pritesh Posted April 12, 2009 Report Share Posted April 12, 2009 Hi my fellow TSN people, I'm hoping someone on here can help me out a bit here. I am about to put in an offer on a house that I like, however I am generally unsure as to how low I could realistically go. The house in question is a 3 bed semi which has only been built in 2006. The current owners are selling due to their relationship breaking down and are now needing to sell the property. The property is currently on the market for £220,000. It has been on the market for almost a year now with not many viewings been had. I genuinely like the house, but there are a few things that need work, but if im honest nothing that cant be sorted out with some TLC. My question is given the asking price what sort of offer would one consider putting in? I was thinking to go in with an offer near the 200K mark (which I fully expect to be rejected) thereafter I would increase the offer as required. Any thoughts are greatly appreciated... Cheers Link to comment Share on other sites More sharing options...
Muppetboy Posted April 12, 2009 Report Share Posted April 12, 2009 If it's been on the market for a year at 220k then I wouldn't go in at any higher than 200k!!! How about going in at 197,500? And take it from there... Link to comment Share on other sites More sharing options...
scooby_simon Posted April 12, 2009 Report Share Posted April 12, 2009 Have they dropped the price in the time it has been for sale? If not they are being very silly. House that was on for 220K 12 months ago may be worth 40-60k less in some areas. Find out some history. If they have had it on at 220 for months; offer 180, or maybe even less!; if they have been dropping it every couple of months offer a bit more. Link to comment Share on other sites More sharing options...
JonC Posted April 12, 2009 Report Share Posted April 12, 2009 Firstly, before making any offers, make sure you in a strong negotiating position i.e. no chain and with finance agreement in principle (although it's not worth the paper it's written on, the selling agent will sell you to their client based on the fact that you're AIP'd). Then open negotiations with a sensible offer. If it's been on the market for a year at £220k, then in reality, its asking price is seriuously outdated. As suggested, go in there at a level under £200k, but without taking the p155 (no point in getting the sellers back up at the initial stage) and take it from there. My guess is that if it's a split-up situation, and chances are that there have been some good offers made on the property since it came to market with one selling party who doesn't want to go for one reason or another and is purposely putting a spanner in the works each time an offer is made, regardless of its credentials. You may find a reasonable offer is knocked backed because of this. Good luck though; worth a punt - keep a figure in mind what you would be prepared to pay for it and see where it takes you. Link to comment Share on other sites More sharing options...
Mac Posted April 12, 2009 Report Share Posted April 12, 2009 Another thing to consider you know is how wise it is to be purchasing a property that's the result of a relationship breakdown. If the couple are/were married and/or financially intertwined getting exchange and settlement in that situation could take forever. I would find out that little situation first Link to comment Share on other sites More sharing options...
JonC Posted April 13, 2009 Report Share Posted April 13, 2009 Another thing to consider you know is how wise it is to be purchasing a property that's the result of a relationship breakdown.If the couple are/were married and/or financially intertwined getting exchange and settlement in that situation could take forever. I would find out that little situation first That kind of information shouldn't be public knowledge. The selling agent shouldn't divulge that kind of personal information to a buyer. You can ask, but they are not obliged to provide that information. All he/she will tell you is probably what you already know. In most situations I've dealt with, there's always one who doesn't want to sell, but they all do in the end, even if the aggrieved party tries to jeopordise the sale by keeping the property untidy and not allowing viewings. After that length of time on the market, and assuming that one party is unwilling to go, the other party can force the other to accept a reasonable and proceedable offer through their lawyers, especially if they can prove a history of unwillingness to accept previous and reasonable offers. This is all assuming that both parties are on the title deeds. You could ask the selling agent who their client is so you can understand if the decision to sell is made by one or both parties. Link to comment Share on other sites More sharing options...
cabby Posted April 13, 2009 Report Share Posted April 13, 2009 Agree with finding out as much about the history as you can re: reductions in price but better still check what similar properties have sold for in the area - try this website Our Property gives free house prices from Land Registry data - OurProperty.co.uk. This will tell you what they have actually sold for as opposed to advertised prices. In terms of the offer you make, this can be tricky. Personally I would be less worried about upsetting the seller than I would about spending ,000's more than necessary to secure the property. An offer of 10% less in the current market could be considered reasonable. If the property has been for sale for a year, personally I would start with a lower offer. Explaining you would want to do various work e.g. windows, extension etc. can go someway to 'justifying' a low offer even if you don't intend doing these works. Hope it all works out for you. Link to comment Share on other sites More sharing options...
Mac Posted April 13, 2009 Report Share Posted April 13, 2009 Jon, I agree with you mate, however that process can take a funking age. I wouldn't go near a contested property, it's simply not worth the stress IMO. On the other hand if you're in no hurry it's a good way to get a bargain. Link to comment Share on other sites More sharing options...
pritesh Posted April 22, 2009 Author Report Share Posted April 22, 2009 Wow, thanks guys for all the advice. we went in with an initial offer of 197K which was rejected after a 2 day wait. we waited a few more days and put in another offer of 206K which is at present apparently: "Seriously being considered" whatever that means??? The agent said to me that the people currently living there want near the 215 mark so they are now looking at options of how to make up the short fall on their current mortgage. How true this is....well who knows. I said to the agent that well just let me know what the seller says when you know. will keep you posted on the outcome. Once again thanks for the information and heads up! Cheers P Link to comment Share on other sites More sharing options...
JonC Posted April 22, 2009 Report Share Posted April 22, 2009 we waited a few more days and put in another offer of 206K which is at present apparently: "Seriously being considered" whatever that means??? Basically, they have no better interest than yours, so you're in the running. The agent said to me that the people currently living there want near the 215 mark so they are now looking at options of how to make up the short fall on their current mortgage I presume the sellers are in an onward chain? If so, they may be trying to secure the shortfall of £9k off their intended purchase to keep the entire chain (however long it is) fluid, which maybe where the delay is coming from. The £9k difference may need to be dispelled throughout the chain with one or more sellers in the chain taking the hit Link to comment Share on other sites More sharing options...
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