Buying from a vendor

geordiepaul2001

Hi all,

I have my eye on a house that was used as part exchange with barrett homes.
The house was recently reduced from 120k to oieo 99,950k.
The house has been on the market since November (106 days).

How likely are companies like Barrett to accept a lower offer?

Paul

Darth_Marty

Very likely from experience. Depending on your buying position of course.

geordiepaul2001

I am a ftb with a 5% (10% at a push) deposit.
I am a council tenant so can move almost immediately.

theGrinch

a friend of mine, had a new build 4 bed house reduced from £290k to £220k by a developer over a weekend. in the end she rejected the house went for something else.

so in short, very likely, however, if I were you, I would wait and build your deposit as prices continue to fall in 2009.

zone

Very likely. But how much will depend on the type of house, plot size and demand etc.

Doozergirl

There's a house near me that was being sold through Barratt Oakleaf (that's the part-ex people) They have systematically reduced and reduced the price until it sold. They also went with a couple of other agents.

The vendor initially had it on for too much money - 215,000 when comparables at the time would have been marketed around 179,950 in my experience which is where it was dropped to not very long ago - presumably when it was part-exed as the vendors had it on for absolutely ages at the same price. It was reduced for the final time in last weeks paper at 139,950 and it was snapped up at that point. 155,000 would still have been a good price for that house, IMO.

So yes, they are keen to get shot of these properties.

Robert_Sterling_3

Buying from a vendor.

I like your thread title.

geordiepaul2001

Robert_Sterling wrote: »

Buying from a vendor.

I like your thread title.

Noticed that too late and couldn't change it

I have just found out that the house is still occupied and the vendors are waiting to sell it in order to move into their new build.
Still as much bargaining power?
100k seems good value for a 3 bed semi, with en suite and conservatory

Robert_Sterling_3

geordiepaul2001 wrote: »

The house was recently reduced from 120k to oieo 99,950k.
The house has been on the market since November (106 days). Paul

I do not think you need a "k" after the 99,950
...........................................................................

I think it highly likely that they would take less than £99,950. But bear in mind that they have skillful experience negotiators.

Best of luck to you.

geordiepaul2001

Just a quick update.

I viewed the house yesterday and everything but the kitchen is perfect, though the kitchen can be changed with time.
Got home from work tonight to two messages from the estate agents asking us what we thought of the property.
I returned her call and advised about the kitchen and that I was rejugglingmy finances to see if we could afford to buy and refit kitchen.
The estate agent then stated that they were calling everyone who had viewed the property as they had received an offer,though this has yet to be accepted.

Paul

beegee123

If you've come home to 2 messages they either haven't had an offer or, if they have, its way under asking price.

We offered on a part ex with the owners still in situ last year, we offered £145,000 asking was £156k.

The offer was immediately rejected so the next day we withdrew the offer. The EA rang us back three weeks later and told us they would accept £129k.

We didn't buy it in the end but if you are prepared to walk away and don't increase your offers you could save yourself a few grand.