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Mustard_Jones

What Should I Offer ?

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Hi all,

I'd welcome your views here. I've found a house I really like and would like to put in an offer, the background is

  1. I'm a cash buyer with nothing to sell
  2. The house was listed a couple of weeks ago at £225k and I like the area - it was bought for £206k in 2006
  3. It needs a new boiler and some superficial work on the extension, estimate about £5k of work needed
  4. The owner is renting it out, apparently he lives far away and wants to buy another place nearer to where he lives....I don't believe this is a distressed sale, yet ;~)

I know this is not a detailed overview and that I also haven't (intentionally) put a rightmove link in this post, however given the state of the market and my strong commercial position I'd welcome your views on what to offer.

I was thinking of offering £195k, no negotitions, take it or leave it to the EA.

What do you guys reckon is a reasonable offer given the market ?

Thanks !

Mustard

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It sounds like you are prepaired to pay 200k for it and the vendor should be greatful for a cash buyer.

If it was bought for 206K at near peak it sounds very over priced or he got a bargain. What work has been done since then?

I would hold on to your cash for now. If you must have this one offer 180k. Its not cheeky but realistic. It will be turned down no doubt, wait a few days and counter just a few grand more and leave it at that. Plenty more fish. Not many cash buyers.

Hold on your a cash buyer, go to the auctions where you belong and get a bargain. :D

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It sounds like you are prepaired to pay 200k for it and the vendor should be greatful for a cash buyer.

If it was bought for 206K at near peak it sounds very over priced or he got a bargain. What work has been done since then?

I would hold on to your cash for now. If you must have this one offer 180k. Its not cheeky but realistic. It will be turned down no doubt, wait a few days and counter just a few grand more and leave it at that. Plenty more fish. Not many cash buyers.

Hold on your a cash buyer, go to the auctions where you belong and get a bargain. :D

I've been looking at auctions in my target area for the past 18 months.

There's only been one property offered that I would have considered living in (if you search through my other posts you will find it!), and even that isn't really the right location.

Property goes to an auction for a reason and that reason is usually because it's a rubbish property and/or in a rubbish area

tim

Edited by tim123

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I don't think they will accept a low offer if it has only been listed recently. I think if you love the house (it is hard to find one that ticks all the boxes) then register an interest and that way if anyone else puts an offer in you can always counter it.

I placed an offer on a place last week that has been listed since April last year and has had no offers in all that time. It was on for £165.00 and then June it reduced to £159,950. I offered £128 20% off which I thought was resonable giving the current market. I knew they would refuse that offer but I was prepared t go to £135K but they came back with a definate no we want asking price or thereabouts. Sellers just don't get it and I don't know what is going to make them realise that it isn't 2007 with buyers prepared to pay ridicuous amounts of money for a house!

Good luck with whatever you decide, it is not an easy ride out there!

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House prices today sit at March 06 levels, so what you are offering sounds a reasonable discount on that.

Alternatively you could wait till prices drop more but will have to find another house you really like and that is not always easy.

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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