-30,000 region?

Annabee

Hi DoozerGirl. I wouldn't say the house is particularly big, the downstairs accommodation is about the same as those local 4 beds I mentioned, the first 2 bedrooms are a normal size and the 3rd bed is actually smaller than the 3rd bed in our semi (which is one reason we wanted to extend). Its only the garden that's big.

What do you think our initial offer should be? Should we go in slightly lower than the £220? We don't want to pay over the odds with all the uncertaintly in the market.

daveyjp

No need to be nervous, be hardnosed and get an offer in! They will either accept or refuse - start at £210,000 - no explanation, you don't have to justify your offer. You are offering what it is worth to you.

merlinthehappypig

To be honest I would just make the offer, without any explanation. What you want to do with it is irrelevant. I've made the mistake in the past of trying to justify a lower offer to the estate agent and always reckon that I've come away feeling a little foolish.

I don't think anything up to 20% off the asking price at present is insulting and it wouldn't bother me if it was. We are looking at present and have been offered some houses at 20%+ below the asking price, equally some buyers won't reduce at all.

It totally depends on their situation. They might need the full asking price to get what they want, they may also be in arrears on their mortgage and having to sell. At least if you start low you can work upwards.