Reasonable offers on a house

Help1234

I like a house that is currently listed for sale. It was first put on the market at £475,000 in June. At the start of this month October, the price was reduced to Offers in Excess of £450,000. The house is in OK condition but need some work.

Another house a few doors down, very similar, same footprint and in the same condition but less kerb appeal (rendered and painted yellow, whereas the house I like is nice Victorian brick), has sold and is priced for £399,995. Not sure what the agreed price will have been.

Additionally, another house on the same street, has the same footprint, similar kerb appeal but has been done very nicely inside so no work is required and looks to a high standard, is priced at £499,950 and has sold. Again don't know the agreed price.

I can only go to £430,000 so haven't viewed this property. But I am wondering if I should view it and make that offer, whether it would be considered fair given how long it has been on the market and considering the other properties SSTC. Or is it simply out of my price range. I am wondering if I wait around might it be reduced again.

Sunsaru

Personally?

I'd view it. If you like it go in at £400k then work your way up to what you can truly afford. If that fails then it's not meant to be.

Good luck.

Thrugelmir

Help1234 said:

I can only go to £430,000 so haven't viewed this property. But I am wondering if I should view it and make that offer, 

When it's being listed at offers in excess of xxx. The response is going to be very clear. 

Help1234

@Thrugelmir Yeah that makes sense :-( I am just wondering after what period of time might there be some flexibility if they want to sell it!

RS2OOO

My approach would be to query with EA first as I have done before....

"We've seen the house listed and whilst it does appear to tick all the boxes we don't think we'd be prepared to offer more than £450k. Would we be wasting the everyone's time to still request a viewing or is it strictly offers over £450k?"

The answer to that question will tell you a lot about what potential there is for further reduction.

On one occasion where I've asked I got a flat out "no" so didn't view.

On another occasion they bit my hand off and seemed very keen for me to view.  I ended up offering £30k below the already reduced asking price and bought the property. In fact it was the first time I've ever bought a property below asking price, normally I end up paying about £30k over, but there was no way this one was worth the asking price.

lookstraightahead

Thrugelmir said:

Help1234 said:

I can only go to £430,000 so haven't viewed this property. But I am wondering if I should view it and make that offer, 

When it's being listed at offers in excess of xxx. The response is going to be very clear. 

In which case the reduced amount makes little difference to where it was at before. 

eddddy

In your position, I'd contact the EA and say something like "My absolute max budget is £420k (or £425k or £430k whatever) - I like the house, but is there any point in me arranging a viewing? Would the seller even consider an offer at that level?"

If the EA suggests it's worth a try, arrange the viewing.

If the EA says "no chance" and/or "we've already had offers higher than that", walk away.


FWIW, the EA just wants a sale to get their commission. If you offer £430k and it's the only/best offer, they will push the seller hard to accept it. (But the seller might still resist.)

lookstraightahead

Op, ignore offers in excess of. Go and see it and offer less and they might meet you in the middle, if they don't you have nothing to lose.

Remember sales start to slow this time of year, and if the vendors sit it out they might find prices in general come down with a possible interest rate hike etc.

I would view then go in at about £415000 if you like it. See what their position is as well because that's important. 

Help1234

Thank you everyone! The property is listed as chain free and vacant. In the photos there is furniture but they have also added a video which shows the property empty.

Loza2016

What have you got to loose? 

About 20 years ago my mums friend had a few to many wines & put a ridiculous low offer on a nice house. 

Turns out vendors husband had already re located abroad and they were desperate to join him. 

Offer was accepted, They quickly got their house on the market & sold. 

Her husband was a bit annoyed but came round as they’d got a bargain. 

Don’t think she was allowed to drink wine during the day again though. 

lookstraightahead

Help1234 said:

Thank you everyone! The property is listed as chain free and vacant. In the photos there is furniture but they have also added a video which shows the property empty.

Good luck!