Cheeky offer

zoemk12

Is now the time for cheeky offers? There is a house we’d maybe like to buy. It’s a fixer upper on arguably the best road in our area- they don’t come up often. This said it’s over priced and needs a complete overhaul. Would it be outrageous to go in at 30% below asking? 

It has no upward chain, previous owner sadly deceased. 

lookstraightahead

It's up to you. 

Do you know what situation they are in re probate? 

RelievedSheff

Depends how much you want to upset the vendors.

Offering so low you do run the risk of them refusing to deal with you any further or not taking you seriously as a buyer.

Your choice though at the end of the day. You are free to offer whatever you feel is suitable.

caprikid1

This has been discussed extensively recently, it might be worthwhile reading the several threads.

Personally if you offered me 30% under for a property I was selling that would be the end of all discussions with you.

As an estate agent once told me... if you are looking to achieve that sort of discount auction is the place to go.

TheJP

You can offer what you feel is affordable and what you think its worth. I would note that if its a house on a much sought after area that don't come up often then you may find it will be popular. 

What price are we looking at here as that will determine whether 30% below is cheeky or not. Have you looked at comparable houses in the area to help argue your case?

caprikid1

I am assuming you also have a property to sell. 

There are many who are desperate to talk the market down so be cautious of the advice you receive, if you cannot afford at least 90% of asking you are probably setting your sights too high.

lookstraightahead

Lots of properties appear to have been sold for way over asking / valuation this year so it works both ways.
Personally I think it's probably too much of a discount but probate houses are sometimes a different animal. Some siblings (or whoever) just want to sell asap. Others are in no rush as they're not buying anywhere. 

user1977

Have you figured out what it's actually worth? Or are you just plucking "30% below whatever they're asking for" out of nowhere?

zoemk12

I did think there would be other threads but a search turned up nothing recent? 

Ok so not more background. We have no plans to move as in we’re not looking but someone told us about the house and we would probably go for it because we know it could be amazing and we love the road. So we’re not desperate to move but it ticks the missing bits of our current home. 

Yes we need to sell, maybe or potentially we could rent ours out.

The house isn’t a fortune, well relative to what some cost. It’s on at 375k- it’s a 3 bed bay front Victorian semi, good sized plot. Has had same owner for 50 years, not much done but it does have central heating. Same house 2 doors away sold in late 2021 for 330k and it was in better order (although still in need of modernisation). A big 3 bed detached sold March 2022 for 460k (again in need of modernisation). 

We’re not viewing till Thursday. 

Not sure about probate, will ask. 

So out thinking I’d of we secured for 300k and spent 100k we’d be right at the top of the market. It would be a forever home but we still would like to eventually turn a profit. 

As an aside last year we spent 70k improving our house so the timing isn’t great but when is a good time! 

zoemk12

ps no haven’t plucked the 30% out of the air.   listening to podcast, reading reports etc.
Realise nothing is guaranteed. 

babyblade41

If it's in a sought after area it is more than likely you will be shown the door, also you aren't really proceed able at the minute so I would have thought there will be interest from higher offers in a more proceed able position than you