Estate agent language ... question!

Soot2006

House marketed at
£195,000 - £225,000

Estate agent said the owners "might" go down to £190,000 ...

Does that sound promising in Estate Agent language? i.e. does it sound like they want to get on with a sale. We weren't really looking at anything above Stamp Duty threshold, but he talked us into having a look at this house. Which is nice enough, but not so nice that we'd overstretch our budget for it. Owner just died very suddenly, so house is being sold on behalf of the estate. It still looks lived in (very sad, actually).

This is the house
http://www.rightmove.co.uk/property-for-sale/property-20674363.html

princessamy86

Two options I would say:
1) They don't have a clue and are just guessing the vendor would accept a lower offer
2) The vendor has actually indicated to them that they would sell at £190,000.

If you weren't really looking above stamp duty then stick to your guns! How long has it been on the market for?

Soot2006

This one is brand new on the market.


We will probably stick to our guns, but I do need reminding not to crack every now & then!!

We're in a stupid situation as have just been given notice on our rental (unexpectedly), grrrrrrr. Which means we either need to buy quickly, as we were going to anyway (but without time pressure) or find another short term rental. All too much stress for me!

Strapped

If the owner has just died then I'd find out whether the sellers actually have been granted probate (and see written proof!) as otherwise you won't be buying this one quickly - probate can take up to a year or longer if there are disputes so I wouldn't touch with a bargepole a property where they don't have it yet.

ETA: If they do have probate, then I'd offer £175k. In this market, they'd be mad not to accept with you as chain free.

GDB2222

On valuation, it seems to be priced way over the top at 195-220k. I can find several better presented 3 bedroom properties for the 200k mark (asking price) on Rightmove. Still, I suppose there is a premium for bungalows? Do you actually need a bungalow? You know that Rightmove also shows you the prices of houses that have sold in that area since around 2000 or 2001?

We're in a stupid situation as have just been given notice on our rental (unexpectedly), grrrrrrr. Which means we either need to buy quickly, as we were going to anyway (but without time pressure) or find another short term rental.

Don't panic! A new 6-months letting will cost you say £3k-4k? (I am just guessing.) Apart from the saving in mortgage interest over that period, it puts you in a strong position to negotiate at least that amount off your next purchase. So, even if you moved out after 3 months but had to pay the full 6 months rent, you'd still win. Besides that, although there seems to be a bit of a Spring bounce in house prices, the trend still seems to be downwards.

princessamy86

As it's being marketed at £195,000-£225,000 it would seem to me that they expect to get more than £195,000. I think strapped is right though, you should offer lower and see how you get on as you just never know!

GDB2222

Oh, and finally, you never know with probate cases. Sometimes, the vendors want cash fast, but more often they are in no hurry and want top dollar. So, when the agent says they might take 190k, he is probably thinking they ought to bite your hand off but he's not sure they will. I would find a new 6 months tenancy, and this bungalow is quite likely still to be on the market at the end of it.

besonders1

I know a couple of probate sales which have been on the market for 2 years, both were overvalued at the peak. Sadly the houses have deteriorated needing full refurbishment. Sometimes there can be disagreements with accepting offers between family members e.g. a 2 siblings may want to just accept a low offer and be done with it but another sibling can firmly refuse saying they want to wait until they get a higher offer.

Soot2006

Don't panic! A new 6-months letting will cost you say £3k-4k? (I am just guessing.) Apart from the saving in mortgage interest over that period, it puts you in a strong position to negotiate at least that amount off your next purchase. So, even if you moved out after 3 months but had to pay the full 6 months rent, you'd still win. Besides that, although there seems to be a bit of a Spring bounce in house prices, the trend still seems to be downwards.

This just made me smile
A Very good point & thanks for the voice of reason .

... Thanks to everyone for the experience re: probate purchases. We are very much novice FTB, although in a fair good position, as should have 50% deposit as long as we stick to our guns on desires price range!

Giraffeseeker

Soot2006 wrote: »

This one is brand new on the market.

They've told you porkies I think It's been on since Jan. History from property bee:

11 March 2009

• Brief Description changed: Price Range: £195,000 - £225,000 Well presented Semi-detached Bungalow with 2 double bedrooms 16' South lounge. South facing garden Distant sea views Garage - own drive. No chain

11 February 2009

• Brief Description changed: Price Range: £210,000 - £240,000 to £195,000 - £225,000 Well presented with 2 double bedrooms 16' South lounge. South facing garden Distant sea views Garage - own drive. No chain
• Price changed: from 'From £210,000' to 'From £195,000'

13 January 2009

• Initial entry found.