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Ftb - Property Advice Sought Please...


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It might not be cheeky in the HPC world of willy-waving about how far down you'd screw down a seller on an imaginary house, "yeh, I'd offer 60k", "I'd offer 20k", "they'd have to pay me 20k and move my furniture!" etc etc but in the real world if this guy wants to buy the house he's going to have to offer closer to the sellers' valuation, especially if it's an inheritance job (no compulsion to sell). Frankly, if they'd accept 80k it would be on the market for that.

The house has been on the market for 18 months. It is obvious there is nobody able or willing to pay the asking price. Therefore the asking price becomes irrelevant. What is relevant is how much someone is willing to pay for it. An offer of £80k from someone who can move quickly and who has the finances in place may prove very tempting.

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The house has been on the market for 18 months. It is obvious there is nobody able or willing to pay the asking price. Therefore the asking price becomes irrelevant. What is relevant is how much someone is willing to pay for it. An offer of £80k from someone who can move quickly and who has the finances in place may prove very tempting.

The fact the house has been empty for that long shows they're actually not that bothered about selling it, or even making income from it in terms of rent in the meantime. Plus, as an inheritance job this isn't a house thats needed to sell for someone to move on somewhere else. That price reduction is more likely down to the estate agent nagging them into doing something rather than an active attempt at selling.

This, "chuck in a twenty quid bid for torres" approach only works when tried across dozens of properties, in much the same way the fabled "1 in 10 girls will give you a shag if you ask" approach works - the other 9/10 will give you a punch, but eventually someone will say yes. On an individual property the logic doesn't work and looking at what details the guy supplies this doesn't seem to be a desperado seller, rather a seller(s) who's happy to sit it out for the long haul.

IMO like.

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I've been looking arround properties with my Brother and his wife while trying to talk them out of buying. Agents they are dealing with are really encouraging them to make offerrs. Even if they are quite low. If nothing else I think they want to use it to educate the sellers.

In the end they have made an offer of 140 on a 3 bed semi. That is only 5 K more than it sold for in 2003. which just seems crazy. seller hasn't accepted yet but haven't turned it down either and it is sounding like they might come round.

that is what I would suggest. Put in checky unconditional offers. Low amounts and be willing to walk away.

I've been trying to talk my bro out of it but it is hard to do when it is only costing 5K more than 2003 price. thats an increase of 0.4% a year.

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The fact the house has been empty for that long shows they're actually not that bothered about selling it, or even making income from it in terms of rent in the meantime.

So presumably they are paying council tax, and empty property insurance... and are happy to do so for the time being.

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The fact the house has been empty for that long shows they're actually not that bothered about selling it, or even making income from it in terms of rent in the meantime. Plus, as an inheritance job this isn't a house thats needed to sell for someone to move on somewhere else. That price reduction is more likely down to the estate agent nagging them into doing something rather than an active attempt at selling.

This, "chuck in a twenty quid bid for torres" approach only works when tried across dozens of properties, in much the same way the fabled "1 in 10 girls will give you a shag if you ask" approach works - the other 9/10 will give you a punch, but eventually someone will say yes. On an individual property the logic doesn't work and looking at what details the guy supplies this doesn't seem to be a desperado seller, rather a seller(s) who's happy to sit it out for the long haul.

IMO like.

OTOH, they have already reduced, suggesting they would be open to some offer. No idea whether they would be insulted by 80k, although I know I would be if it was me and they may well think they were somehow being swindled (especially if an EA is involved) out of the house's true worth. But let's not forget that that 110k may be divided amongst 4 people (as an example). A 20k total drop is then only 5k for each person, who would still be left with 22.5k each.

And the longer a house is left unattended, the less it becomes worth in a static market, or, the higher the cost of maintaining it in a sellable condition.

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OTOH, they have already reduced, suggesting they would be open to some offer. No idea whether they would be insulted by 80k, although I know I would be if it was me and they may well think they were somehow being swindled (especially if an EA is involved) out of the house's true worth. But let's not forget that that 110k may be divided amongst 4 people (as an example). A 20k total drop is then only 5k for each person, who would still be left with 22.5k each.

And the longer a house is left unattended, the less it becomes worth in a static market, or, the higher the cost of maintaining it in a sellable condition.

The OP needs to start up some contact with the seller - point out to them how much (very expensive) work needs to be done to bring it up to a suitable standard (the standard at which it could achieve the asking price).

They either do it themselves, or take that amount - with a premium for your time and effort - off as the starting price.

Once they are into that mindset, it would be a metter of convincing them the longer they leave it, the more work will be required.

It's all about managing the sellers expectations, IMPO. But you have to find out what the sellers expectations - and motivations - actually are.

Oh, and as mentioned above, be prepared to walk away - there will be plenty of "bargains" in the months / years ahead.

Oh, and finally - If you're expecting 20/30/40/50% price drops in years to come, work out how much you're saving by renting rather than taking on a huge debt now. You might then want to reconsider your buying decision.

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Again, thanks for the feedback ladies & gents - greatly appreciated.

Understandably I have not posted a link to the property...for obvious reasons (sorry!).

My current thoughts are that, given the time the property has been on the market, the repairs & decorating that is required etc - I'm reluctant to take all of the 'gamble' in terms of buying in a falling market - considering the vendors have inherited the property. Hence the reason why I'm thinking of offering offer circa 80k. I'd hate to sound greedy but, I feel that the vendors are taking less of a financial risk than myself as prices are expected to fall. Fair?

I have read everybody's input and greatly respect and appreciate your views.

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It might not be cheeky in the HPC world of willy-waving about how far down you'd screw down a seller on an imaginary house, "yeh, I'd offer 60k", "I'd offer 20k", "they'd have to pay me 20k and move my furniture!" etc etc but in the real world if this guy wants to buy the house he's going to have to offer closer to the sellers' valuation, especially if it's an inheritance job (no compulsion to sell). Frankly, if they'd accept 80k it would be on the market for that.

:lol::lol::lol:

No compulsion to sell is unknowable though.

Maybe one of the beneficiaries has been sinking slowly into debt this last two years and could do withy some cash urgently.

Maybe the Executor is heartily sick of it and just wants the thing done at any price.

Maybe some are young and just want the money NOW, rather than get a little more in two years time when they will be too old to enjoy it.

If they were really that bothered, they might have done the place up or decorated. And all the time they bicker, the council tax and property insurance must be paid, and they might get squatters. Hope so!

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Again, thanks for the feedback ladies & gents - greatly appreciated.

Understandably I have not posted a link to the property...for obvious reasons (sorry!).

My current thoughts are that, given the time the property has been on the market, the repairs & decorating that is required etc - I'm reluctant to take all of the 'gamble' in terms of buying in a falling market - considering the vendors have inherited the property. Hence the reason why I'm thinking of offering offer circa 80k. I'd hate to sound greedy but, I feel that the vendors are taking less of a financial risk than myself as prices are expected to fall. Fair?

I have read everybody's input and greatly respect and appreciate your views.

What's greedy? If your offer is accepted you will have got yourself a load of hard graft, late nights, bathing like a tramp at others homes and a load of further expense. Congratulations.

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We put an offer in today.

4 bed semi detached ex council house in rural village. Primary and Middle schools within 1 mile as well as pub, village store / post office. Plus close to work so a 2 mile trek across fields.

Huge rooms as it has been expanded to almost double its original size. Couple split up, he owns it and she is still living in it.

On for £220k, offered £180k and said that is the only offer we will be putting in. Renting with nice £30k deposit and need to give 1 month notice.

Estate agent phoned back to say she had spoken to the male who is going to speak to the female tonight and get back to us in the morning so sounds promising.

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Again, thanks for the feedback ladies & gents - greatly appreciated.

Understandably I have not posted a link to the property...for obvious reasons (sorry!).

My current thoughts are that, given the time the property has been on the market, the repairs & decorating that is required etc - I'm reluctant to take all of the 'gamble' in terms of buying in a falling market - considering the vendors have inherited the property. Hence the reason why I'm thinking of offering offer circa 80k.

I know what you're saying with all the work it needs to done, but either

a) the price of the house already takes this into account

b ) if it doesn't, then they're greedy/stubborn enough to want full whack for a run-down house, so they're not going to bite for 80K

again, just IMO

Edited by noodle doodle
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Just to keep you guys informed. I put an offer in of £77k...felt very cheeky but I think some of the tips that have been offered on here helped me play a good 'pokerface' with the EA. I'll let you know how loud they laugh at me ;). Cheers

Good offer, will be interesting to see how it turns out. You may be pleasantly surprised that the EA (and seller) will take your offer seriously.

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We put an offer in today.

4 bed semi detached ex council house in rural village. Primary and Middle schools within 1 mile as well as pub, village store / post office. Plus close to work so a 2 mile trek across fields.

Huge rooms as it has been expanded to almost double its original size. Couple split up, he owns it and she is still living in it.

On for £220k, offered £180k and said that is the only offer we will be putting in. Renting with nice £30k deposit and need to give 1 month notice.

Estate agent phoned back to say she had spoken to the male who is going to speak to the female tonight and get back to us in the morning so sounds promising.

Did your offer get accepted?

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Again, thanks for the feedback ladies & gents - greatly appreciated.

Understandably I have not posted a link to the property...for obvious reasons (sorry!).

I wouldn't worry about posting a link, the majority of people on this forum are not remotely interested in buying a property at current inflated levels.

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Received a call from the EA today saying that the vendors were looking at a price closer to £97k....my response was a loud choking sound.

I left a 2nd and final offer of £84k on the table....the EA said that he imagined it would be rejected. We await their response....

Your response to the rejection of the 84k offer is:

I feel my offer is a fair one in the current market. I wish they luck finding a buyer.

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