Any Advice - 2 Bed Property

steampowered

Depends on whether the asking price is fair and how much you want the house.

If you really want the house, and the asking price is fair in comparison to recent sold prices in the area for similar properties, then it is perfectly reasonable to offer asking price to secure. You are going to have more luck getting your offer accepted quickly and getting the property taken off the market with an "asking price" offer than a low ball offer.

But if this isn't your forever home perhaps you are better off being a bit patient and viewing a few different properties?

AlexMac

AdrianC said:

Mimi sent me the RM link. It's not for me to make it public, but suffice to say that the place needs a LOT of work (it doesn't even have any CH or a kitchen worth the name), and is priced level (or higher) with larger houses that need far less within a mile.

So it's in a street where the ceiling price is maybe £125k ish, and it needs at least £12-15k of work (assuming a boiler, CH, a new kitchen, bathroom and a full internal decor job ) - more if you're not good at DIY, and a lot more if it needs a new roof or damp-work or new windows...?  Offering the asking price seems rash in that case, and if anyone else is so keen that they'll spend £140+ on a house worth £125k, good luck to them. 

Work out whether you want this as a home, or as a fun project to learn DIY  (in which cases it's worth buying at 5-10% under) or as a flipper (in which case it's probably not viable, even if you extend, because of low ceiling prices locally). 

But above all, run the numbers. Our last two refurbs to that spec (from wrecks) cost 20-25k+ (although the higher did include a new roof at £7k.  These are historic prices; so add 25% today.  One was a real bargain; bought at £67k- spent £25k+, sold for £180k 3 years on, but prices were increasing like crazy locally so most of that was inflation and lucky timing.  On the other one, however. we effectively lost money on selling after 3-4 years- (bought for £152k just before a local price crash, spent £20k sold for but we did it for fun as a seaside holiday home, and when prices went pear-shaped we let it out so that rescued the budget .

Good luck either way; if it is for your own use, there will be a quiet satisfaction in bringing a tired old house back to life! 

mimi1234

Thanks all for your insight.  It makes sense now.  I think I was just in cuckoo land and was looking through my rose tinted glasses.  

The viewing is still on for tomorrow so will have a proper look round and see what it is like.  Normally things look at lot better in photos than in real life and I have experience of this from previous viewings.

Fingers crossed it goes OK but if not, back to the drawing board for me.  Thanks again all.   

dimbo61

So take a tape measure and compare room size to estate agents details.
Maybe a plug in socket checker, take a photo of the fuse box, how many sockets in each bedroom ( hopefully 3 doubles) 
Does the whole house need a rewire ? £3/3,500 !
What about the heating ?
New gas boiler and 7/8 radiators £4,000+
Roof, floors, walls, Kitchen and bathroom,  age of house ?
Parking !!! Location !!!
So many things to consider 

https://www.toolstation.com/socket-tester/p82826?utm_source=googleshopping&utm_medium=feed&utm_campaign=googleshoppingfeed&gclid=Cj0KCQiA3NX_BRDQARIsALA3fIIw0aCSjzdlftx2V3vrJYidbvY3Cg_ejr_V74tY6zWoYD0xPOPjYecaAlaUEALw_wcB

mimi1234

@dimbo61 thanks so much for that.  More questions I can put on my list of questions to ask.  

I know the area and  I know parking can be a bit of an issue as it is near a school and a mosque.

There was actually a property in the street opposite to it which was priced at £110K but had a wall with damp issues and that put me off.  In hindsight, I wish I had gone for that one.  It was ready to move into and had recently been done up save the wall with the damp issue.  

mimi1234

Just been to view it.

It needs a lot of work doing. No central heating. A boiler which is ancient. Some kind of vents in the wall heating system. The basement was completely damp. I may put in a low ball offer and see what happens. If it's meant to be it will. 

The chap who was living there has passed and they are looking for a quick sale the EA said. 

getmore4less

You need that as a bargain ripping out a forced air heating system will be fun.

UnderOffer

mimi1234 said:

Just been to view it.

It needs a lot of work doing. No central heating. A boiler which is ancient. Some kind of vents in the wall heating system. The basement was completely damp. I may put in a low ball offer and see what happens. If it's meant to be it will. 

The chap who was living there has passed and they are looking for a quick sale the EA said. 

The chap who was living there has passed and they are looking for a quick sale the EA said. 

Who is selling it? The executors? Remember that probate will need to be granted, has this started or been granted yet? Could take most of 2021 before you are in. 

mimi1234

All she said was it's with the solicitors and the guy who lived there was no more. 

I didn't ask for full details. I've submitted a low ball offer which they will probably refuse but let's see what happens. 

The EA tried to play some mind games telling me loads of people had viewed last week even though I was told on Monday, I was the first person to view it.

mimi1234

Just got an email from the EA today.  Someone had put in an offer of £10K more than the asking price.  She wanted to know if I wanted to trump that.  It's a NO from me.  Good luck to whoever has offered that much.  

Thanks all for your help and advice.