FTB - How much to offer?

chewmylegoff

it's hard to know what they think they are achieving as since an offer isn't legally binding, as soon as you see whatever it is on the hip that they don't want you to see you could just reduce your offer anyway.

technically i don't think they have to send you a hard copy, but you should be able to go to their office and view it. any sensible agent would just email you a soft copy.

CloudCuckooLand

Some EAs really don't try to help improve the industry's image do they? Blatant lies about the HIP.

http://www.direct.gov.uk/en/HomeAndCommunity/BuyingAndSellingYourHome/Homeinformationpacks/DG_171800

"The HIP gives you a chance to see these important documents free of charge before you make an offer."

"They must give you a copy of the HIP free of charge if you ask for it. However, they may make a reasonable charge to cover the costs of copying and posting it."

"If you believe you are being denied a copy of the pack unlawfully, local authority trading standards officers can help you."

kidcat

Thanks for all your advice, I think I will call into the office tomorrow and attempt another go at persauding them to allow me to view the HIP.

not_loaded

chewmylegoff wrote: »

it's hard to know what they think they are achieving as since an offer isn't legally binding, as soon as you see whatever it is on the hip that they don't want you to see you could just reduce your offer anyway.
technically i don't think they have to send you a hard copy, but you should be able to go to their office and view it. any sensible agent would just email you a soft copy.

I think it’s more a question of what you see on your survey than the HIP. The HIP is unlikely to be that useful. You can alter your offer when you see how bad (or good!) it really is. You can still walk away at any time before exchange.

Bear in mind you (and the EA) could be suffering from multiple executors with different opinions as to what it is worth. Maybe they are living in the past?

For our probate sale (my mum’s flat) I collected loads of info on sold prices locally and worked backwards to what seemed likely for the finished article. Then, after compiling an estimate of works, backed it off, allowed for some developer profit and arrived at a price. Four out of six EAs came out with just that price without me prompting. The others were not far away, saying ‘wait a while and get £5k to £10k more’.

Luckily the three of us involved are realistic and want it sold promptly to move on with life. Good luck with it!

smcqis

Whats HIP? (sorry)

Cannon_Fodder

http://www.google.co.uk/#hl=en&source=hp&q=hip&meta=&fp=5cf8b6df019865a1

kidcat

smcqis wrote: »

Whats HIP? (sorry)

Home Information Pack -

smcqis

I should have been able to work that out (embarrassed)

robertlondon

Not sure how much you should offer but when I put in an offer on my current property I did the following:

Put it in writing to the estate agent (so that the agent has more to relay than just a figure)
Say how much you love the house etc etc...

Offer less than the asking price and state an amount which doesn't end in £1,000 - so that it looks as if you have really worked out how much the property is worth - ie. £89,500 rather than £90,000

Begin by stating the current ceiling price on the street

Then detail why your offer is less - repeat all the structural improvements (with an estimate) that are needed to make it habitable -
- Extension walls need to refaced (-£3,000)
- Flat roof replaced on extension (-£3,000)
- Rewire (-£1500)
- Install Central heating (-£3200)
- Some new windows
- Toilet in bathroom needs installing
- Polystyrene tiles on all ceilings need removing and replastering

Some things might just be considered your personal taste rather than necessity and may hold less sway-
- Complete redecoration
- Carpets
- New doors
- Complete kitchen

It's also worth hunting for areas of
- Damp
- Settling cracks
- Lack of insulation
- State of the boiler
....which you could use to explain away further £1000s of your offer price.

State that your offer is subject to a satisfactory survey.

And finally I'd always write on the bottom of your offer that it is subject to the property being immediately taken it off the market, out of the window and off the website!

Having said that, it sounds as if you just might be interested in the right house at the wrong time... the relatives have agreed to sell it through the agent who made the most extravagant promises. It's only a matter of time until they realise the error of their ways!:eek:

Good Luck!

kidcat

Thanks for that, I think you may be right, spoke to agent regarding HIp today and they will not budge. He did offer to let me see it if I made appointment with their mortgage broker - just to prove we are in position to buy!!! Told him absolutely no way.

Just to mention the redecoration, carpets and doors arent a personal taste in this case thing , there are doors missing internally (not even a door on the bathroom!!) and the external doors are all rotten, whilst decoration is wallpaper ripped and hanging off, and carpets are either not present or threadbare.