The Masked Tulip Posted May 24, 2011 Share Posted May 24, 2011 Hi, I can't recall the thread that it was in last week, but someone asked me to keep them informed about an 80% offer a friend of mine just put in last week on a house that was on for just short of 250K. They put an offer in of just short of 200K or 80% of asking. The offer has been turned down but, overnight, RM has listed it as now 10K lower asking price. It is here: http://www.rightmove.co.uk/property-for-sale/property-17199207.html/svr/1710;jsessionid=22E23A63250BA2F06330C417C0025C3F Personally, I would never buy it. It is on a narrow road that is not only a rat run but it is just near the part of the road where it narrows considerably and is on a slight incline. You can't see what is coming the other way over the little hill so you naturally brake and then accelerate more or less directly at the point outside the house. I would never want to live anywhere near that. It would drive me nuts. Quote Link to comment Share on other sites More sharing options...
man o' the year Posted May 24, 2011 Share Posted May 24, 2011 Hi, I can't recall the thread that it was in last week, but someone asked me to keep them informed about an 80% offer a friend of mine just put in last week on a house that was on for just short of 250K. They put an offer in of just short of 200K or 80% of asking. The offer has been turned down but, overnight, RM has listed it as now 10K lower asking price. It is here: http://www.rightmove.co.uk/property-for-sale/property-17199207.html/svr/1710;jsessionid=22E23A63250BA2F06330C417C0025C3F Personally, I would never buy it. It is on a narrow road that is not only a rat run but it is just near the part of the road where it narrows considerably and is on a slight incline. You can't see what is coming the other way over the little hill so you naturally brake and then accelerate more or less directly at the point outside the house. I would never want to live anywhere near that. It would drive me nuts. Opposite Covelli's chippy! Is it still in same family? Was great chip shop. Quote Link to comment Share on other sites More sharing options...
Pent Up Posted May 24, 2011 Share Posted May 24, 2011 (edited) So now thier offer has improved overnight. It's not 20% below asking anymore! Maybe your friend should reiterate this. Worked it out: they offered 20% first time. Same offer now is merely 16.6% off. Much better deal for the poor vendor. Edited May 24, 2011 by Pent Up Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted May 24, 2011 Author Share Posted May 24, 2011 Opposite Covelli's chippy! Is it still in same family? Was great chip shop. Well, along the road opposite, around the corner, through the lane, around the bend, along another lane, over a small hill.... yes No, they sold up 2 or 3 years ago I think. I think there was illness in the family. I think they sold up at the same time that the British legion club next door was sold - it has been a car park for a few years now. Rumour has it that Waitrose or M&S will be going there in a new building with flats above. If true, imagine living over a supermarket? Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted May 24, 2011 Author Share Posted May 24, 2011 So now there offer has improved overnight. It's not 20% below asking anymore! Maybe your friend she reiterate this. Worked it out: they offered 20% first time. Same offer now is merely 16.6% off. Much better deal for the poor vendor. LOL! Quote Link to comment Share on other sites More sharing options...
Discopants Posted May 24, 2011 Share Posted May 24, 2011 Hi, I can't recall the thread that it was in last week, but someone asked me to keep them informed about an 80% offer a friend of mine just put in last week on a house that was on for just short of 250K. That was me thanks. There is a place we viewed at the weekend on at price range 319 to 360 that I quite like. 20 year old house in a very leafy estate with good schools. It is in totally original condition ie in need of a complete refit. I know the owners bought it June 2007 for £340k and they have had it on the market for about 6 months with a slight reduction. All the structure looks good needs about 30K spending on it to open up the kitchen with the dining room at the back of the house and then new kitchen and 2 bathrooms and some windows and doors, decoration and new carpets. Agents have rang me twice and I said it needs a lot spending on it but we like the area. They told me the vendors are keen to sell it and are exiting the market to go to rented and they would certainly accept 330. I told them straight that although we liked it we needed to spend 30k to bring it to what we require and we were a long way short of that price. Would you be prepared to offer in the range ? No we are a long way short of that and I know what they paid and I cant see them taking a figure that we would be prepared to offer. Why don't you try anyway, they say? Well I havent showed my hand yet but we are thinking about 290k max for this. I'm 100% convinced this will be rejected even if we start at 280 and increase but I suspect the agents just want some leverage to press for a decent reduction to continue marketing it with any hope of a sale. I cant see the vendor taking a 50k hit although I think they have woken up to bubble prices. Quote Link to comment Share on other sites More sharing options...
man o' the year Posted May 24, 2011 Share Posted May 24, 2011 Well, along the road opposite, around the corner, through the lane, around the bend, along another lane, over a small hill.... yes No, they sold up 2 or 3 years ago I think. I think there was illness in the family. I think they sold up at the same time that the British legion club next door was sold - it has been a car park for a few years now. Rumour has it that Waitrose or M&S will be going there in a new building with flats above. If true, imagine living over a supermarket? As a dishevelled student in 1979, having walked back from the uni in the rain I bought chips and was given a free fish by Mrs Covelli. They were all a lovely family. Everytime I was back in the area I returned for fish and chips, often with family, so she made up the money many fold over the years. Quote Link to comment Share on other sites More sharing options...
Lepista Posted May 24, 2011 Share Posted May 24, 2011 So now there offer has improved overnight. It's not 20% below asking anymore! Maybe your friend she reiterate this. Worked it out: they offered 20% first time. Same offer now is merely 16.6% off. Much better deal for the poor vendor. Same offer is actually only 11.1% less than asking. However, I think the buyer should now offer 20% less again - see if the same trick works twice! Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted May 24, 2011 Author Share Posted May 24, 2011 doesnt mumbles have a good view of the port talbot steel works? It does indeed. Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted May 24, 2011 Author Share Posted May 24, 2011 That was me thanks. All the structure looks good needs about 30K spending on it to open up the kitchen with the dining room at the back of the house and then new kitchen and 2 bathrooms and some windows and doors, decoration and new carpets. Are you sure 30K would cover it? Quote Link to comment Share on other sites More sharing options...
Discopants Posted May 24, 2011 Share Posted May 24, 2011 Are you sure 30K would cover it? No , thats just a guess. Was thinking 3000 for flooring 10k for bathrooms and downstairs loo, 10 to 12k for the kitchen and 5k to take the wall out and replace a patio door and replace a couple of the other dg units that are shot. Nothing in there for decorating I know but I would think £35k should cover it but to be fair I have no idea as I've not done that sort of thing before. Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted May 24, 2011 Author Share Posted May 24, 2011 No , thats just a guess. Was thinking 3000 for flooring 10k for bathrooms and downstairs loo, 10 to 12k for the kitchen and 5k to take the wall out and replace a patio door and replace a couple of the other dg units that are shot. Nothing in there for decorating I know but I would think £35k should cover it but to be fair I have no idea as I've not done that sort of thing before. Obviously I don't know the nature of the work in detail, but 30K sounds very cheap. In my part of the world 50K is usually the minimum cost for modernising a 3 bed semi - nuts I know, but there you go. The wall you mention needing to be taken out - what about structural support? Putting in a metal lintels, steel supporting beams, etc. They can get pricey. Quote Link to comment Share on other sites More sharing options...
Bosh Posted May 24, 2011 Share Posted May 24, 2011 Well I havent showed my hand yet but we are thinking about 290k max for this. I'm 100% convinced this will be rejected even if we start at 280 and increase but I suspect the agents just want some leverage to press for a decent reduction to continue marketing it with any hope of a sale. I cant see the vendor taking a 50k hit although I think they have woken up to bubble prices. I was 100% convinced that my offer of £500k on a property marked up for £700k would be rejected. It was at first but three weeks later they came back and even then I managed to cover stamp duty by knocking another £15k off. Managed to get agreement at £485k.... Over 30% off. Depends on how desperate they are. Never believe a word the agents spew out. When I initially offered £500k they said it was pointless passing the offer on. I made sure they did. They told me that they had 2 x credible offers in the region of £600k... We are living there now. Liars !! Don`t be scared to put in the offer. It`s your money !! Quote Link to comment Share on other sites More sharing options...
Bosh Posted May 24, 2011 Share Posted May 24, 2011 Obviously I don't know the nature of the work in detail, but 30K sounds very cheap. In my part of the world 50K is usually the minimum cost for modernising a 3 bed semi - nuts I know, but there you go. The wall you mention needing to be taken out - what about structural support? Putting in a metal lintels, steel supporting beams, etc. They can get pricey. Fecking absolutely +1 Quote Link to comment Share on other sites More sharing options...
silver surfer Posted May 24, 2011 Share Posted May 24, 2011 No , thats just a guess. Was thinking 3000 for flooring 10k for bathrooms and downstairs loo, 10 to 12k for the kitchen and 5k to take the wall out and replace a patio door and replace a couple of the other dg units that are shot. Nothing in there for decorating I know but I would think £35k should cover it but to be fair I have no idea as I've not done that sort of thing before. There are a few websites that'll give you an idea, such as this one, http://www.whatprice.co.uk/decorating/ Quote Link to comment Share on other sites More sharing options...
Discopants Posted May 24, 2011 Share Posted May 24, 2011 Obviously I don't know the nature of the work in detail, but 30K sounds very cheap. In my part of the world 50K is usually the minimum cost for modernising a 3 bed semi - nuts I know, but there you go. The wall you mention needing to be taken out - what about structural support? Putting in a metal lintels, steel supporting beams, etc. They can get pricey. £50k for 3 beds crikey, I better try to get a better handle on the costs. I'm sure you could easily spend £50 k here too its 4 beds but I'm inherrantly tight . The place is certainly liveable I was thinking of waiting for the kitchen and bathroom sales to come up and do the stripping out myself along with the decorating. I can forsee plenty of spare time on my hands in 6 months time. I know a very good tiler who could also help me with most of the other stuff bathroom wise. I also know a good carpenter who might be free at weekends to help out. I dont think the wall is structural but I'm going for another look at the weekend. Quote Link to comment Share on other sites More sharing options...
Discopants Posted May 24, 2011 Share Posted May 24, 2011 There are a few websites that'll give you an idea, such as this one, http://www.whatprice.co.uk/decorating/ Thanks I'll take a look at that Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted May 24, 2011 Author Share Posted May 24, 2011 £50k for 3 beds crikey, I better try to get a better handle on the costs. I'm sure you could easily spend £50 k here too its 4 beds but I'm inherrantly tight . The place is certainly liveable I was thinking of waiting for the kitchen and bathroom sales to come up and do the stripping out myself along with the decorating. I can forsee plenty of spare time on my hands in 6 months time. I know a very good tiler who could also help me with most of the other stuff bathroom wise. I also know a good carpenter who might be free at weekends to help out. I dont think the wall is structural but I'm going for another look at the weekend. There you go - you just said it yourself. You are tight, which means that your own valuations will be most likely 'tight' also. Again, I don't know the place but a good rule of thumb is to take your initial costing estimate and double it to get to the true cost of the work. The structural thing is important - you really need an expert to give you an opinion, especially as such support is now a legal requirement. What is above/and either side of the wall you intend to remove - in other words, is it a supporting wall. I look at houses all the time in the 250K to 300K price range that are just knackered. I know that each would not leave me much change from 100K so I tell the EAs that they are barking. Alas, it does not stop them trying to convince me that is something to do up. People are just deluded about the price of houses and the cost of doing them up. I mean, a 3 bed semi for 350K which needs 100K spent on it. Madness, but that is my local market. Quote Link to comment Share on other sites More sharing options...
Discopants Posted May 24, 2011 Share Posted May 24, 2011 I was 100% convinced that my offer of £500k on a property marked up for £700k would be rejected. It was at first but three weeks later they came back and even then I managed to cover stamp duty by knocking another £15k off. Managed to get agreement at £485k.... Over 30% off. Depends on how desperate they are. Never believe a word the agents spew out. When I initially offered £500k they said it was pointless passing the offer on. I made sure they did. They told me that they had 2 x credible offers in the region of £600k... We are living there now. Liars !! Don`t be scared to put in the offer. It`s your money !! Wow sounds like you did very well, I will probably have a stab at it anyway, they can only say no, but in your case they probably didnt pay top dollar for it themselves. When did you buy ? I think we just don't have enough fear in the market at the moment, things may change if they start tightening. Quote Link to comment Share on other sites More sharing options...
Bosh Posted May 24, 2011 Share Posted May 24, 2011 Wow sounds like you did very well, I will probably have a stab at it anyway, they can only say no, but in your case they probably didnt pay top dollar for it themselves. When did you buy ? I think we just don't have enough fear in the market at the moment, things may change if they start tightening. You are quite correct, they can only say no. and yes, I bought end of 2008 during mid banking crisis and confidence was low. Stick your offer in because who knows how soon panic will set in and they may quickly end up going back to the Agents asking them to contact all those that put in what they deemed as daft offers. It depends on the sellers. They may be splitting up. They may be so much in debt. Good luck. Quote Link to comment Share on other sites More sharing options...
Discopants Posted May 24, 2011 Share Posted May 24, 2011 There you go - you just said it yourself. You are tight, which means that your own valuations will be most likely 'tight' also. Again, I don't know the place but a good rule of thumb is to take your initial costing estimate and double it to get to the true cost of the work. The structural thing is important - you really need an expert to give you an opinion, especially as such support is now a legal requirement. What is above/and either side of the wall you intend to remove - in other words, is it a supporting wall. I look at houses all the time in the 250K to 300K price range that are just knackered. I know that each would not leave me much change from 100K so I tell the EAs that they are barking. Alas, it does not stop them trying to convince me that is something to do up. People are just deluded about the price of houses and the cost of doing them up. I mean, a 3 bed semi for 350K which needs 100K spent on it. Madness, but that is my local market. Thanks TMT your points are duly noted. I'll now tell the agent I need to spend 50 to 60k to bring it up to spec and knock another 15k off my my offer Quote Link to comment Share on other sites More sharing options...
man o' the year Posted May 24, 2011 Share Posted May 24, 2011 I was 100% convinced that my offer of £500k on a property marked up for £700k would be rejected. It was at first but three weeks later they came back and even then I managed to cover stamp duty by knocking another £15k off. Managed to get agreement at £485k.... Over 30% off. Depends on how desperate they are. Never believe a word the agents spew out. When I initially offered £500k they said it was pointless passing the offer on. I made sure they did. They told me that they had 2 x credible offers in the region of £600k... We are living there now. Liars !! Don`t be scared to put in the offer. It`s your money !! Just as a matter of interest what area? Quote Link to comment Share on other sites More sharing options...
Bosh Posted May 24, 2011 Share Posted May 24, 2011 Just as a matter of interest what area? Esher. Quote Link to comment Share on other sites More sharing options...
tim123 Posted May 24, 2011 Share Posted May 24, 2011 (edited) Hi, I can't recall the thread that it was in last week, but someone asked me to keep them informed about an 80% offer a friend of mine just put in last week on a house that was on for just short of 250K. They put an offer in of just short of 200K or 80% of asking. The offer has been turned down but, overnight, RM has listed it as now 10K lower asking price. It is here: http://www.rightmove.co.uk/property-for-sale/property-17199207.html/svr/1710;jsessionid=22E23A63250BA2F06330C417C0025C3F Personally, I would never buy it. It is on a narrow road that is not only a rat run but it is just near the part of the road where it narrows considerably and is on a slight incline. You can't see what is coming the other way over the little hill so you naturally brake and then accelerate more or less directly at the point outside the house. I would never want to live anywhere near that. It would drive me nuts. I wouldn't buy it either. It would be awful having to work in an out of focus kitchen every day tim Edited May 24, 2011 by tim123 Quote Link to comment Share on other sites More sharing options...
The Masked Tulip Posted May 25, 2011 Author Share Posted May 25, 2011 I wouldn't buy it either. It would be awful having to work in an out of focus kitchen every day tim I suspect the out of focus might be a result of the rooms being so small that the lens cannot focus. An etching would have been preferable. Quote Link to comment Share on other sites More sharing options...
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