Cheeky offer

Sunsaru

The thing I see is that you don't need to spend £100k on it, that is just the amount you want to spend to get it to the way YOU want it. If the windows are hanging off and the doors won't shut then that's one thing.
Me personally, I wouldn't go in at full price but I doubt 30% (in my opinion) would get you the desired result.

mi-key

Sarah1Mitty2 said:

mi-key said:

Remember the agents have valued the house for sale in its current condition, not what it would be worth if you decided ( for your own benefit ) to spend £100K doing it up.

What houses have sold for in the past doesn't really have any relevance as you aren't going back in time to buy those. It is the only house for sale on that street, and it is priced at £375K

You may think this is overpriced, someone else who loves the house, wants it, and has the money may think its a bargain. 

I imagine an offer of 30% under so £262,500 for a £375,000 house will get you ( politely ) laughed out of the estate agents office...

It does because borrowing rates are now much higher than the recent past, and lenders will factor this into their calculations when valuing, or more likely now, down-valuing properties. The opinions of the seller and EA are mostly irrelevant, lenders valuations are the market price in most cases.

The OP already said they would be selling their existing house, so a down valuation from the lender will make no difference at all as they will have a decent deposit towards the new house.

You still don't seem to understand down valuing only makes a difference if people are absolutely stretching to buy. A 10% down valuation is completely meaningless if you are putting down a 50% deposit. This is a £375K house, its not the sort of thing FTBs are going to buy with a 10% deposit

lookstraightahead

It won't be a 30% reduction on pre covid prices. The market has been over inflated so yes it's a big ask but not really 30%

mi-key

Sarah1Mitty2 said:

mi-key said:

p.s. I think any offer for 30% under is seriously stretching the definition of 'cheeky'...

Not really, in many areas that just takes you back a bit before Covid, all that froth has to disappear as the market returns to normal, people should look at prices as moving with the BOE base rate and factor something in for wage inflation and any improvements done to the house since it was bought.

And if we could go back to the 70s we could all buy lovely big houses for £10K, but we can't. It is pointless saying 'I could have bought this house for X amount 3 or 5 years ago'. It's on for £375K there is no way, even in your dreams, the seller is going to drop that to £262K 

[Deleted User]

If you don't think it's worth more, or can't afford more, there is nothing to lose. They might say yes, and if they say no you weren't going to buy it anyway.

jimbog

be sure you come back and tell us how your cheeky offer is received. Usually we never hear the outcome

lookstraightahead

[Deleted User] said:

If you don't think it's worth more, or can't afford more, there is nothing to lose. They might say yes, and if they say no you weren't going to buy it anyway.

Exactly this.

gwynlas

You are obviously aware of the local market and believe the house to be overpriced. Are you aware if the EA is known to go in with high valuations to get the business and then advise large deductions to achieve sales? Have your viewing and check if you can what work would be needed and how much this is likely to cost over time. Decide what the house is worth to you and offer accordingly. A straight forward offer 30%under asking is likely to result in a no but a sensible offer based on condition and local comparables could be sold to the executors by the EA 

hazyjo

If it's THAT overpriced, I'd be waiting for it to drop a chunk before putting in a "cheeky offer".

I also wouldn't deal with someone offering 30% under.

zoemk12

jimbog said:

be sure you come back and tell us how your cheeky offer is received. Usually we never hear the outcome

Will do!