Hoping you could give some advice. The house I'm looking to purchase is a bit of a fixer upper (old house, needs insulting, new windows, rewiring)
We put a bid in for under asking price and the EA got back to us yesterday saying it was too low. I had an experienced contractor look at the house and he told me he doesn't think it is worth much more than what we've already bid, as it's going to cost us upwards of 30k to get work done.
There are no other bids on the house at the moment.
Can anyone suggest a strategy going forward?
I'm thinking we are in a good position to hold firm with our bid, as the house has been up over a month now with not much interest. Also taking into consideration the Covid stuff going on at the mo, I'd imagine people would want to sell quickly?
When I get back on to the EA, should I list the issues that were highlighted by contractor, or am I giving my cards away too soon doing that?
House is unoccupied and owned by family looking to sell.
TIA for all the advice as always!
We're going to hold tough. We won't ring him just yet as we don't want to seem too eager. We have a lot of money to put into the house so obviously want to get it for the best price we can. We're prepared to haggle but have a definite cut off point where its just not worth it & we will walk away, much as we don't want to. Theres just no way the asking price is realistic for us given the level of work that needs to be done. EA's can't be trusted seems to be the general consensus so we'll wait it out another while & see.