How much would you offer? Newcastle upon Tyne

[Horsecaz]

Advice needed. I’ve seen a house I like which was bought by an investor in December 2016 for £83,500. Apparently it was owned by an old lady so needed to be fully refurbished which it has been but not to a high standard.

It went up for sale 8 weeks ago and went up for offers over £125,000. Then it got reduced to £122,000 2 weeks later and more recently it’s been reduced to OIRO £119,000. When we viewed it the EA said that it was a investor who bought it and she wants a quick sale preferably before the new year, so we offered £100k first and then 105,000 this was rejected. Other houses in the same in the street have gone for £100k-105k in the last year but probably weren’t refurbished as nice as this one. Back when the property was booming some of the houses were sold for £120-125k but not recently

so my question is - do I offer more or wait and see if they come back and accept my offer of £105k? What is the market like at the moment? Any other tips anyone can give me for trying to haggle? Is 8 weeks not a long time for a property to be on the market? Thanks for any responses in advance

[Marshalltown 19-11]

On 27/11/2017 at 3:25 PM, Horsecaz said:

Advice needed. I’ve seen a house I like which was bought by an investor in December 2016 for £83,500. Apparently it was owned by an old lady so needed to be fully refurbished which it has been but not to a high standard.

It went up for sale 8 weeks ago and went up for offers over £125,000. Then it got reduced to £122,000 2 weeks later and more recently it’s been reduced to OIRO £119,000. When we viewed it the EA said that it was a investor who bought it and she wants a quick sale preferably before the new year, so we offered £100k first and then 105,000 this was rejected. Other houses in the same in the street have gone for £100k-105k in the last year but probably weren’t refurbished as nice as this one. Back when the property was booming some of the houses were sold for £120-125k but not recently

so my question is - do I offer more or wait and see if they come back and accept my offer of £105k? What is the market like at the moment? Any other tips anyone can give me for trying to haggle? Is 8 weeks not a long time for a property to be on the market? Thanks for any responses in advance

Unfortunately you don't offer much information. Basically its a house somewhere in Newcastle. Some basic principals of valuation: size, type, location, condition. So no opinion can be given on value. However on the market 8 weeks, is that a short or long period? Generally speaking no. But where is the property? Some places properties don't sell for months even years.The change in asking prices sound like the seller just desperately tweeking to create some market interest but not doing anything positive.

The text in bold. You seem to state the property hasn't been refurbished to a high standard then you contradict yourself.

As I have no idea if your opening offer of £100,000 was reasonable it must have been to you? Then go back to the agent, offer £100,000 again with the caveat if its not accepted within 7 days, including the property taken off the market, then its withdrawn and your gone. As soon as you hang up start looking elsewhere. If on day 8, or later, the agent comes back saying the offer is accepted reduce it to £97,500 and tell them in no uncertain terms your sick to death of being messed about by them, the seller and having incurred: legal, financial, surveyors fees and time wasted reading posts on HPC.