Bungalow on market for over 1 year, what to offer

Scottish_Dorset

youth_leader said:

Surely the bungalow is priced lower than other three beds, to reflect the condition and allow for renovation costs?  

Surprisingly it is not.  I'm going to show nearby comparisons of sold properties in my offer.

RelievedSheff

Scottish_Dorset said:

youth_leader said:

Surely the bungalow is priced lower than other three beds, to reflect the condition and allow for renovation costs?  

Surprisingly it is not.  I'm going to show nearby comparisons of sold properties in my offer.

Why?

The vendor isn't interested on why you have come up with the figure you have come up with, they are just interested in your offer price. No need to write war and peace, just submit a full and final offer.

Scottish_Dorset

After further research, a bungalow in the next village (a couple of miles away, in a village with amenities rather than a hamlet which the one I am looking at is in) sold in November for £12K less than the asking price of £310K.  This bungalow was bigger with more rooms, in good condition and with a huge garden and double garage.  I'm thinking of offering £252K.

UnderOffer

Have you talked to their Estate Agent to gauge an idea of what the vendor is seeking, do you know why they are moving?, this may help you determine if they are a keen seller or just testing the market. 

When we viewed a property I indicated that the price was high compared to other properties and their Agent immediately told me they’d consider less and the approximate figures they were seeking for their onward move. Our offer was then excepted. 

youth_leader

If she does accept your offer you will have the confirmation of its value through the mortage valuation.

Crashy_Time

Scottish_Dorset said:

After further research, a bungalow in the next village (a couple of miles away, in a village with amenities rather than a hamlet which the one I am looking at is in) sold in November for £12K less than the asking price of £310K.  This bungalow was bigger with more rooms, in good condition and with a huge garden and double garage.  I'm thinking of offering £252K.

November is a world away now though, this seller sounds like a real time waster to me.

Mutton_Geoff

Scottish_Dorset said:

.. full to the gunnels of 'stuff'

Can't help with the price but as a keen sailor, can help with gunwales! Not intended to pick up your spelling but it's an oft used word that many don't know the origin of

Gunwales pronounced "gunnels".

https://en.m.wikipedia.org/wiki/Gunwale

gwynlas

You can offer what you think it is worth but I think you need to talk further with the agent first to try and gauge how much likelihood you have of it being accepted. There could be a striong family behind this old lady who have half an eye on their inheritamce
Personally I would think someone was really chancing it if they offered me £48K less than I had been advised it was worth.
If you were  buying the materials and doing the work yourself you would then be having a fully modernised bungalow for less than its current asking price.

Thrugelmir

Scottish_Dorset said:

It's up for sale for offers over £300k and has been on the market for over a year.  

Probably sums up the situation succintly. Making a low ball offer isn't even going to start a conversation. 

Crashy_Time

Best just to give no attention to sellers like this, eventually they or someone advising them will drop the pennies in the jar.