UKC

Uncle Fester has got his house on the market for £450,000 which is actually £50,000 less than the agents' valuation.

Somebody came back two weeks ago for a second viewing and to take some photographs. They have now made an offer of £350,000. I think they have assessed what they would do in the way of alterations and reduced their offer price by that amount. If I was thinking about buying a place advertised at £450,000 I would be expecting to have to offer something like £400,000 to £425,000 to be in with any chance of my offer being accepted.

Be interested to hear other opinions.

BTW Uncle is not in such a hurry to sell as to accept £350,000

In reply to FesteringSore:


Wait and see if anyone offers much more. Ultimately that's the only way to validate a valuation.

How "standard" is the house? Estimating a likely sale price for a property that doesn't have dozens of near-identikit clones nearby seems to have a large navel gazing component to it.

Does not selling it for a long time cost Uncle F actual money?

In reply to wintertree:

Well to me it's a bit like when I sold a property some(15 years) time ago. I'd paid £16,000 for it. At that time it had holes in the roof, slate on soil floor, no proper electrics or plumbing and was riddled with damp. I did a complete renovation including a solid floor, re-slated roof, electrics, plumbing, installation of a bathroom(non existent before) damp proofing etc.

When I put it on the market somebody offered me £2000 less than I'd paid for it. Even the agent said that they were taking the piss.

In reply to FesteringSore:

Just bought a house and foudn that if you offered anything less than 10%, you got laughed out the door

In reply to FesteringSore:

If your valuation is approaching accurate, they're taking the piss. I would flat out reject it. One possibility is that they're actually angling at about £410,000, but have taken the attitude that if they put in a ridiculous offer to be rejected, if they come back at £400,000 they're most of the way to "meeting in the middle", but if they came in at £400,000 they could expect to be haggled up to £430,000. So make sure you've got a firm lower limit.

Also - £100,000 of alterations? Are they gutting it down to a shell and rebuilding it? The deal with a house is you can take off the amount you'd spend on essential modifications (the kitchen is from the 1970s / the roof needs maintenance) not "would be nice" alterations.

In reply to goose299:


I would agree, anything below 10% is taking the Micky, particularly if as you say it's 50k below valuation already!

In reply to FesteringSore:

Any reason why you are selling it cheap (according to the agents) in the first place?

Re. The silly offer, just laugh at them down the phone and tell your agents to be more sensible about who they bring around. It's likely they never had anywhere near the asking price in the first place but the agents probably told them you were desperate to sell considering you are already selling cheap in their eyes.