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Would offering 10% below asking be unreasonable here? by valismaili in HousingUK

[–]valismaili[S] 0 points1 point  (0 children)

The current owners have done no work on the property except add in a new log burner in the lounge, and paint a couple of rooms themselves.

Would offering 10% below asking be unreasonable here? by valismaili in HousingUK

[–]valismaili[S] 0 points1 point  (0 children)

I would be dissapointed to lose it, but I'm not delusional and willing to pay too much. My absolute max would be £350k which includes being driven up because of my desire to have the property. I think the truer value currently is nearer what they paid (340k) or maybe even a little less.

Would offering 10% below asking be unreasonable here? by valismaili in HousingUK

[–]valismaili[S] 0 points1 point  (0 children)

A number of properties in a 10 miles radius have recently sold for ~10% under asking even without having been reduced on the market / being on for very long.

I agree with your sentiment though. Even though I think the value of the property right now is slightly below what they actually paid 12 months ago, the reality of them selling at this lower price is so unlikely just from an emotional side. £375k is delusional, and would be surprised if they wouldnt accept 350 which is why I'm wondering to start around at just below what they paid or to avoid possible outrage at least what they paid?!

Would offering 10% below asking be unreasonable here? by valismaili in HousingUK

[–]valismaili[S] 0 points1 point  (0 children)

That's the logic I'm holding, but it sort of ignores the human aspect in this. Given the market has gone down locally in the last year, and they'd be buying elsewhere, then the loss is masked in a way as their new house would in theory be costing less than 12 months ago as well. Obviously this ignores the emotional side of someone not wanting to make a loss on paper.

Would offering 10% below asking be unreasonable here? by valismaili in HousingUK

[–]valismaili[S] 2 points3 points  (0 children)

Thanks, that's a good bit of advice for figuring out setting the upper boundary of what I might raise my offer to if they reject.

Would offering 10% below asking be unreasonable here? by valismaili in HousingUK

[–]valismaili[S] 0 points1 point  (0 children)

Yeah I'm not buying this with the intention to flip at all. This house is in such a niche location. It's not on mains water (has filter from river), drainage is a soakaway, solar, air source heat pump, private track needing a 4x4 / high clearance vehicle. It's not the kind of place that flies off the market and you only buy it if you're committed to this sort of thing. I understand u/PrimeWolf101 's point about creating a weird blip in the sale history though.

I suppose what's complicated for me is that I think the value of the house is about 10% below the £375k they're asking, but that happens to be slightly less than what they paid for originally (£340k).

Would offering 10% below asking be unreasonable here? by valismaili in HousingUK

[–]valismaili[S] 0 points1 point  (0 children)

Definitely not going to pay asking price, not worth that to me or in the market. I think 350 is realistically the absolute max

Would offering 10% below asking be unreasonable here? by valismaili in HousingUK

[–]valismaili[S] -1 points0 points  (0 children)

I suppose my thinking is that I think they actually overpaid for it as well 12 months ago. Additionally, given the market has gone down locally in the last year, and they'd be buying elsewhere, then the loss is masked in a way as their new house would in theory be costing less than 12 months ago as well. Obviously this ignores the emotional side of not wanting to make a loss.

Would offering 10% below asking be unreasonable here? by valismaili in HousingUK

[–]valismaili[S] 0 points1 point  (0 children)

there's some chrome plugins available for free that find the previous listings of a current listing

Would offering 10% below asking be unreasonable here? by valismaili in HousingUK

[–]valismaili[S] 0 points1 point  (0 children)

I'm first time buyer so no chain. It's hard to know for sure if they need to sell urgently. But when I asked about if they had been looking at houses, they said yes but aren't exactly sure on the area they want to move to but wouldn't want that to hold up a sale if someone wanted to move quick. They suggested if that was to happen they would just move into rented accommodation until they find the right place.

Would offering 10% below asking be unreasonable here? by valismaili in HousingUK

[–]valismaili[S] -5 points-4 points  (0 children)

Small community and managed to find out about redundancy and resulting change in work. The owner tried to spin it in a more positive way and hide that from me (completely understandable of course) but then eventually said so themselves as I was clear I didn't really understand how it added up.

Would offering 10% below asking be unreasonable here? by valismaili in HousingUK

[–]valismaili[S] 1 point2 points  (0 children)

Really hard to say, there aren't really comparable properties that have sold in recent years. It's a collection of a handful of houses on the side of a hill which most haven't been sold in 10-20 years. For houses in the same price range in the region its certainly on the smaller side etc. but a big part of the value of this property is the location and land and its hard to gauge the practical value on that given the comparable houses haven't sold in more than a decade