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    • Monchan2003
    • By Monchan2003 13th Jan 19, 4:36 PM
    • 6Posts
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    Monchan2003
    Advice on making offer - Glastonbury
    • #1
    • 13th Jan 19, 4:36 PM
    Advice on making offer - Glastonbury 13th Jan 19 at 4:36 PM
    Hi.
    Interested in a property in the Glastonbury area. Property has been on market since 08/18 and asking price is 455K.
    After viewing it seems it needs quite a bit of ‘cosmetic’ work both inside and out to tidy it up (need a proper survey to see if more substantial work is needed). Since the last sale (2008) it looks as if nothing has been done by current owners to maintain the property. I believe the 2008 price paid was too high for the property, but of course do not know the full details behind that purchase.
    Given the current market, general state of the property, our position (no chain, financing in place, ready to push the button) I’m tempted to offer 400K on the property but wonder if this is too low...?

    Any advice very much appreciated!
Page 1
    • quantumlobster
    • By quantumlobster 13th Jan 19, 4:54 PM
    • 331 Posts
    • 715 Thanks
    quantumlobster
    • #2
    • 13th Jan 19, 4:54 PM
    • #2
    • 13th Jan 19, 4:54 PM
    Hi.
    Interested in a property in the Glastonbury area. Property has been on market since 08/18 and asking price is 455K.
    After viewing it seems it needs quite a bit of ‘cosmetic’ work both inside and out to tidy it up (need a proper survey to see if more substantial work is needed). Since the last sale (2008) it looks as if nothing has been done by current owners to maintain the property. I believe the 2008 price paid was too high for the property, but of course do not know the full details behind that purchase.
    Given the current market, general state of the property, our position (no chain, financing in place, ready to push the button) I’m tempted to offer 400K on the property but wonder if this is too low...?

    Any advice very much appreciated!
    Originally posted by Monchan2003
    Do you dare chance a rightmove link?
    • Harvic
    • By Harvic 13th Jan 19, 4:55 PM
    • 7 Posts
    • 2 Thanks
    Harvic
    • #3
    • 13th Jan 19, 4:55 PM
    • #3
    • 13th Jan 19, 4:55 PM
    You haven't got much to lose- unlikely they'll refuse to deal with you if 'offended.' House has been on the market five months, at a quiet time of year and a slow period (Brexit uncertainty etc).


    Why not put in an offer with your pros (chain/speed/finance) in a letter and point out any recent comparable sales in that area if they are around your valuation. Cosmetic work is only likely to come to a few thousand unless you need kitchens etc. Survey findings could be further negotiated later. If owner (via estate agent) rejects you, they might give polite noises around a value that would be acceptable.
    • chunkytfg
    • By chunkytfg 13th Jan 19, 4:56 PM
    • 452 Posts
    • 489 Thanks
    chunkytfg
    • #4
    • 13th Jan 19, 4:56 PM
    • #4
    • 13th Jan 19, 4:56 PM
    Hi.
    Interested in a property in the Glastonbury area. Property has been on market since 08/18 and asking price is 455K.
    After viewing it seems it needs quite a bit of ‘cosmetic’ work both inside and out to tidy it up (need a proper survey to see if more substantial work is needed). Since the last sale (2008) it looks as if nothing has been done by current owners to maintain the property. I believe the 2008 price paid was too high for the property, but of course do not know the full details behind that purchase.
    Given the current market, general state of the property, our position (no chain, financing in place, ready to push the button) I’m tempted to offer 400K on the property but wonder if this is too low...?

    Any advice very much appreciated!
    Originally posted by Monchan2003
    The sellers have 2 options. Say yes or Say no.

    Unlikely to say yes if the problem is nothing more than cosmetics as that doesn't equate to a 55K reduction.

    Any chance of a link?
    Those who risk nothing, Do nothing, achieve nothing, become nothing
    MFW #63 £0/£500
    • ess0two
    • By ess0two 13th Jan 19, 5:00 PM
    • 3,010 Posts
    • 3,928 Thanks
    ess0two
    • #5
    • 13th Jan 19, 5:00 PM
    • #5
    • 13th Jan 19, 5:00 PM
    Tough one expecting the seller to fund your cosmetic work / changes?
    Official MR B fan club,dont go............................
    • G_M
    • By G_M 13th Jan 19, 5:05 PM
    • 46,524 Posts
    • 56,488 Thanks
    G_M
    • #6
    • 13th Jan 19, 5:05 PM
    • #6
    • 13th Jan 19, 5:05 PM
    What have oher similar properties been selling for?
    • TBagpuss
    • By TBagpuss 13th Jan 19, 5:17 PM
    • 7,024 Posts
    • 9,242 Thanks
    TBagpuss
    • #7
    • 13th Jan 19, 5:17 PM
    • #7
    • 13th Jan 19, 5:17 PM
    I guess it depends how much you like the property.

    If it's the one I think, It seems to be at the top of the price range for that size of house, so you'd be paying a lot for period features and no parking.

    Also,it's been on the market since August with no reductions in price, which would suggest to me that either the sellers aren't willing to accept anything under asking price, or there are issues which a survey will bring up.

    Given that there are several 4 bed detached properties available for around £400K that does seem a reasonable place to start, not least so you can ask the sellers or their agents to explain why they feel their property is worth so much more than that others.
    • chrissie57
    • By chrissie57 13th Jan 19, 5:18 PM
    • 4,740 Posts
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    chrissie57
    • #8
    • 13th Jan 19, 5:18 PM
    • #8
    • 13th Jan 19, 5:18 PM
    https://www.rightmove.co.uk/property-for-sale/property-75220340.html

    https://www.rightmove.co.uk/house-prices/BA6-9DN.html?backListLink=%2Fproperty-for-sale%2Ffind.html%3FlocationIdentifier%3DPOSTCODE%2 55E45334%26minPrice%3D400000%26maxPrice%3D550000%2 6minBedrooms%3D4%26radius%3D0.5
    "If ever there is a tomorrow when we're not together... there is something you must always remember. You are braver than you believe, stronger than you seem, and smarter than you think. But the most important thing is, even if we're apart... I'll always be with you. "
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    • Monchan2003
    • By Monchan2003 13th Jan 19, 5:22 PM
    • 6 Posts
    • 3 Thanks
    Monchan2003
    • #9
    • 13th Jan 19, 5:22 PM
    Similar properties - pricing
    • #9
    • 13th Jan 19, 5:22 PM
    As a new user I’m apparently not allowed to post links to other sites!

    There are three other properties on offer in the immediate vicinity ranging from 367-410K. All of a similar size but in better condition.... the property we viewed does have more appeal to us though
    • Monchan2003
    • By Monchan2003 13th Jan 19, 5:26 PM
    • 6 Posts
    • 3 Thanks
    Monchan2003
    I think that approach is worth it: digging for some details as to why the current asking price is justifiable when similar local properties are a little off such a valuation.
    • MysteryMe
    • By MysteryMe 13th Jan 19, 5:57 PM
    • 2,067 Posts
    • 2,535 Thanks
    MysteryMe
    Not enough information to make any sort of informed comment. Perhaps what makes this property more appealing to you is why it is priced higher than other properties.
    • goodwithsaving
    • By goodwithsaving 13th Jan 19, 6:15 PM
    • 903 Posts
    • 1,443 Thanks
    goodwithsaving
    OP, is it the one on Wells Road? I can post the link if so.
    Every time you borrow money, you’re robbing your future self. –Nathan W. Morris
    • Davesnave
    • By Davesnave 13th Jan 19, 6:43 PM
    • 27,093 Posts
    • 97,137 Thanks
    Davesnave
    2008/9 was the bottom of the market in Somerset and most other places.

    For comparison, period houses in Bath then selling around £300k are now making £500k.

    However, Glasto isn't Bath and it may well have gone down-market since the noughties. We're a long way from the Age of Aquarius!

    I wonder if they got the garage thrown-in for their £365k?
    Gardening is cheaper than psychotherapy.....and you get tomatoes.
    • Monchan2003
    • By Monchan2003 13th Jan 19, 6:43 PM
    • 6 Posts
    • 3 Thanks
    Monchan2003
    Yes. Wells Road
    • Monchan2003
    • By Monchan2003 13th Jan 19, 6:45 PM
    • 6 Posts
    • 3 Thanks
    Monchan2003
    And yes - garage was included in the original 2008 sale.
    • Monchan2003
    • By Monchan2003 13th Jan 19, 6:47 PM
    • 6 Posts
    • 3 Thanks
    Monchan2003
    chrissie57 posted a link earlier in the thread - many thanks!
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