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Buying a buy to let property

trudie15
trudie15 Posts: 95 Forumite
in House buying, renting & selling
We have recently started looking to buy a buy to let investment. We have made an offer for £85,000 on a house that is being marketed at £105,000 fixed price. The house is overpriced as the next door neighbour has just sold for £105,000 and their house is in better condition, has a new 2 storey garage and better gardens etc.

The house is being sold by a property group which is selling about 100 properties at the moment (they are a company who buy at 90% or less of the house value and then rent them out).

We are cash buyers with no chain and could complete within 3 weeks. We made our offer this morning, but have not heard anything back - is this because they think it is a ridiculous offer or might they be considering it? Should we not contact them as not to seem to interested, do they have an obligation to accept or refuse an offer verbally.

Thanks for your help .
«1

Comments

  • silvercar
    silvercar Posts: 49,778 Ambassador
    Part of the Furniture 10,000 Posts Academoney Grad Name Dropper
    Wait and see what develops.
    I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.
  • brit1234
    brit1234 Posts: 5,385 Forumite
    Is it worth it if the value is set to freefall in the next few months while mortgage interest rates are going up. Better off waiting
    :exclamatiScams - Shared Equity, Shared Ownership, Newbuy, Firstbuy and Help to Buy.

    Save our Savers
  • trudie15
    trudie15 Posts: 95 Forumite
    Anyone else got any thoughts? Still haven't heard from agent.
  • 00ec25
    00ec25 Posts: 9,123 Forumite
    1,000 Posts Combo Breaker
    24 hours is hardly a long wait for a company to get back with a decision. Obviously would be different if it was a homeowner, but the company may have to get an offer acceptance authorised by more than 1 person - have patience!
  • Pee
    Pee Posts: 3,826 Forumite
    You are def going to have to be more patient. Keep looking at other houses and see what happens. With a buy to let, you really don't want to get emotionally involved and/or overpay. It would take me 24 hours to consider a low offer let alone a company where there may need to be a meeting and half the board may have different views...
  • trudie15
    trudie15 Posts: 95 Forumite
    Ok i'll be more patient, thanks.
  • PasturesNew
    PasturesNew Posts: 70,698 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Photogenic
    If they buy property at 90% then maybe your offer is below what they paid ... and if there's money in that property as a BTL why haven't THEY done that with it?
  • hebawom
    hebawom Posts: 59 Forumite
    Part of the Furniture 10 Posts Combo Breaker
    trudie15 wrote: »
    has a new 2 storey garage and better gardens etc.

    What's a 2 storey garage? One drives in as normal and one goes up a ramp??
  • trudie15
    trudie15 Posts: 95 Forumite
    hebawom wrote: »
    What's a 2 storey garage? One drives in as normal and one goes up a ramp??

    It's a double garage downstairs and workshop area upstairs - although could be used as an office, play room etc.

    They've refused our offer anyway, i'm not sure how much more we want to pay for it, but feel it would be a good buy to let investment.
  • trudie15
    trudie15 Posts: 95 Forumite
    PasturesNew wrote: »
    If they buy property at 90% then maybe your offer is below what they paid ... and if there's money in that property as a BTL why haven't THEY done that with it?

    Apparently they are getting rid of all their properties not in their local area.
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