Viewed a 2 bedroom period semi in a desirable part of the south-east in March. It needed EVERYTHING doing. Only bathroom was downstairs, kitchen needed gutting, no central heating etc. etc. On the market for £425K, but had enormous potential. I'm not in a chain and have a mortage secured. In a slightly different situation to most here in that I'm working abroad, so there would be some advantage to buying and getting a tenant into my main home to start paying off the mortgage for me.
Anyway, went home did the maths on the work that needed doing on the property, estimated a value for it once rennovated and went back and offered £325K to the agent. he described it as an "outrageous offer" and it was unsurprisingly turned down. The feedback we got was that the vendors were in no hurry to sell and wanted the full price. However a fortnight later it was dropped to £395K and now has a sale agreed, but I'm just waiting for it to fall through...
I will now only make "outrageous offers" until someone accepts one!
PS - This is my first post, I've been a lurker for several weeks, but had huge difficulties registering and in the end had to re-register with a different email address.