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LittleSteroid

Need Advice...

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Hi, guys. I just need some advice. I've made an offer on a house. Quite big 3/4 bed in average area, little bit of ASB but nothing to be worried about. Asking price was 155k but it needs to be comletely refurbish, new windows, new kitchen, new bathroom, new roof, new window sills, landscaping etc. So my offer was 120k and I've explained that it is much lower than asking because of the work that must be done. Builders quote for the job was around 30k. EA said he knows my offer will be rejected as they considered house condition during valuation. He called me later that day to confirm and that vendor could accept 145k. Now, I know this is inherited house and is mortgage free. So I think maybe I could wrote letter to the vendor and explained why my offer is so low, why I think it would be a good move to sell this house now rather than wait (future IR, even more restricted lending, low sales volumes, etc). What do you think guys? Would I broke any law? Could it open an eyes of someone who probably have no idea of how hard it is to sell a house now? Cheers.

Edited by LittleSteroid

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Hi, guys. I just need some advice. I've made an offer on a house. Quite big 3/4 bed in average area, little bit of ASB but nothing to be worried about. Asking price was 155k but it needs to be comletely refurbish, new windows, new kitchen, new bathroom, new roof, new window sills, landscaping etc. So my offer was 120k and I've explained that it is much lower than asking because of the work that must be done. Builders quote for the job was around 30k. EA said he knows my offer will be rejected as they considered house condition during valuation. He called me later that day to confirm and that vendor could accept 145k. Now, I know this is inherited house and is mortgage free. So I think maybe I could wrote letter to the vendor and explained why my offer is so low, why I think it would be a good move to sell this house now rather than wait (future IR, even more restricted lending, low sales volumes, etc). What do you think guys? Would I broke any law? Could it open an eyes of someone who probably have no idea of how hard it is to sell a house now? Cheers.

Tell the EA that this is your offer and that he is obliged to inform the vendor of it.

If you feel the house is only worht £120,000, don't increase your offer, you may find the EA or vendor coming back to you when they realise there are no other/better offers.

House prices are only going one way over the next few years and it's not up.

I am not a Financial Advisor, the above is only my opinion, DYOR.

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Knock on their door and talk to them. It's not illegal and it's not as if you're trying to avoid paying the agent his fees.

noone lives there at the moment so I think I will just put the letter in a letter box. Thanks for advice. :D

Edited by LittleSteroid

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Tell the EA that this is your offer and that he is obliged to inform the vendor of it.

If you feel the house is only worht £120,000, don't increase your offer, you may find the EA or vendor coming back to you when they realise there are no other/better offers.

House prices are only going one way over the next few years and it's not up.

I am not a Financial Advisor, the above is only my opinion, DYOR.

+1

I agree entirely. Don't offer more. The value is only what someone will pay for it. If a builder thinks they can buy it, do it up and make a profit then let them.

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Hi, guys. I just need some advice. I've made an offer on a house. Quite big 3/4 bed in average area, little bit of ASB but nothing to be worried about. Asking price was 155k but it needs to be comletely refurbish, new windows, new kitchen, new bathroom, new roof, new window sills, landscaping etc. So my offer was 120k and I've explained that it is much lower than asking because of the work that must be done. Builders quote for the job was around 30k. EA said he knows my offer will be rejected as they considered house condition during valuation. He called me later that day to confirm and that vendor could accept 145k. Now, I know this is inherited house and is mortgage free. So I think maybe I could wrote letter to the vendor and explained why my offer is so low, why I think it would be a good move to sell this house now rather than wait (future IR, even more restricted lending, low sales volumes, etc). What do you think guys? Would I broke any law? Could it open an eyes of someone who probably have no idea of how hard it is to sell a house now? Cheers.

If you write a letter, it will look like you are desperate to buy and encourage them to hang on for more. Stick to offers only. I would stick to that price. Why not put a time limit on it? If they don't accept it within x days, walk away.

Walking away is your most powerful weapon.

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If you write a letter, it will look like you are desperate to buy and encourage them to hang on for more. Stick to offers only. I would stick to that price. Why not put a time limit on it? If they don't accept it within x days, walk away.

Walking away is your most powerful weapon.

As above.....but if you really want it £125k full and final offer, I wouldn't bother with a letter you have explained yourself already. ;)

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I would simply and politely say: "My offer is £X, the market is falling and not a single index shows otherwise, therefor I must politley couch the offer in take it or leave it terms."

The EA would prefer 3% of £120 than nothing.

Then walk. 6 months from now and prices will probably be down by another 10-20%.

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I wouldn't buy now as I think that whatever you pay now will seem expensive in a few years.

But if you really must, why not put the offer in writing, firm for one week and reducing by £2,500 a week after that.

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Offer to pay £120,000 now. And then any real terms difference to be settled in 3 years time.....either way.

I would offer £120K take it or leave it. If you state a time limit on the offer they may not come back to you after that date when/if the price drops.

Just leave it open by saying the offer of £120K stands until you find something better. That keeps them guessing.

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These threads always amaze me. Do you think that by writing an explanation for why you've offered lower they're going to turn round and say "Yeah, you're so right it yours"?

Since when was this a rational debate?

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Never put time limits on offers you paint yourself into a corner that way. Always make sure the agent knows you are still interested in the house even after a few weeks months whatever. The agent will be very eager to follow it trhough to a sale its in their interests too.

Dont bother writing to the seller it may be more than one person actually that stands to inherit ? and it will just muddy the waters... wait...wait...wait..

Is £120K your final offer.? Maybe move up a thousand, that way the vendor knows you`re still interested but not in silly prices. Keep offers low and it may slowly sink in and become acceptable to them...

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Hi, guys. I just need some advice. I've made an offer on a house. Quite big 3/4 bed in average area, little bit of ASB but nothing to be worried about. Asking price was 155k but it needs to be comletely refurbish, new windows, new kitchen, new bathroom, new roof, new window sills, landscaping etc. So my offer was 120k and I've explained that it is much lower than asking because of the work that must be done. Builders quote for the job was around 30k. EA said he knows my offer will be rejected as they considered house condition during valuation. He called me later that day to confirm and that vendor could accept 145k. Now, I know this is inherited house and is mortgage free. So I think maybe I could wrote letter to the vendor and explained why my offer is so low, why I think it would be a good move to sell this house now rather than wait (future IR, even more restricted lending, low sales volumes, etc). What do you think guys? Would I broke any law? Could it open an eyes of someone who probably have no idea of how hard it is to sell a house now? Cheers.

Dont bother writing a letter waste of time get the agent to do the donkey work after all thats what hes getting paid for.

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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