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How low should I offer?
blablablaxd
Posts: 13 Forumite
I've seen a property which I quite like for 500k. The property itself needs so much TLC which will take me a few years to complete but is fine to move into as is.
Due to the condition of the house, is £450k a sensible offer? I'm a FTB with a decent deposit ready to go. The property has been on the market for a few months now and it's previous sale fell through.
Any advice would be appreciated!
Due to the condition of the house, is £450k a sensible offer? I'm a FTB with a decent deposit ready to go. The property has been on the market for a few months now and it's previous sale fell through.
Any advice would be appreciated!
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Comments
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How does the house compare to others in the area? Has it already been priced to accommodate the work required?
£450k is a fair bit below asking but he worst they can say is no. You either increase your offer or walk away.
The fact it's been on the market for a while, especially at the moment where houses are going SSTC in days in many areas of the country, definitely means you should offer below asking. However it could be a stubborn seller who's refusing to accept a lower offer.0 -
How can anyone possibly say without more information? How long has it been on the market? How quickly do properties sell in the area? Is the buyer in a chain with an onward purchase? What do comparable properties sell for?0
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It's simply impossible to say from so little information.
Perhaps the £500k takes account of the condition, and it would be £750k "done".
The only answer that can be given based on the information available to us is "high enough for the vendor to accept".0 -
It’s a difficult minefield buying houses!
Of course you can offer £450k but what other interest is there in the property?
What position are you in?
Are the sellers desperate to sell?
The offers over is slower down (SE England) but not much due to lack of supply.
As for comment saying you won’t get it under asking price, unless they’re the vendor, they really don’t have a clue.
I would say 10% is significantly under, but if you are able to present as no-chain, happy to go with vendor’s timeline etc then go for it. The worst that can happen is they say no.30th June 2021 completely debt free…. Downsized, reduced working hours and living the dream.0 -
If I were you I'd go there and try my luck. Offer £0 and expect to meet in the middle.blablablaxd said:I've seen a property which I quite like for 500k. The property itself needs so much TLC which will take me a few years to complete but is fine to move into as is.
Due to the condition of the house, is £450k a sensible offer? I'm a FTB with a decent deposit ready to go. The property has been on the market for a few months now and it's previous sale fell through.
Any advice would be appreciated!0 -
What does PropertyLog say for similar houses in the area?blablablaxd said:I've seen a property which I quite like for 500k. The property itself needs so much TLC which will take me a few years to complete but is fine to move into as is.
Due to the condition of the house, is £450k a sensible offer? I'm a FTB with a decent deposit ready to go. The property has been on the market for a few months now and it's previous sale fell through.
Any advice would be appreciated!0 -
As a FTB do you have a Lifetime ISA and hence why you want to offer £450k, as that's the top limit?blablablaxd said:I've seen a property which I quite like for 500k. The property itself needs so much TLC which will take me a few years to complete but is fine to move into as is.
Due to the condition of the house, is £450k a sensible offer? I'm a FTB with a decent deposit ready to go. The property has been on the market for a few months now and it's previous sale fell through.
Any advice would be appreciated!
A £50k reduction seems like a lot to me but as others have said it's really impossible to say as it's dependent on so many variables. All you can really do is make the offer and see what they say.0 -
Can you link to the house?0
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Had a call earlier on today to say that the property has already been sold. Thanks anyway guys!0
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Can you link to it now?0
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