FTB decision - vendor wants more than asking price

missk_ensington

I would always advise asking lots of questions when viewing a house, and trying to find out why it is being sold. It can make a huge difference if someone has died and wanting money, or people are getting divorced, or in debt... etc etc, to someone who has no urgency to sell.

If you end up going ahead with the house, find out who is doing the Valuation report and contact them saying you have a few queries (double glazing, attic, guttering... you probably have a few concerns anyway) and ask him to check these thoroughly (at an added cost if neccessary). Don't forget to mention what a shame it would be if something crops up after the same, after all he doesn't want to be sued for professional negligence.

When the valuation comes up with (hopefully!) a load of horrors, use it as levergae to reduce the price.

clutton_2

the next house you go to look at - check out https://www.nethouseprices.co.uk and you can find out the EXACT selling prices - not EA valuations - of houses in that street. This information will help act as a lever on the EA and maybe bring the price down !!

hechizero

I agree. Do not offer more for the house than the current value. EA's will try to get as much as possible from you as it is in their interest. FTB's are targets for all types of manipulation. Try to resist getting caught out by smoke and mirrors up-selling which is rife.
If you look at the situation for what it is. The guy is already making rents from people staying on his premises, he does not appear to be desperate to sell in any way. He is willing to wait for the buyer who will give him more than his house is worth and by the looks of things he will be willing to push his luck throughout the process.
Furthermore you have no idea what contracts he has with his tenants: what if there are 12 month no break clauses etc. So there IS chain if this is the case.
Yes the WHOLE of London is dead quiet for under 300k in my opinion. It is basically a traffic jam. Lots of offers, but no one can find the property they want when they receive an offer. We have considered that this log jam will cause many broken chains and many sellers after months and months of looking are deciding to stay put...bad news for all FTB's especially.

Premium prices at the moment as well...be patient and cautious is my advice.

RUSTY1966

As a ftb you are in a v.good position. no one wants extended chains.if you can't trust this seller then leave it. Don't be mesed about. there's plenty of property for sale.............N

missk_ensington

https://www.houseprices.co.uk is also really good. You can see what other houses sold for over the last few years that are nearby, sometimes you can even see what the vendor paid for it himself if he bought it up to 7 years ago!