Offer price / Over thinking it?

powerful_Rogue

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.  

You can get a new boiler from £1800.

Leaking toilet - couple of £100.

If you need a bath as opposed to a shower, then sadly that's on you.

Can't see where you get a £50k reduction from.

user1977

powerful_Rogue said:

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.  

Leaking toilet - couple of £100.

Last time I had a leaking toilet it cost £3.85 to sort.

RelievedSheff

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.  

So nothing to really justify the £50k reduction that you want?

A leaking toilet is hardly expensive to fix. It is not the vendors problem that the bathroom doesn't suit your needs and you would like a new boiler but the one that is in there is functioning?

I think you should look at property more in your price range.

horsewithnoname

I never quite understand why buyers expect vendors to pay to have a house redone to their taste?

ReadySteadyPop

jellybean73 said:

Hi

Need some opinions please.   We’ve viewed a house that does need work, we knew from the photos.  But having viewed it it possibly needs more than we thought. Some urgent; bathroom and boiler.  We’ve done some rough costings for the work (even the work that doesn’t need doing straight away) and it would mean our offer price would be 50k below asking (approx 10%).  We’ve never put in such a low offer before and to be honest feel awkward doing it.  There aren’t many sale’s for this particular street (or nearby for similar houses) to see what house prices are doing.  We do feel even in move in ready condition it feels overpriced by about 15k. It is a good area and the potential to be a really lovely house.  House has been on the market for a couple of months.  

It’s been 20 years since we put in an offer / bought a house.  Not sure if such a low offer is considered too low and we should just walk away?  Or we’re just over thinking it and should go for it?  Thank you! 

Are you using PropertyLog to see what price reductions were achieved on any other nearby sales, even just one or two could give you an idea of sentiment in the area, are sellers (or their beneficiaries) kite flying or being sensible with asking prices?

ReadySteadyPop

horsewithnoname said:

I never quite understand why buyers expect vendors to pay to have a house redone to their taste?

Usually that sort of behaviour comes from a gut feeling that the house is overpriced to begin with.

[Deleted User]

An opening offer 10% under asking, with a view to negotiate to 5% is not an unreasonable strategy if the market is slow.

What I would not seek to do is attempt to justify it with reasons that may have no appeal to the vendor such as the broken toilet or shower that doesn't meet your needs.

The only justification to accompany a bid might be "because I feel this is a good offer for the property".

ReadySteadyPop

[Deleted User] said:

An opening offer 10% under asking, with a view to negotiate to 5% is not an unreasonable strategy if the market is slow.

What I would not seek to do is attempt to justify it with reasons that may have no appeal to the vendor such as the broken toilet or shower that doesn't meet your needs.

The only justification to accompany a bid might be "because I feel this is a good offer for the property".

Good advice, the new government don`t seem to be too concerned about propping up house prices so far.

https://propertyindustryeye.com/budget-stamp-duty-hike-on-second-homes-deterring-property-investors/

Elliott.T123

Maybe I am the weird one here but I couldn't care less about your reasonings, as a seller all I care about is the figure you are offering. When I put a house on the market I have already decided on a figure I would accept and unless the situation changes such as I find a cheaper house I like, I win the lottery, the urgency I need to move increases then no matter what I am not accepting below that figure.

Giving me a list of reasons why you made an offer at the level you did is just annoying, just cut to the chase and tell me what the figure is.

Offer what you are comfortable with, if you are the type of person who would rather go through a longer process, potentially more stress but know you have done everything possible to get the cheapest possible price then offer low and negotiate up to your predetermined max price. If you are the type of person who prefers things to be easier, quicker and are less worried about the potential for saving a little then go straight in with a higher offer and make it a take it or leave it knowing you have done all you can.

ReadySteadyPop

Elliott.T123 said:

Maybe I am the weird one here but I couldn't care less about your reasonings, as a seller all I care about is the figure you are offering. When I put a house on the market I have already decided on a figure I would accept and unless the situation changes such as I find a cheaper house I like, I win the lottery, the urgency I need to move increases then no matter what I am not accepting below that figure.

Giving me a list of reasons why you made an offer at the level you did is just annoying, just cut to the chase and tell me what the figure is.

Offer what you are comfortable with, if you are the type of person who would rather go through a longer process, potentially more stress but know you have done everything possible to get the cheapest possible price then offer low and negotiate up to your predetermined max price. If you are the type of person who prefers things to be easier, quicker and are less worried about the potential for saving a little then go straight in with a higher offer and make it a take it or leave it knowing you have done all you can.

Most sellers only care about the actual figure being offered, the problems start when the seller has a figure in mind that just isn`t realistic for the market or for the repairs that need to be done.