Cash buy offer - advice please

917700

Region: North East of England
Property type: Detached, built in 2013
Property asking price: £375,000 as guide price
Factors to be considered:
There was a same style property on the same street. That property initially listed for £380,000 in Sep 2019, then reduced to £350,000 in Feb 2020. Removed from listing in June 2020 and the vendor rented out the property. 

I believe the asking price of £375,000 is obviously much higher than how much it worth. How much do you think I should offer on this property? Cash buyer, not rush to ask the vendor to move out. 

Thanks in advance.

NameUnavailable

£300K and not a penny more!

I don't know how anyone can give you an answer to your question. You must have an idea yourself so go with that. Being a cash buyer may not mean anything to the vendor, it depends what they want at the end of the day. If they're being unrealistic they won't sell either.

eidand

Offer whatever you feel it's worth. The vendor has no obligation to agree with you and as you've already seen people would rather not sell then drop the price too much. 
Check what similar properties have sold for in the area and get an idea that way.

tacpot12

It's not easy to advise you on this as we don't know what the property is worth. Lets be generous and assume the other property was worth £350K in September 2019. Why isn't this new property worth £375K in August 2020?
Is the £375K unrealistic in the market? Are there faults that mean it isn't worth £375K? Are there differences between the two properties? How much did a similar property last sell for and when was it sold?

917700

tacpot12 said:

It's not easy to advise you on this as we don't know what the property is worth. Lets be generous and assume the other property was worth £350K in September 2019. Why isn't this new property worth £375K in August 2020?
Is the £375K unrealistic in the market? Are there faults that mean it isn't worth £375K? Are there differences between the two properties? How much did a similar property last sell for and when was it sold?

Hi tacpot12

Thanks for your advice.

There are only 11 same style houses within the same development. Most of the last sold price date back to 2013. The average price in 2013 was 310K - 315K. However, the vendor only paid 291K on this property in 2013. Compare with other same house style properties, this one has the smallest garden. 

The sell of the other property didn't go through (reduced to £350k in June 2020). Therefore, I am thinking regardless of the buyer position, the market value for this house style must be less than £350K.

Slithery

917700 said:

The sell of the other property didn't go through (reduced to £350k in June 2020). Therefore, I am thinking regardless of the buyer position, the market value for this house style must be less than £350K.

That makes no sense. The vendors could have changed their mind or the sale fallen through for any number of reasons that don't include price.

917700

Slithery said:

917700 said:

The sell of the other property didn't go through (reduced to £350k in June 2020). Therefore, I am thinking regardless of the buyer position, the market value for this house style must be less than £350K.

That makes no sense. The vendors could have changed their mind or the sale fallen through for any number of reasons that don't include price.

Thanks
That's a good point to think about. The other property was listed For Sale/To Let. 

ElizabethRose

917700 said:

Region: North East of England
Property type: Detached, built in 2013
Property asking price: £375,000 as guide price
Factors to be considered:
There was a same style property on the same street. That property initially listed for £380,000 in Sep 2019, then reduced to £350,000 in Feb 2020. Removed from listing in June 2020 and the vendor rented out the property. 

I believe the asking price of £375,000 is obviously much higher than how much it worth. How much do you think I should offer on this property? Cash buyer, not rush to ask the vendor to move out. 

Thanks in advance.

Without knowing the exact area, the state of the market, other similar houses how long is a piece of string?

youth_leader

I'm house hunting and Zoopla has a 'sold prices' section you can explore? 

greatcrested

youth_leader said:

I'm house hunting and Zoopla has a 'sold prices' section you can explore? 

Yes it does.

NameUnavailable said:

£300K and not a penny more!

Hmmm. Bear in mind this is a detached house. £306,995.