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    • lovehols
    • By lovehols 30th Nov 17, 8:06 PM
    • 214Posts
    • 122Thanks
    lovehols
    Realistic Offers Considered
    • #1
    • 30th Nov 17, 8:06 PM
    Realistic Offers Considered 30th Nov 17 at 8:06 PM
    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'.
Page 1
    • JoJo1978
    • By JoJo1978 30th Nov 17, 8:26 PM
    • 344 Posts
    • 424 Thanks
    JoJo1978
    • #2
    • 30th Nov 17, 8:26 PM
    • #2
    • 30th Nov 17, 8:26 PM
    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.
    Hamster in the wheel (London) 1999-2017
    Mortgage free since 2015; Pension pot sorted 2017
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    • Aylesbury Duck
    • By Aylesbury Duck 30th Nov 17, 8:35 PM
    • 1,843 Posts
    • 2,485 Thanks
    Aylesbury Duck
    • #3
    • 30th Nov 17, 8:35 PM
    • #3
    • 30th Nov 17, 8:35 PM
    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
    • By Sarastro 30th Nov 17, 8:37 PM
    • 393 Posts
    • 338 Thanks
    Sarastro
    • #4
    • 30th Nov 17, 8:37 PM
    • #4
    • 30th Nov 17, 8:37 PM
    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
    • By lovehols 30th Nov 17, 9:12 PM
    • 214 Posts
    • 122 Thanks
    lovehols
    • #5
    • 30th Nov 17, 9:12 PM
    • #5
    • 30th Nov 17, 9:12 PM
    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
    • By Cakeguts 30th Nov 17, 9:38 PM
    • 4,363 Posts
    • 6,235 Thanks
    Cakeguts
    • #6
    • 30th Nov 17, 9:38 PM
    • #6
    • 30th Nov 17, 9:38 PM
    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
    • By lovehols 30th Nov 17, 10:22 PM
    • 214 Posts
    • 122 Thanks
    lovehols
    • #7
    • 30th Nov 17, 10:22 PM
    • #7
    • 30th Nov 17, 10:22 PM
    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
    • By FTBuyerGlasgow 30th Nov 17, 10:54 PM
    • 26 Posts
    • 17 Thanks
    FTBuyerGlasgow
    • #8
    • 30th Nov 17, 10:54 PM
    • #8
    • 30th Nov 17, 10:54 PM
    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.
    Started out with nothing, still got most of it left.
    • Mutton Geoff
    • By Mutton Geoff 1st Dec 17, 6:31 AM
    • 1,129 Posts
    • 1,220 Thanks
    Mutton Geoff
    • #9
    • 1st Dec 17, 6:31 AM
    • #9
    • 1st Dec 17, 6:31 AM
    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
    Last edited by Mutton Geoff; 01-12-2017 at 6:37 AM.
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    • Slinky
    • By Slinky 1st Dec 17, 8:30 AM
    • 5,189 Posts
    • 23,977 Thanks
    Slinky
    Wow, lovely property.
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