Offer price / Over thinking it?

MysteryMe

I'd be having a chat with the estate agent, ask how they reached the valuation as you think it may be over priced, what the vendor's position is etc.

I don't think it's an issue at all for someone to make an offer, it's pretty normal, but IMO it needs to be an informed offer and one that even if rejected is likely to indicate that a deal can be made, encourage negotiation and hopefully produce a counter offer. If you offer something like 10% under without any substantive justification, that's just heading for "timewaster" territory and a vendor thinking things are too far apart to enter negotiations.

Other than the OP's vague costings, we don't really have enough information. There has been no information provided about comparable property sale prices, even if not in that exact area there should be a similar area in another part of town.

We don't know what the vendor's position is, some vendors are desperate to sell and will accept a low offer, some vendor's are desperate to sell but have a bottom line they can't go below, some vendor's are happy to let the property sit because they believe it's a house in a desirable area with properties rarely coming onto the market and are content to wait for the one buyer who is willing to pay the full or very close to asking price and some vendors just have a completely unrealistic view of their properties worth and will genuinely be trying to sell a house for £50,000 more than it's worth.

TheJP

MysteryMe said:

I'd be having a chat with the estate agent, ask how they reached the valuation as you think it may be over priced, what the vendor's position is etc.

I don't think it's an issue at all for someone to make an offer, it's pretty normal, but IMO it needs to be an informed offer and one that even if rejected is likely to indicate that a deal can be made, encourage negotiation and hopefully produce a counter offer. If you offer something like 10% under without any substantive justification, that's just heading for "timewaster" territory and a vendor thinking things are too far apart to enter negotiations.

Other than the OP's vague costings, we don't really have enough information. There has been no information provided about comparable property sale prices, even if not in that exact area there should be a similar area in another part of town.

We don't know what the vendor's position is, some vendors are desperate to sell and will accept a low offer, some vendor's are desperate to sell but have a bottom line they can't go below, some vendor's are happy to let the property sit because they believe it's a house in a desirable area with properties rarely coming onto the market and are content to wait for the one buyer who is willing to pay the full or very close to asking price and some vendors just have a completely unrealistic view of their properties worth and will genuinely be trying to sell a house for £50,000 more than it's worth.

The thing is the OP by his own admission has nothing to compare this house with in terms of similar properties recently sold, they believe by the pictures it needs a lot of work. I think the OP is looking for justification to lower the price so that they can turn the house into a turnkey house at the sellers expense.

ReadySteadyPop

youth_leader said:

If I was the vendor, and had chosen to market at the 'average' price offered to me by the EA, I would think you couldn't afford it. 10% under asking without a survey is far too low.  

Depends how long it has been on the market and how many other offers they have had, and if they are kite flyers or not.

sheramber

TheJP said:

MysteryMe said:

I'd be having a chat with the estate agent, ask how they reached the valuation as you think it may be over priced, what the vendor's position is etc.

I don't think it's an issue at all for someone to make an offer, it's pretty normal, but IMO it needs to be an informed offer and one that even if rejected is likely to indicate that a deal can be made, encourage negotiation and hopefully produce a counter offer. If you offer something like 10% under without any substantive justification, that's just heading for "timewaster" territory and a vendor thinking things are too far apart to enter negotiations.

Other than the OP's vague costings, we don't really have enough information. There has been no information provided about comparable property sale prices, even if not in that exact area there should be a similar area in another part of town.

We don't know what the vendor's position is, some vendors are desperate to sell and will accept a low offer, some vendor's are desperate to sell but have a bottom line they can't go below, some vendor's are happy to let the property sit because they believe it's a house in a desirable area with properties rarely coming onto the market and are content to wait for the one buyer who is willing to pay the full or very close to asking price and some vendors just have a completely unrealistic view of their properties worth and will genuinely be trying to sell a house for £50,000 more than it's worth.

The thing is the OP by his own admission has nothing to compare this house with in terms of similar properties recently sold, they believe by the pictures it needs a lot of work. I think the OP is looking for justification to lower the price so that they can turn the house into a turnkey house at the sellers expense.

TheOP has viewed the property and confirmed the condition that the photos suggested  

TheJP

sheramber said:

TheJP said:

MysteryMe said:

I'd be having a chat with the estate agent, ask how they reached the valuation as you think it may be over priced, what the vendor's position is etc.

I don't think it's an issue at all for someone to make an offer, it's pretty normal, but IMO it needs to be an informed offer and one that even if rejected is likely to indicate that a deal can be made, encourage negotiation and hopefully produce a counter offer. If you offer something like 10% under without any substantive justification, that's just heading for "timewaster" territory and a vendor thinking things are too far apart to enter negotiations.

Other than the OP's vague costings, we don't really have enough information. There has been no information provided about comparable property sale prices, even if not in that exact area there should be a similar area in another part of town.

We don't know what the vendor's position is, some vendors are desperate to sell and will accept a low offer, some vendor's are desperate to sell but have a bottom line they can't go below, some vendor's are happy to let the property sit because they believe it's a house in a desirable area with properties rarely coming onto the market and are content to wait for the one buyer who is willing to pay the full or very close to asking price and some vendors just have a completely unrealistic view of their properties worth and will genuinely be trying to sell a house for £50,000 more than it's worth.

The thing is the OP by his own admission has nothing to compare this house with in terms of similar properties recently sold, they believe by the pictures it needs a lot of work. I think the OP is looking for justification to lower the price so that they can turn the house into a turnkey house at the sellers expense.

TheOP has viewed the property and confirmed the condition that the photos suggested  

Which is? 

Bigphil1474

The OP stated that the house needs work after viewing it , which they knew from the photos. They also said new bathroom and boiler. How they came to £50k's worth of work is anyone's guess though.

OP, if the house is up at £500k and you're thinking of offering £450k, then I don't see the problem. Make the offer. When we sold our house, we were offered a 90% price in the first couple of weeks, but we turned it down. If they'd come back 2 months later we might have accepted, albeit we got an offer at 95% just after that. As others have said, it will depend on what the vendors need. A mate of mine who now owns about 15 properties they rent out, recently bought a house for themselves for £550k which was for sale at £650k. The owner just wanted to get rid of it and have the cash (ex rental property).

ReadySteadyPop

TheJP said:

MysteryMe said:

I'd be having a chat with the estate agent, ask how they reached the valuation as you think it may be over priced, what the vendor's position is etc.

I don't think it's an issue at all for someone to make an offer, it's pretty normal, but IMO it needs to be an informed offer and one that even if rejected is likely to indicate that a deal can be made, encourage negotiation and hopefully produce a counter offer. If you offer something like 10% under without any substantive justification, that's just heading for "timewaster" territory and a vendor thinking things are too far apart to enter negotiations.

Other than the OP's vague costings, we don't really have enough information. There has been no information provided about comparable property sale prices, even if not in that exact area there should be a similar area in another part of town.

We don't know what the vendor's position is, some vendors are desperate to sell and will accept a low offer, some vendor's are desperate to sell but have a bottom line they can't go below, some vendor's are happy to let the property sit because they believe it's a house in a desirable area with properties rarely coming onto the market and are content to wait for the one buyer who is willing to pay the full or very close to asking price and some vendors just have a completely unrealistic view of their properties worth and will genuinely be trying to sell a house for £50,000 more than it's worth.

The thing is the OP by his own admission has nothing to compare this house with in terms of similar properties recently sold, they believe by the pictures it needs a lot of work. I think the OP is looking for justification to lower the price so that they can turn the house into a turnkey house at the sellers expense.

Unlikely, they could end up well out of pocket, sounds to me like they are just looking for good value.

jellybean73

RelievedSheff said:

The house is presumably lived in at the moment? In which case why is a boiler replacement and bathroom replacement urgent?

The owner passed away last December.  The bathroom was changed to suit the persons needs, walk in shower.  Also toilet is leaking.  We need a bath, due to our disabled children’s needs. The boiler is really old and apparently not functioning well.  We like warmth, so want a reliable boiler. Not having to call an engineer out over winter makes out life easier.  

ReadySteadyPop

jellybean73 said:

RelievedSheff said:

The house is presumably lived in at the moment? In which case why is a boiler replacement and bathroom replacement urgent?

The owner passed away last December.  The bathroom was changed to suit the persons needs, walk in shower.  Also toilet is leaking.  We need a bath, due to our disabled children’s needs. The boiler is really old and apparently not functioning well.  We like warmth, so want a reliable boiler. Not having to call an engineer out over winter makes out life easier.  

Are you viewing other properties, this house doesn`t sound like it is for you to be honest?

TheJP

ReadySteadyPop said:

TheJP said:

MysteryMe said:

I'd be having a chat with the estate agent, ask how they reached the valuation as you think it may be over priced, what the vendor's position is etc.

I don't think it's an issue at all for someone to make an offer, it's pretty normal, but IMO it needs to be an informed offer and one that even if rejected is likely to indicate that a deal can be made, encourage negotiation and hopefully produce a counter offer. If you offer something like 10% under without any substantive justification, that's just heading for "timewaster" territory and a vendor thinking things are too far apart to enter negotiations.

Other than the OP's vague costings, we don't really have enough information. There has been no information provided about comparable property sale prices, even if not in that exact area there should be a similar area in another part of town.

We don't know what the vendor's position is, some vendors are desperate to sell and will accept a low offer, some vendor's are desperate to sell but have a bottom line they can't go below, some vendor's are happy to let the property sit because they believe it's a house in a desirable area with properties rarely coming onto the market and are content to wait for the one buyer who is willing to pay the full or very close to asking price and some vendors just have a completely unrealistic view of their properties worth and will genuinely be trying to sell a house for £50,000 more than it's worth.

The thing is the OP by his own admission has nothing to compare this house with in terms of similar properties recently sold, they believe by the pictures it needs a lot of work. I think the OP is looking for justification to lower the price so that they can turn the house into a turnkey house at the sellers expense.

Unlikely, they could end up well out of pocket, sounds to me like they are just looking for good value.

The OP has no comparables, from photos states the house needs a lot of work. They want a turn key house but can't afford it in this area, hence the seek for justification. Let them offer, have a survey and prove me wrong, until then...