What to offer on a house

jp1233

Hi all,

I’m looking for some advice. House has been on the market for over 4 months (video from estate agents), and was reduced to 750k late November. It’s a countryside house with 5 acres of land so not a lot to compare it to of similar style. It sold in December 2017 for 565k. Looking at google street view the land has basically become overgrown and abandoned, so my guess is it is too much for them. We hadn’t thought about it in initially, however with the extended time on the market, we are now considering offering £650k. I know you are not the owners but would this be worthwhile?

Herzlos

You can always ask. Estate Agent might be able to give you an idea of what figure the seller is looking for though.

Martico

From reading your post, it looks like you've only looked on streetview. If so, correct that. With such a big potential outlay, go have a look, strike up a relationship with whoever you can (agent for sure, potentially the owner) and get some feels for yourself 

eddddy

Nobody here can really guess the mindset or circumstances of the seller.

Maybe chat with the estate agent to get some more insight.

FWIW, I might say something like "If I were to make an offer, the highest I would go is £650k. Is it worth offering that, or would it be a waste of time?"

But often an estate agent will say "yes - make that offer" even if they think it won't be accepted, just to get a negotiation started.

Or the estate agent might say something like "They've already had an offer of £700k which they rejected, so they'll almost certainly reject £650k"



Edit to add...

But your post is slightly unclear - have you viewed the property?

If you haven't, the estate agent will probably advise the seller not to consider any offer until you've viewed.

Albermarle

I would not offer anything, without having a good look around it first.

theartfullodger

Albermarle said:

I would not offer anything, without having a good look around it first.

Agreed: And having parked up nearby on friday and saturday evenings to see how "lively" local lif is....

Tucosalamanca

I'm not sure that a rural property with land being on the market for four months is a particularly long time?

Similar properties in our area would typically take longer to sell, although they would be significantly more expensive than 650-750k

How much was the property before the reduction?

bobster2

jp1233 said:

Hi all,

I’m looking for some advice. House has been on the market for over 4 months (video from estate agents), and was reduced to 750k late November. It’s a countryside house with 5 acres of land so not a lot to compare it to of similar style. It sold in December 2017 for 565k. Looking at google street view the land has basically become overgrown and abandoned, so my guess is it is too much for them. We hadn’t thought about it in initially, however with the extended time on the market, we are now considering offering £650k. I know you are not the owners but would this be worthwhile?

Offer £700,000 with the expectation that this first offer will be rejected - then aim to settle on £712,500 following counter-offers. Coincidentally 5% below asking AND what the Nationwide House Price index says the price will be in Q3 2024 (£712,528) for a property sold for £565,000 in Q4 2017 with a national trend of +26.11% during that time.

Or alternatively - go and actually look at it!!

Slinky

bobster2 said:

jp1233 said:

Hi all,

I’m looking for some advice. House has been on the market for over 4 months (video from estate agents), and was reduced to 750k late November. It’s a countryside house with 5 acres of land so not a lot to compare it to of similar style. It sold in December 2017 for 565k. Looking at google street view the land has basically become overgrown and abandoned, so my guess is it is too much for them. We hadn’t thought about it in initially, however with the extended time on the market, we are now considering offering £650k. I know you are not the owners but would this be worthwhile?

Offer £750,000 with the expectation that this first offer will be rejected - then aim to settle on £712,500 following counter-offers. Coincidentally 5% below asking AND what the Nationwide House Price index says the price will be in Q3 2024 (£712,528) for a property sold for £565,000 in Q4 2017 with a national trend of +26.11% during that time.

Or alternatively - go and actually look at it!!

Don't you mean offer £650K? They are asking £750K

bobster2

Slinky said:

bobster2 said:

jp1233 said:

Hi all,

I’m looking for some advice. House has been on the market for over 4 months (video from estate agents), and was reduced to 750k late November. It’s a countryside house with 5 acres of land so not a lot to compare it to of similar style. It sold in December 2017 for 565k. Looking at google street view the land has basically become overgrown and abandoned, so my guess is it is too much for them. We hadn’t thought about it in initially, however with the extended time on the market, we are now considering offering £650k. I know you are not the owners but would this be worthwhile?

Offer £750,000 with the expectation that this first offer will be rejected - then aim to settle on £712,500 following counter-offers. Coincidentally 5% below asking AND what the Nationwide House Price index says the price will be in Q3 2024 (£712,528) for a property sold for £565,000 in Q4 2017 with a national trend of +26.11% during that time.

Or alternatively - go and actually look at it!!

Don't you mean offer £650K? They are asking £750K

Ooops typo - I meant £700,000. Have corrected it

Newbie_John

Offer 650k and see what happens. Then decide what to do, if they accept - you're good, if not then decide if you're willing to pay more..

They could be desperate to sell or happy to wait years, no one really knows and agents definitely won't tell the truth.