How much to offer?

Martisha

House put on the market for offers over £475k
after 2weeks price reduced to offers over £450k

internally its not in great condition, carpets upstairs are teared and smelled, bathroom wall smashed, radiator broken
generally speaking it has not been looked after

what would you offer?

london21

Depends what the houses in the area are going for and how much you like the house. 

Have they put a range like 450-475k.

Can offer what you think it's worth but sometimes once the agent get lots of offers they come back again for full and final offers.

Can start with 462,500

Martisha

There has been no offers so far, except ours of 450k which has been rejected

EA said that vendor wants 475 and if not manage to sell for this price, he will rent it, but surprisingly reduced to offers over 450k
EA phoned me to ask if we can give £5k more we said no

the same style house on the same street, but 20 meters squared bigger, was sold  last year for £387k and was in immaculate condition

this house has not been upgraded nor looked after

TheJP

Martisha said:

There has been no offers so far, except ours of 450k which has been rejected

EA said that vendor wants 475 and if not manage to sell for this price, he will rent it, but surprisingly reduced to offers over 450k
EA phoned me to ask if we can give £5k more we said no

the same style house on the same street, but 20 meters squared bigger, was sold  last year for £387k and was in immaculate condition

this house has not been upgraded nor looked after

If you want the house id up my offer by £2.5k and say that's the last offer you will make dependent on surveys and diligence etc.

Martisha

TheJP said:

Martisha said:

There has been no offers so far, except ours of 450k which has been rejected

EA said that vendor wants 475 and if not manage to sell for this price, he will rent it, but surprisingly reduced to offers over 450k
EA phoned me to ask if we can give £5k more we said no

the same style house on the same street, but 20 meters squared bigger, was sold  last year for £387k and was in immaculate condition

this house has not been upgraded nor looked after

If you want the house id up my offer by £2.5k and say that's the last offer you will make dependent on surveys and diligence etc.

The thing is that we think its not worth £450k
we now want to offer less
our advantage is that we are first time buyers 

is there a way back to lower offer?

youth_leader

If you offered and then paid for a survey that showed roof/structural/damp faults, you might be able to renegotiate your offer.

Mr.Generous

Martisha said:

TheJP said:

Martisha said:

There has been no offers so far, except ours of 450k which has been rejected

EA said that vendor wants 475 and if not manage to sell for this price, he will rent it, but surprisingly reduced to offers over 450k
EA phoned me to ask if we can give £5k more we said no

the same style house on the same street, but 20 meters squared bigger, was sold  last year for £387k and was in immaculate condition

this house has not been upgraded nor looked after

If you want the house id up my offer by £2.5k and say that's the last offer you will make dependent on surveys and diligence etc.

The thing is that we think its not worth £450k
we now want to offer less
our advantage is that we are first time buyers 

is there a way back to lower offer?

Yes, just call up and say you now want to offer less than the offer they already rejected, and be assured they won't sell it to you under any circumstances if you do that.

koalakoala

If it’s not worth it don’t buy it. Something else will come up. 

Martisha

koalakoala said:

If it’s not worth it don’t buy it. Something else will come up. 

Its the location we are after and houses there not come up very often.

im angry with my husband that he said that offer to the EA during the viewing. I knew that it will be reduced.
if we did not made an offer then, we would be in so much better position now. 

Do you think if there will not be any offers and if EA call ms after a week or two saying “house is yours”, could I say that based on the circumstances I can offer now only £445k? 

oystercatcher

Martisha said:

koalakoala said:

If it’s not worth it don’t buy it. Something else will come up. 

Its the location we are after and houses there not come up very often.

im angry with my husband that he said that offer to the EA during the viewing. I knew that it will be reduced.
if we did not made an offer then, we would be in so much better position now. 

Do you think if there will not be any offers and if EA call ms after a week or two saying “house is yours”, could I say that based on the circumstances I can offer now only £445k? 

You can say that , and the vendors can say no!. House market is still mad in our area so someone will pay what they want. 

If it's not worth it then walk away. If you want the area then may be it is worth it ...for someone. You can change the house but not the location and it sounds like that is what you would be paying for (or not!)

I paid way over asking price for my house which was in a terrible state but in a lovely area. 23 years later I still have no regrets!

ashleyj722

Stand firm on your offer as renting out property isn’t worth it if he has a big liability still on the property.