what's should I offer??

bamberbamboo

Evening,

I've been looking for a second buy-to-let-property and have recently seen one I fancy, but what I'm wondering is it's up for £78,000 but been up for sale since July 05, the owner has moved in with her partner a coulple of years ago and now wants to sell, in fact one estate agent has said she is "desparate" to sell, house great had a grant on it so new roof/windows/central heating/kitchen sounds great eh, but how cheeky can I be in putting in an offer?? rents where I live are about £70.00 per week so really want to get the price down I was thinking of starting at £60,000 does that sound too low?? any thoughts would be great the estate agents are going to call me tommorrow afternoon.

mummytofour

If it were me I would offer what I think the house is worth, if you go too low the seller will think your a joke and take no notice of you, what kind of price are the other houses in the area going for? what makes this one stand out to you? At the end of the day the day the seller will have a min price that they can take, if it were me I would start at 68k but then I dont know what the other prices are in the area, so that may change things a little.

Claire_DC

They can only say no, can't they.. if you don't ask then you don't get.

It might be worth finding out off the EA if any offers have been rejected/accepted in the time that it has been on the market.

At the end of the day though, if they say no, you can always put a higher offer in. If they say yes then you're quids in!!

Claire_DC

Also, have you checked on rightmoves sold prices page (or any other similar ones) to see if it's on there as you may be able to find out how much they bought it for.. which will also give an indication of how much they'd want as a minimum.. as i doubt they'd want to make a loss on it.

Tassotti

If it was me I would go in with an offer of 55K. You will soon see how "desperate" they are to sell.

If they agree to this, buy it on a BTL no redemption (or pay cash if you can), then immediately remortgage to 85% of the asking price. This way you will receive all your deposit back plush some extra cash.

bamberbamboo

Hi guys,

put offer in this morning for £60,000 which was turned down, estate agents have said she wants nearer the asking price in the region of £70+ told them I Knew she was desparate to sell and that it had been up for sale since July 05 and had no offer's on it, estate agents did say that it had been up for £92k with other estate agents and they had put it up for £79k and since reduced it to 78.5K or near offers, so have told estate agents to let me think for a bit about what to do next.

Claire_DC

You can either wait/insist this is your final offer and that you're willing to walk away, to see how desperate they are to sell at your original offer.. or offer to meet them half way and go back in at 65k final offer, but insist you will walk away at this price if not accepted!! Chances are the sale will mean more than an extra few grand if they're apparantly desperate to sell!!

NAR

Sorry I don't think the £65k will be entertained, even if they are desparate, especially since they were expecting over £80k. If it was me I would treat you like a cheeky sod, wouldn't you if you were in their shoes?To me a sensible offer is £70k, but tell EA that you have no further room to manoevre.

Claire_DC

They may have expected over 80k but it doesn't mean that the house was worth it though.

There was a house on the market near us, recently done up by property developers at 95,950 that was on for a couple of months before they reduced it to 89,950 and then finally took it off that agents books and put it on with another at 79,950.. that same house sold at 75k - and i know also that it had only been bought at 60k before the renovation.

At the end of the day, a house is only worth what someone is willing to pay.. and if nobody has offered until now, then a sale may be more appealing than haggling over an extra 5k.

NAR

OP said it had first gone on the market for £92k, obviously well over the top price. But it puts a high expectation in the seller's minds, correctly or not.

That is why I think the £65k bid will not be entertained. (I certainly wouldn't in their shoes) If the OP wants the house I think an offer of £70k is likely to be considered. This is £22k below the first asked price.

cattie

If they have received a grant to do improvements, there may in fact be a charge on the property if it's sold before a certain number of years have elapsed. I know the local authority in which I live have such a clause for any grant aided works.

If this is applicable to the house you are considering, then this could affect the actual amount of money that the vendor realises from the sale, so may be unwilling to go for a low offer.