In a good bargaining position?

plum86

My husband and I are looking to buy our first home in Northern Ireland, but are on a pretty tight budget. I've seen a house with lots of potential, but does need a good bit of work done to it. The house being sold is being sold by an elderly ladies relative, but is being sold on behalf of a trust or nursing home to pay for her being there. I was wondering what the rules were regarding selling on behalf of a nursing home or trust? The reason I ask is as the money is going to no one personally and is basically going to a trust, it takes away the emotional attachment of the house and the thought of owners that "my house is worth more than that", so would I be in a better position to put in a really rather low offer, especially if there are no other bidders, or do the trustees have to sell the house for at least a particular amount. The house is on for offers around £98,000, how low an offer do you think I could get away with?

Thanks, plum.

tara747

I live in Belfast. Prices in NI are down about 50% from the peak (even EAs will tell you that). Bid as low as you want, if you aren't embarrassed by your offer then it's too high.

Do you mind me asking what sort of house is it and where it is? That may help figure out whether it's overpriced.

tara747

p.s. good luck!

Pee

I have to say that I work in England and Wales and so what I say may not apply to Northern Ireland.

If the old lady has died, then the executors could sell at whatever price they could get and where you have three beneficiaries each £3,000 you offer less is only £1,000 less to each of them and they are usually inclined to sell quickly and cheaply.
If the old lady is still alive, then the figure may have to be agreed through the Court of Protection and so that means a silly offer wouldn't be accepted.

If you make a silly offer, I then wonder if the sellers will treat you seriously i.e. think that you can come through with the money.

plum86

Thanks pee, I think the old lady is still alive, so I guess that would mean I'm in a bit of a less great bargaining position (that sounds awful so may I just note I'm not willing the old lady to die!!!). Thanks tara, the house is near ballyclare, and is a 4 bed terrace house.

Plum

P.S. How does £70,000 sound for an offer? I want to be taken seriously, but at the same time we really don't have a lot of money to play with and would need some quite a bit extra to do up the place.

Pee

Make the offer and see what happens. If you lose out on this one, you will learn a lot ready for the next house that comes up.

plum86

I've just been reading that with repossesed houses once an offer has been made it is advertised in the newspaper for a week to make sure there is no higher offers, and if there is they must accept it. Would houses being sold for a trust work in a similar way or could I ask for the house to be taken off the market as soon as an offer was accepted?

Plum

Pee

Again, with the proviso I don't know in Northern Ireland, no, it would be much easier than buying a repo here, although slower than buying from a capable owner.

plum86

Rollerball wrote: »

Be careful, house prices in NI have still alot further to fall

I'm not totally up to speed on the current market. Why do you think NI have further to fall, in comparison to rest of UK, when do you think wil lbe best time to buy?

gairlochgal

I bought a house in a similar situation here in England and as someone has said above it all had to be checked through the Court of Protection to be sure the elderly owner wasn't being fleeced. It slows everything down but that presumably makes no difference to you as you're not in a chain