Would you say 15% under asking price is fair to offer...?

Becks045

I'm looking to buy a bungalow and in the area I'm looking in there are quite a few on the market in a similar price range (£180,000 - £190,000).

All require modernising i.e. new kitchen, bathroom and decor throughout. Some require central heating. From what I can gather most have been on for at least 4/5 months.

Would 15% under the asking price be a good place to start or more given the length of time they have already been on for?

I'm not in a chain so in a strong position to move straight away with finances in place.

Any thoughts/advice would be welcome.

ncooper1974

If they require modernisation maybe that is already factored in the price. But I wouldn't consider 15% under asking price as rude

PasturesNew

Anything is fair from your viewpoint.
15% is often considered fair in today's market.

The seller might not think it is fair.
His estate agent might not think it is fair.

The only way to find out is to go for it.

You've not told us where it is, a rightmove link helps too if available. With the information about where it is, we could look and provide information to help pin down a fair price.

If you are living in an area where stuff's still moving, it might be seen as a bit cheeky.
If you are living in an area where stuff's stuck they might be grateful.

Becks045

This is the property...

http://www.rightmove.co.uk/viewdetails-16307038.rsp?pa_n=1&tr_t=buy

What you don't see is at the side are some flats (not that nice over looking the garden). Doesn't bother me, but could be used as a negative factor. Also no garage and 98% of these properties in this area have a garage.

It needs a new kitchen and bathroom (bathroom currently a wet room - not modern though, which was made for a disabled person). New decor throughout including new flooring throughout. Externally the property is quite shaby and need painting and the garden and front drive needs work. I think it may need rewring from what I saw too.

Having watched the market for several months seems like things in this area are not moving hensce why I thought 15% under the price.

They obv bought before land registry listed property prices as not detail of what they paid. Some of the properties listed for £200k+ are the sea side of the road, much nicer and they are larger properties i.e. 3 bed.

geoffky

You are joking are you not?:beer:I would be embarrassed by offering 15% less





TRY 30%

Becks045

geoffky wrote: »

You are joking are you not?:beer:I would be embarrassed by offering 15% less





TRY 30%

Are you serious??!!!!

Becks045

geoffky wrote: »

You are joking are you not?:beer:I would be embarrassed by offering 15% less





TRY 30%

Would anyone else agree with this opinion?

Treadmill

30% would be just silly. In fact 15% would be silly if the property was priced for a quick sale or realisticaly priced in the first place.

Who is going to accept 120k on a 180k property ? even repossesion angels would give you more than that lol

lonestar1

I would start at 20% then with negotiation you could always go to 15%

t1000_2

absolutely agree with 30-40% less.

in a very uncertain market with some surveyors suggesting a 40% fall in prices this year, you have no real idea where your house price will be next year, so 40% is not a crazy idea. Read up on Japan's housing price fall, are we that different. Categorically not, it can and might just happen.

Treadmill

If somebody bid me 40% less than the asking price I would think they had been sniffing glue lol