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BrickingIt

Think I Can Pull This Off

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Property for sale for £280K

Dropped to £250K

Want it for £215K

Chap paid £240K in '03

Unloved property (many great points, many bad points) in fantastic area. Chap for personal reasons wants rid. On the market for over a year, even EA cant be bothered advertising it. Tried to stop me viewing originally as thought it was not bothered doing an accomp. view (kept emphasising the bad points of the property?).

At what price do you think I can get it? Should I start a £205K.

I'll tell you now the top end of the market round me is not having a good time. Reductions everywhere. Depressing stories from sellers with over inflated property prices. Every property I look at you can see it in their eyes. Given the prices there asking, easy to see why.

You certainly know how bad it is when you've viewed at least 10 properties. Although this is the top end of the market round here the middle to bottom is still reasonable.

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At what price do you think I can get it? Should I start a £205K.

why not start a bit lower? like any negotiation, if he snaps your hand off at 205K you are going to feel a berk, especially as it has been on the market for so long. you can always go up, but rarely down.

why not get someone you know to have a look at it and make a "silly" offer - that way yours might seem more reasonable.

you could PM 'Durch' on this site for a copy of his famous "30% off" letter - heck, it worked for him!

grow the nose, man, grow the nose :P

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Property for sale for £280K

Dropped to £250K

Want it for £215K

Chap paid £240K in '03

Unloved property (many great points, many bad points) in fantastic area. Chap for personal reasons wants rid. On the market for over a year, even EA cant be bothered advertising it. Tried to stop me viewing originally as thought it was not bothered doing an accomp. view (kept emphasising the bad points of the property?).

At what price do you think I can get it? Should I start a £205K.

I'll tell you now the top end of the market round me is not having a good time. Reductions everywhere. Depressing stories from sellers with over inflated property prices. Every property I look at you can see it in their eyes. Given the prices there asking, easy to see why.

You certainly know how bad it is when you've viewed at least 10 properties. Although this is the top end of the market round here the middle to bottom is still reasonable.

Offer him £240k with £200K now and £40K in 12 months time if house prices (as defined by a respectable index) rise. The £40k to be held in a solicitors client account. I doubt he will accept it but then an alternative offer of £215k will seem reasonable. Being an unusal offer it will make the vendor relise that there will be a storm and that your offer is not so mean as not to be credible

In my heart of hearts I would strongly advise to sit and wait and of course save! as would most on this site

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Ask him what the lowest figure he has in mind for the property. Whatever it is say that's still too much. And offer less.

Say to be honest at 215k I would be seriously interested but 240k given the work needed is too much for me even before having a survey done.

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On the market for over a year, even EA cant be bothered advertising it. Tried to stop me viewing originally as thought it was not bothered doing an accomp. view (kept emphasising the bad points of the property?).

I smell a rat.

p

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Cheers - I'll have a look at the 30% off letter. I'm definately going to mention the winter approaching and the recent interest rate rise.

The property will not be a get rich quick scheme, there is no money in it even at around £225K. The area is excellent and I just like the type of property it is (its perfect in terms of size and has character), it has a number of faults that would strongly put off other buyers but to me they are not real problems. I'll end up dying in it. Its not my first move and i'll make at least something on my own house (sorry FTB reading this) i'm just not going to pay silly prices no matter, if he did thats his business.

Doric

Got to go for a surveyors report as its an old house (could just end the matter). Think I should just do the report then make the offer dependent upon report or do an offer with some allowance for the surveys report.

For those reading this having done the rounds the top of the market has topped, take any price on offer and take 15% off as a matter of course (certain properties looking at 20%+), the right properties of course sell but the rest are just sticking around for ages. The lower end still looks in reasonable shape although nothing special.

One house I went to look at had 18 viewing in the first month the 3rd viewing they offered 10% below asking price, as he was doing so many viewing he rejected, then no more offers, then no more viewings then a year later it still on the market at you have guessed it - 10% below original asking price- no one bothered turning up for 6 months. Nice chap, really nice house, really getting desperate. This is the norm for the market i'm looking at.

I can do a diary of a prudent chap trying to move up the ladder if you want.

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I can do a diary of a prudent chap trying to move up the ladder if you want.

That would be interesting - I'd like to know how open to offers this seller is. Got a link to the estate agents advert? I'm curious to see this house now... :)

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No, its all mine :P:P:P

When its done and dusted either way i'll reveal all.

Besides its what the agent doesn't tell you (until you try and view) that impacts. The chaps had a marriage break-up and appears to want to rid (think hes working away from home) hence its a sitting duck. Estate agent said 'just wants to rid', accompanied viewing, person accompying just looked at and said ill let you decide but doesn't this and that put you off.

When I said I wanting a second viewing the EA fell of her chair, when I went for the second viewing the person looked at me like I was a bit mad. Still kept saying doesn't this and that put you off?.

I looked at 10 houses and this is my baby, nothing compares.

This is my home.

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No, its all mine :P:P:P

When its done and dusted either way i'll reveal all.

Besides its what the agent doesn't tell you (until you try and view) that impacts. The chaps had a marriage break-up and appears to want to rid (think hes working away from home) hence its a sitting duck. Estate agent said 'just wants to rid', accompanied viewing, person accompying just looked at and said ill let you decide but doesn't this and that put you off.

When I said I wanting a second viewing the EA fell of her chair, when I went for the second viewing the person looked at me like I was a bit mad. Still kept saying doesn't this and that put you off?.

I looked at 10 houses and this is my baby, nothing compares.

This is my home.

Be careful! remember what you have read on this site - £215K could be viewed as expensive in 18 months time

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I agree to some extent with the last comments made.

£215K may be seen as expensive in a couple of years time if the market goes under.

That said the areas excellent and even £200K five years ago would not have been unreasonable in some respects. The house however needs lots of TLC, not necessarily lots of money just lots of TLC and every bit of TLC will add at least something. I could be buying in at 2001 prices here with a bit of TLC and a desperate seller.

The real problem will kick it in if I lose my job.

I'll let you know how it goes.

Grow the nose !!!!!! :P:P:P

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I agree to some extent with the last comments made.

£215K may be seen as expensive in a couple of years time if the market goes under.

That said the areas excellent and even £200K five years ago would not have been unreasonable in some respects. The house however needs lots of TLC, not necessarily lots of money just lots of TLC and every bit of TLC will add at least something. I could be buying in at 2001 prices here with a bit of TLC and a desperate seller.

The real problem will kick it in if I lose my job.

I'll let you know how it goes.

Grow the nose !!!!!! :P:P:P

Good luck! :)

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Spoke to a surveyor today, thought I'd get the ball rolling.

Very bad news - mentioned the house and the area.

Kept saying thats cheap for that area, thats really cheap, told him all the bad points - still thats really cheap for the area he kept saying.

B*****d will have an offer for it in tomorrow for £245K. :angry: .

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The surveyor has put an offer in? surely he is supposed to be acting for you.

You should send him a letter charging him 10% finders fee.

Also you should contact the Royal Institute of Chartered Surveyors and place a complaint about his conduct as it is completely unacceptable. If he is a qualified RICS Member then this will probably breach their code of conduct http://www.rics.org/

Edited by Adrian Allen

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They are holding out and there is an apparent 'other offer'.

'Other offer' = estate agent ********?

If it proves to be the EA/surveyor that has put in an offer, report them as decribed above but also contact your local newspaper.Embarass the b*****d.

Of course lay it on thick how put out you have been. I've got on very well with the EA's i've dealt with but corrupt ones make me sick :angry:

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They are holding out and there is an apparent 'other offer'.

'Other offer' = estate agent ********?

Big dilemma this one, because there is no transparency. Sometimes I have been paranoid about the supposed other offers, but then it turns out at least one of them is real because the house sale did go through. You just don't know.

You could call their bluff and say "well if there is another offer then why don't they take it", and see what they say.

You could try and fish some more to find out about the other buyer. Occasionally you will catch them off guard. (I once spoke to someone at the city centre office rather than the local branch about a house - I said, "we are quite interested but there is no point in us taking this further if there is another offer at X because that's over our budget" so she then tried to keep me in the game by letting slip that that the other offer was from a buyer who was flaky ie kept pulling out. I didn't make my point about the other offer in an arsey way - that way you get their backs up and they are less likely to open up. Remember to build rapport but don't act too keen!)

But I reckon the best bet is to concoct a reason to speak directly to the vendor, face-to-face is best. Then you'll get the other side of the story. You could even drop into conversation the benefits from a vendors point of view of insisting on receiving formal offers made in writing. I think people are less likely to make offers up if they actually have to put pen to paper, that's my theory anyway.

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Speaking to the vendor is difficult as theres 2 and there not even speaking to each other by the sounds (never met them). I've not had a surveyors report as yet.

I guess the house has just sort of found its level at 250 and people are using that to put in low offers. I think i'm being played against another 'real' vendor a bit, how serious they are is a different matter.

Im seriously thinking of STR but its not that easy.

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  • 301 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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