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Making an offer - where to start to achieve lowest price?

If a property is for sale at £340000 but needs full renovation and has been on the market about a year, what's the lowest offer I could make? There's no other interested buyers and my property is sold to buyer with no property to sell. Thanks

Asked on Dec 4 2011, House Prices in Milton Keynes | Report content

Answers (1)

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  • A good place to start is to look at how much similar properties have sold for and are being marketed for in good order. Price up the work needed and begin negotiations. Usually people start at around 10% below asking price, but if much work is needed, then you might want to start even lower. Some properties have already been valued lower, as the estate agent would have taken the work needing to be done into account when he/she valued. But it isn’t always the case. At the end of the day, it will be worth what you are willing to pay, and the vendor will only accept what they can. Speak to the agent selling this property to gain an idea of what the vendor is looking to achieve. Use any work needed as a bargaining tool, have prices for the work to justify a low offer. It is a buyers market at the moment, so negotiate away if you are in a strong position to proceed.

    Answered on Dec 5 2011, Report content

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