Sensible offer. Any ideas/past experiences?

Gemm83

Husband and I are hoping to buy our first property. Seen one we like but its currently out of price range (I know, don't look at things you can't afford).
Anyways, spoken to the agent and the property has been on the market for over a year, empty. No ongoing chain. Was originally on last Feb for 332k. Was reduced to 323k in November. Had an offer refused in December and as of last month was SSTC. Buyer has had to pull out due to family issues, so now back on the market.
I'm new to this buying a house game but as it stands at the moment it is out of range. 
For people with buying/selling history. What would YOU offer. Not saying it has to be accepted but don't want to go in with an offer and make a prat out of myself. It needs SOME updating and the garden is awful (all crazy paved).

TIA 

davidmcn

Gemm83 said:

For people with buying/selling history. What would YOU offer.

We would give some thought to what the market value of the property is, not merely go by what the asking price is. And we can't do that here because you haven't given us enough info.

Gemm83

davidmcn said:

Gemm83 said:

For people with buying/selling history. What would YOU offer.

We would give some thought to what the market value of the property is, not merely go by what the asking price is. And we can't do that here because you haven't given us enough info.

Thankyou for your reply. As I said really new to this and haven't got a clue! What kind of information would you need? 

hazyjo

Have you actually viewed it or just interested from viewing online?

Gemm83

hazyjo said:

Have you actually viewed it or just interested from viewing online?

Viewed it online, but going to see it at the weekend. It's the only property in the area that we want vaguely near our budget. From pictures and chat with EA it's good to move into (no major works required). Just want to be fully prepared if we go in and love it. 

Lokolo

If its been on the market for a year, its either overpriced, or there's something wrong with the vendor or the property. 

davidmcn

Gemm83 said:

davidmcn said:

Gemm83 said:

For people with buying/selling history. What would YOU offer.

We would give some thought to what the market value of the property is, not merely go by what the asking price is. And we can't do that here because you haven't given us enough info.

Thank you for your reply. As I said really new to this and haven't got a clue! What kind of information would you need? 

A link to the property listing would usually help us.
The point being that it's not much use advising, say, "offer £310k" if the house isn't even worth that.

Gemm83

davidmcn said:

Gemm83 said:

davidmcn said:

Gemm83 said:

For people with buying/selling history. What would YOU offer.

We would give some thought to what the market value of the property is, not merely go by what the asking price is. And we can't do that here because you haven't given us enough info.

Thank you for your reply. As I said really new to this and haven't got a clue! What kind of information would you need? 

A link to the property listing would usually help us.
The point being that it's not much use advising, say, "offer £310k" if the house isn't even worth that.

Thankyou. Here's the link 😊
https://www.rightmove.co.uk/property-for-sale/property-81305954.html

eddddy

If you want, you can set expectations at the outset - for example, if your max budget is £310k, you could say something like this to the EA: "My max budget is £300k, is it even worth me viewing this house?"

Often the EA will say "Yes", even if they don't think the seller will accept £300k. But then you don't have to feel awkward if you do decide to offer £300k or £305k or whatever.

Incidentally,  you should make further enquiries about:

Gemm83 said:

...as of last month was SSTC. Buyer has had to pull out due to family issues, so now back on the market.

"Family issues" might be a euphemism for  a terrible survey, suspected subsidence etc, etc.

TBH, the EA would be breaking the law if they told you a blatant lie like that, but they might be 'sugar coating' the real reason.

ReadingTim

The vendor's clearly in no hurry to sell, so I doubt you'll get it for any less than whatever the buyer that dropped out offered. However, if it's been on the market for a year, the EA is probably quite keen to see their fee, so you ought to be able to find out what the previously accepted price was fairly easily.  

Whether you think that price is sensible, and whether the vendor still agrees, however, is a different story...

seradane

Don't know the area, but judging by the very miniscule price drops, and the fact they've refused some offers, I would suspect you're not going to get any major discounts on this one. See if you can pry out of the agent roughly what the accepted offer was (they won't tell you exact figures but can often give you hints), you might be able to get 5k below that but as that was relatively recent the vendor will be assuming there are other buyers out there willing to offer similarly.

You say it's out of budget, what can you afford?