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  • FIRST POST
    • sharkattack25
    • By sharkattack25 19th Apr 17, 2:15 PM
    • 4Posts
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    sharkattack25
    Making an offer on a 'To-Let' property (rather than 'For Sale' property)
    • #1
    • 19th Apr 17, 2:15 PM
    Making an offer on a 'To-Let' property (rather than 'For Sale' property) 19th Apr 17 at 2:15 PM
    Hi all, long-time lurker here with my first post:

    Is it possible to make a purchase offer on a property which is only advertised as 'To Let' (as opposed to 'For Sale')? I'm a first-time buyer, and the area that I'm looking is going through a bit of a dry spell in terms of new properties for sale on the market (the previous 2 years or so it's been non-stop action).

    However, there are a lot of properties To Let that have been sitting untouched for several months with no developments, and given that buy-to-let is starting to lose it's appeal I was wondering if making an offer is a good idea? Does anyone have any experience/advice/pointers in this scenario, or should I just take a punt and make an offer?

    Cheers
Page 1
    • always_sunny
    • By always_sunny 19th Apr 17, 2:27 PM
    • 3,070 Posts
    • 3,269 Thanks
    always_sunny
    • #2
    • 19th Apr 17, 2:27 PM
    • #2
    • 19th Apr 17, 2:27 PM
    I thought you could make an offer on anything really, whether it gets accepted on terms you like it's a different story.
    Expat with an EU passport
    • eddddy
    • By eddddy 19th Apr 17, 2:29 PM
    • 4,796 Posts
    • 4,437 Thanks
    eddddy
    • #3
    • 19th Apr 17, 2:29 PM
    • #3
    • 19th Apr 17, 2:29 PM
    ... or should I just take a punt and make an offer?
    Originally posted by sharkattack25
    It probably makes sense to ask the owner if they might consider selling first, before diving in and making an offer.


    Plus bear in mind that if you make an unsolicited approach to buy a property that is not on the market - the owner will probably assume that you are very keen (or even desperate) to buy it. So negotiating a good price might be difficult - especially if the owners are professional investors.
    • sharkattack25
    • By sharkattack25 19th Apr 17, 2:34 PM
    • 4 Posts
    • 0 Thanks
    sharkattack25
    • #4
    • 19th Apr 17, 2:34 PM
    • #4
    • 19th Apr 17, 2:34 PM
    the owner will probably assume that you are very keen (or even desperate) to buy it
    This was something else I was weary of, but at the same time, anybody who's looking to gain income from letting a property will be equally desperate to ensure their property isn't empty.

    A desperation stand-off..?
    • Tiners
    • By Tiners 19th Apr 17, 4:07 PM
    • 142 Posts
    • 165 Thanks
    Tiners
    • #5
    • 19th Apr 17, 4:07 PM
    • #5
    • 19th Apr 17, 4:07 PM
    Nothing wrong with making an approach, although most ''accidental'' landlords are usually only ''accidental'' landlords because they're too stubborn, greedy and deluded to accept that their property isn't worth what what they'd like to think it's worth.
    • ognum
    • By ognum 19th Apr 17, 4:33 PM
    • 4,459 Posts
    • 6,684 Thanks
    ognum
    • #6
    • 19th Apr 17, 4:33 PM
    • #6
    • 19th Apr 17, 4:33 PM
    Hi all, long-time lurker here with my first post:

    Is it possible to make a purchase offer on a property which is only advertised as 'To Let' (as opposed to 'For Sale')? I'm a first-time buyer, and the area that I'm looking is going through a bit of a dry spell in terms of new properties for sale on the market (the previous 2 years or so it's been non-stop action).

    However, there are a lot of properties To Let that have been sitting untouched for several months with no developments, and given that buy-to-let is starting to lose it's appeal I was wondering if making an offer is a good idea? Does anyone have any experience/advice/pointers in this scenario, or should I just take a punt and make an offer?

    Cheers
    Originally posted by sharkattack25
    Just a quick note on advertising rental property. I have recently had two tenants give notice. Both properties were taken within 48 hours of appearing on RM.

    Tenants then have to be referenced and the property will stay on RM until the day they move in which in one case is two months as the tenants gave 7 weeks notice and I always have a void week to get jobs done.

    If as you say there is a dearth of property available I would be unlikely to sell unless you offered a fantastic price but others may be different.
    • AnotherJoe
    • By AnotherJoe 19th Apr 17, 4:46 PM
    • 6,800 Posts
    • 7,224 Thanks
    AnotherJoe
    • #7
    • 19th Apr 17, 4:46 PM
    • #7
    • 19th Apr 17, 4:46 PM
    "everything is negotiable".

    Talk to the agent, make a reasonable offer (even if the agent says they arent interested).

    Don't assume they will be desperate to sell just because they haven't found a tenant yet, if they were it would already be for sale !
    • Cakeguts
    • By Cakeguts 19th Apr 17, 4:58 PM
    • 2,570 Posts
    • 3,530 Thanks
    Cakeguts
    • #8
    • 19th Apr 17, 4:58 PM
    • #8
    • 19th Apr 17, 4:58 PM
    Our last rental property was advertised on Rightmove for about 3 days and then removed as it had been let. However if you had been to look at it, it would have been vacant for about 3 weeks while the references were done and while the new tenants worked out when they wanted to move in.

    Some rental properties are advertised as soon as tenants give notice so can be on Rightmove for several weeks. It doesn't mean that they are not letting it is just the way that a particular lettings agency works.

    The properties that really are vacant for weeks and weeks on end and not let are going to have a lot of problems. Something like there is no parking outside, or they are on a busy main road, or miles from anywhere with no decent parking space. They may be on the lettings market because they are difficult to sell or the owner won't accept that they will have to sell them cheaply because of some problem.

    We have in the past had offers to buy from tenants living in the properties but it is not our policy to sell our carefully chosen rental properties.
    Last edited by Cakeguts; 19-04-2017 at 5:01 PM.
    • sharkattack25
    • By sharkattack25 19th Apr 17, 4:59 PM
    • 4 Posts
    • 0 Thanks
    sharkattack25
    • #9
    • 19th Apr 17, 4:59 PM
    • #9
    • 19th Apr 17, 4:59 PM
    Just a quick note on advertising rental property. I have recently had two tenants give notice. Both properties were taken within 48 hours of appearing on RM.

    Tenants then have to be referenced and the property will stay on RM until the day they move in which in one case is two months as the tenants gave 7 weeks notice and I always have a void week to get jobs done.

    If as you say there is a dearth of property available I would be unlikely to sell unless you offered a fantastic price but others may be different.
    Originally posted by ognum

    Thanks, that's really useful to know. For you personally, would you ever get to a stage where a lack of rental demand would lead you to sell, or would you simply keep lowering your rental demands until there was interest?
    • Cakeguts
    • By Cakeguts 19th Apr 17, 5:11 PM
    • 2,570 Posts
    • 3,530 Thanks
    Cakeguts
    Thanks, that's really useful to know. For you personally, would you ever get to a stage where a lack of rental demand would lead you to sell, or would you simply keep lowering your rental demands until there was interest?
    Originally posted by sharkattack25
    The people who are running successful lettings businesses don't buy properties that won't let. They do their research as to what lets well and they buy a property that they know will work well as a rental. They don't just go out and buy any old property and put it on the market as a rental. The rental properties are carefully chosen to meet a certain rental market. So it is unlikely that any of the professional landlords would have properties which didn't let.
    • AlexMac
    • By AlexMac 19th Apr 17, 5:19 PM
    • 1,857 Posts
    • 1,626 Thanks
    AlexMac
    Can't add to the above... but

    Where I live there is such a shortage of sale properties that EAs leaflet us almost weekly, bragging that they've sold a property/ies in the street and begging for the chance to tempt you to sell with a valuation.

    And I've heard of individuals leafleting a whole are, not just the BTL properties, with a similar request in case anyone's thinking of sellin but is too idle to pick up the phone to an EA...

    Dunno how effective either tactic is...

    But worth a try? Good luck. Our last two houses have been accidental discoveries - in an area or street, or of a type which were not really on our radar or within our search criterai...

    ... so maybe widen your horizons?
    • sharkattack25
    • By sharkattack25 19th Apr 17, 5:34 PM
    • 4 Posts
    • 0 Thanks
    sharkattack25
    Can't add to the above... but

    Where I live there is such a shortage of sale properties that EAs leaflet us almost weekly, bragging that they've sold a property/ies in the street and begging for the chance to tempt you to sell with a valuation.

    And I've heard of individuals leafleting a whole are, not just the BTL properties, with a similar request in case anyone's thinking of sellin but is too idle to pick up the phone to an EA...

    Dunno how effective either tactic is...

    But worth a try? Good luck. Our last two houses have been accidental discoveries - in an area or street, or of a type which were not really on our radar or within our search criterai...

    ... so maybe widen your horizons?
    Originally posted by AlexMac
    There isn't a shortage of properties for sale, but they're mostly leasehold or in very isolated areas with no transport at all. I was planning on leafleting a couple of streets we're very keen on, but I understand it's very unlikely!
    • ognum
    • By ognum 19th Apr 17, 7:26 PM
    • 4,459 Posts
    • 6,684 Thanks
    ognum
    Thanks, that's really useful to know. For you personally, would you ever get to a stage where a lack of rental demand would lead you to sell, or would you simply keep lowering your rental demands until there was interest?
    Originally posted by sharkattack25
    This has never happened and hopefully will not. My properties are geared toward the local market that has strong demand. They may look like they are empty for long periods because of the length of time they are advertised but actually they get snapped up quickly.
    • SuzieSue
    • By SuzieSue 19th Apr 17, 7:44 PM
    • 3,573 Posts
    • 3,878 Thanks
    SuzieSue
    There isn't a shortage of properties for sale, but they're mostly leasehold or in very isolated areas with no transport at all. I was planning on leafleting a couple of streets we're very keen on, but I understand it's very unlikely!
    Originally posted by sharkattack25
    It is definitely worth leafleting specific properties or streets you are interested in.

    Lots of people on this forum have reported success in finding a property in this way if you do a search.
    • Cakeguts
    • By Cakeguts 19th Apr 17, 7:58 PM
    • 2,570 Posts
    • 3,530 Thanks
    Cakeguts
    Don't bother putting leaflets through doors that are up for rental they might have tenants. Tenants won't pass the leaflet on to the landlord because that would mean that they would have to move so that would be a complete waste of time.
    • SuzieSue
    • By SuzieSue 19th Apr 17, 8:01 PM
    • 3,573 Posts
    • 3,878 Thanks
    SuzieSue
    Don't bother putting leaflets through doors that are up for rental they might have tenants. Tenants won't pass the leaflet on to the landlord because that would mean that they would have to move so that would be a complete waste of time.
    Originally posted by Cakeguts
    But they also might not have tenants, so it is worth doing just in case.
    • amateur house
    • By amateur house 20th Apr 17, 1:42 AM
    • 196 Posts
    • 171 Thanks
    amateur house
    I've seen houses that have been up for sale a while but not sold advertised for rent, presumably because there​ hasn't been a high enough offer. So for those properties the owner would be likely to sell. Zoopla archive all the previous listings of a property, whether it was for sale or to let, so you could find out from there if it has previously been up for sale.
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