Realistic Offer to make

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Freddie

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I've seen a house for sale down the country it’s in my home town. The advertised price is 360,000. It’s been on the market for about 2-3 months now. The seller is in trouble with mortgage arrears and is desperate to sell as soon as possible. At this stage it’s very close to the bank repossing the house. Would there be any realistic point putting in an offer of 300000 given the current climate.
 
If its a 6 bed detached , then yes well worth it. If its a 1 bed without a roof then its too much.
 
Its a 4 bed 2 bath detached house in a small estate. It also has a separate garage.
 

that offer seems way to high given that people seem to be routinely offering 20/30% below asking these days.

In this situation, you're in an even better situation as a prospective buyer - why not offer 220k as a starting point?

The seller is in financial distress, take advantage.
 
How can you be sure the bank are close to repossing the property? And could you happily live in a house where you have taken advantage of the owners bad luck???

In my opinion, you should look at other properties in the area and make a fair and realistic offer - not 220k - 140k below the asking price seems a bit extreme even in todays economic climate.

Too many vultures out there waiting and ready to pounce and to take advantage of the misfortune of others! None of us know what is around the corner and karma springs to mind.
 
Whatever offer you do make, if possible back it up by saying you are not part of a chain (if that is the case) - a lot of sales seem to be falling through at themoment because would-be purchasers cannot sell their own house and therefore someone who is ready to go with no strings attached is very attractive to the vendor.
 
If they are financial distress, can they afford to sell for this low amount? They'd potentially end up with a large debt outstanding with no security - not in the bank's interest.
 

Someone in my family knows the guy. I could happily live in this house as this particular guy has had an unbelieveable amount opportunities in the past and he has been a complete waster. I know all this as fact.

Its nothing to do with bad luck. If this was the case at all even in any slight way I wouldn't want to gain with someone elses misfortune.
 
The best advice I have heard for the current climate: if you are not embarrassed by what you are offering, it's too much.
 
In the current market, I dont think there is any such thing as a "realistic" offer. Nearly all commentators are predicting that prices will fall for the foreseeable future. Whats your rush........................
 
chippengael said:
The best advice I have heard for the current climate: if you are not embarrassed by what you are offering, it's too much.
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maybe a corollary to this should be the following:

"if the Estate Agent doesn't get upset and tell you that your offer is an 'insult', then you're offering too much. Tell him fine, walk out and then return six months later (when the property still hasn't sold). Then offer him your original offer again. Minus 20%"
 

this is possibly the most naive post I have ever read
 
Importer said:
In the current market, I dont think there is any such thing as a "realistic" offer. Nearly all commentators are predicting that prices will fall for the foreseeable future. Whats your rush........................
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I suppose I haven't seen many houses with the design/sq footage in a really nice area in this price range before. I'm little afraid of letting a good thing go.

Like the comment on unless your embarrassed by what your offering.....
 
Freddie said:
I suppose I haven't seen many houses with the design/sq footage in a really nice area in this price range before. I'm little afraid of letting a good thing go.
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Freddie without wishing to speculate on the future direction of house prices, I'm sure you read the papers and know what's going on. Do you think there might be more or less of these types of properties falling into your price bracket over the next couple of years? If you think more, then wait. If you think less, sure by all means buy this gaff but bargain hard, very hard.

Think hard now
 
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