Realistic Offers Considered

lovehols · 30 November 2017 at 9:06PM

We have seen a property we want to make an offer on. It was out on the market back in October for £375k and reduced on 14th November to 'Realistic offers considered £359,950'. It is a two bedroom detached bungalow but unique in that it is on the canal with private garden frontage onto the canal (no public access as towpath is on opposite side and it isn't possible to access this). We know it is more expensive than other properties in the area, purely based on the location and the house needs work (dated, definitely needs some work - was elderly person). We want to get an architect and completely reconfigure it so that his isn't an issue anyway.

We are in a good position, no chain, finances in place and we want to make an offer. What does Realistic Offers mean, is this an indication they are open to offers, would 10-15% lower than asking price be 'realistic'.

JoJo1978 · 30 November 2017 at 9:26PM

Decide on your ceiling that you won't offer above and stick to that. Work out how much you think roughly the work you want to do would cost. Subtract that 'work fund' total from your ceiling. Take a few thousand off that to give you some wriggle room in case it's rejected. Offer that, it would be realistic to you, right? They will say no if it's not realistic to them, then start negotiating.

Aylesbury_Duck · 30 November 2017 at 9:35PM

Ignore the descriptor, it's totally meaningless. Ones person's realistic offer is someone else's cheeky punt. As with the ridiculous "competitively priced" which gets attached to everything from ovens to houses, it's just marketing waffle that doesn't stand up to any sort of scrutiny or reason.

Sarastro · 30 November 2017 at 9:37PM

They won't know what 'realistic' means until they receive some offers, so I'd ignore it. Offer what you want and see what happens. They can only say, 'no', in which case you can increase your offer up to your max.

lovehols · 30 November 2017 at 10:12PM

Thanks!

I'd just never seen the term. I've see OIEO AND OIRO but never 'Realistic Offers'. We will probably go in around £320K-ish and go from there.

Cakeguts · 30 November 2017 at 10:38PM

What will happen when you want to insure it? Will the insurance companies make out that it might be a flood risk? If so that would limit the market for it even more.

lovehols · 30 November 2017 at 11:22PM

We have already checked insurance quotes and it is fine, I believe canals are considered last risky than rivers. We won't be moving again, it's our forever home, a bungalow and one we wouldn't want to buy to make money on and leave.

FTBuyerGlasgow · 30 November 2017 at 11:54PM

My advice would be if the property went on the market in October and is already reduced in November that they are looking for a quick sale, possibly an inherited house or former elderly occupier in a home from your description?

Not everyone will look at a canal-side 2 bed bungalow and fall in love, I'd guess you have the edge over the vendor in that respect.

I'd go with your gut of £320k and work up from there.

They can only say no.

Good luck.

Mutton_Geoff · 1 December 2017 at 7:31AM

Nice looking plot. Prior to working out a price, I would speak to British Waterways or whatever they are called about mooring rights along the property because that would boost it's value.

You could ring the agent and ask them where you need to be price wise which will gauge their brief from the vendor. Then offer less and come back up, if required, to your max.

https://hallsgb.com/properties/three-bridges-grindley-brook-whitchurch-shropshire-sy13-4qh/

Edited to say, just seen a boat moored on opposite bank so canal people might well say no.

Google sat view

Slinky · 1 December 2017 at 9:30AM

Wow, lovely property.

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