How much less have you or would you offer for a house?

[ourmaminhavana]

and did you get it? (Ran out of characters)

Ed. you'd better grab a mug of coffee if you're going to read this...

OK, so my children are going to fantastic schools in completely opposite directions and my location requirements are therefore fairly specific unless we move to a village en route. I found a house this morning which is overpriced. It's a four bed semi on a very good street unfortunately (don't care about the snob value, just need son to be near the bus stop). It's deceased estate and has been empty for a year. I'd tried to find the owner as knew it was about to come on the market from a friend who has just bought in the same street. I like it as it has a lovely garden but it's a complete tip, very run down, needs double glazing, new kitchen, completely redecorating etc.
The one next door which is double glazed, show house condition new kitchen, bathroom etc sold for a few thousand less than they are asking for this one six months ago and prices have gone down 5% since then according to Zoopla.
My friend bought a 4 bed detached (in worse state eg no central heating) at the end of the street for less than 10k more. Actually discussed this with the valuer when he phoned to tell me he'd just listed it. It's very close to the local hospital and a consultant could just buy it, especially one from out of the area. I'm not head over heels about it which is something, but would like it.
We've sold our own so are in a good position from that point of view, but would still need a mortgage so are not cash buyers.
The value is, of course, whatever someone is prepared to pay, but the actual value is around 15% less than the asking price. How much less would you offer? What are your house buying experiences if you're still awake?

[Looking for help]

I suppose it depends on various factors, like how much cash you can put in yourself, and how desperate you are for the house. I would be inclined to offer low and see if the seller rejected you out of hand or was prepared to negotiate. It's quite interesting at the moment...I have heard of people offering just below the asking price, then getting the survey and discovering the valuation is much lower, then the mortgage provider not lending because they want a high deposit, and the chain therefore collapsing. We are in that position ourselves. Our buyer's buyer has offered high on their house, but the valuation came in considerably lower, and now the chain hangs precariously in the balance, waiting for someone to do something. Grrrr I hate house moving, it is very nervy and stressy

[ourmaminhavana]

Thanks LFH, that's what i'm thinking.

it is very nervy and stressy

Yes, I feel like that and I haven't even made an offer yet.
Almost forgot my DS's first taster afternoon at Big School tomorrow I'm so preoccupied with the house!

PS I think you could change your monicker to Offering Help

[Looking for help]

Don't worry about the taster day, he'll have a great time

[ourmaminhavana]

Sorry, it shows what a state I'm in, it's my DD Thanks, I'm sure she will if I remember to take her.

[Looking for help]

Gosh you're in a bad way tonight I'm sure SHE will have a great time and you WILL remember to take her

[RaineB]

When we bought our house, which was admittedly many moons ago, it also needed a lot of work doing to it. We looked at the going rate for similar houses in the area and then deducted an estimate of what we thought the work would cost to cover the renovation and based our offer on that price. We still negotiated on the price but at least it was around the price we thought the house was worth. We found the sellers came back to us with an idea of what they would accept.

Don't know if that helps much but you can always raise your offer if it's the house you want!

Good luck!

[ourmaminhavana]

Thanks Raine, but may I ask did you offer more than 10% less than the asking price? I'm thinking 15%, but that's a lot less, but then we are in a position to buy.

[RaineB]

I think our first offer was about 16 or 17% less than the original asking price. Like the house you're looking at, we bought a house which had been empty for a year or so and the sale was being handled by the owner's son. When we made the first offer, the estate agent came back to us with a figure that would be accepted so we re-offered at that price and away we went. I think we ended up paying about 13% less than the original asking price.

At the end of the day, if they don't accept your offer and you don't want to pay any more then you're not obliged to make another offer. You may find, as we did, that the sellers will be glad to sell the house if it's been empty for some time. It also sounds that it may be worth stressing that you're in a position to buy, if you decide that you really want the house.

Let us know how you get on.

[rosered100]

You should offer what you think it's worth & dont worry what they think or say. I'd say its a buyers market just now. We are trying to sell & our EA has said the market has dies with the Budget today, the World Cup & then the summer holidays on the way.

When we bought this house, a looooooong time ago,we literally didnt have a penny more than we offered which was about 20% below asking (it had already been dropped by 25% over the previous year!!) The market was in a worse state than now & the owners had already moved out into their separate houses so this was their extra house, but we did the deal fine.

Go for it - you can always up your offer (after leaving them to consider for a time) but it's difficult to lower an offer without good reasons.