How to find out what offer has been accepted on a house

betsie

This is my first post so please be gentle with me.

Bit of background, sold my self build house last year (after 6 mths of hell from buyer) rented then bought repo. Now in very fortunate position to have some cash in the bank.

My elderly parents live in a hell hole area and I would love to move them nearer to me into a bungalow. They own there house but my dad would not be up to the hole selling thing.

Have decided with OH to try and buy them a bungalow with our money and keep it as our nest egg.

Bidded on one a few weeks ago which had been left to a charity was a 3 bed but needed gutting and everything new was on for £180k we final bidded £185k but went for more (not sure what I expect about £195K-£200K), saw another 3 bed but several steep steps down to garden level on at £212k.

Viewed a 2 bed today on for £240k-£250k it is empty and has been for a while (over a year according to the neighbour the people just moved out) been on market for 3 mths. There is another similar size 2 bed in the same road that has just sold (not completed) and was on at £220k.

Is there any way I can find out how much the one that is sold has gone for? Any tips on leading questions/scenarios to ring the agent with to get the info?

The one we viewed today would be perfect but It is overpriced and we do not have that much money. The agent said they are keen to sell and have only had one offer (didnt say what) but it involved the people renting it first till they sold there house. My main concern to offering low is that they paid £225k for it in Jan 06.

Any tips please, we are 100% cash and can move fast, I was going to start at £195k (is that too low and will it just pee them off) and really cant go much over £200k. I worry that when you say you are a cash buyer they think you are a property developer with loads of money and are just trying to rip them off.

Was going to phone agent first thing tomorrow with offer so all advice gratefully received.

chambta

Zoopla is good to see previously sold prices but takes a few months to update.

Ankatden

What they paid previously is irrelevant its how desperate they need to sell is the key.

Start well below where you think it could end up as you should be embarassed by offer and can start the process of getting a vendor thinking how much is it actually worth, do some homework in relation to work required and comparisons with others.

Cash is king at moment so even of bought can remortgage it if necessary to get back cash.

westlondonbuyer

betsie wrote: »

My main concern to offering low is that they paid £225k for it in Jan 06.

Just checking that you got this number from the land registry and not the agent. At this price, unless they are desperate to sell (which perhaps they are), it will be difficult for them to take the hit with your top offer - they'll be losing £25k straight off, and then another £5k or £6k in legal fees

betsie wrote: »

Any tips please, we are 100% cash and can move fast, I was going to start at £195k (is that too low and will it just pee them off) and really cant go much over £200k.

This is your biggest advantage. If they're in a hole financially, it means they can get the money fast. If you can do a deal in 28 days (very possible), it really is worth stressing this.

betsie wrote: »

I worry that when you say you are a cash buyer they think you are a property developer with loads of money and are just trying to rip them off.

Just tell them the truth, which is that you've already sold your previous property. They don't need to know the whys and wherefores of how you came by the money. And again, emphasise that it's all the money you have.

Good luck with it, your parents are very lucky to have you:D

harrup

If it's only been on the market for 3 month -( and are you sure it wasn't on with a different agent beforehand? In view that the sellers moved out a year ago according to the neighbour) - I can't see that they would accept a 20% under AP.

If your max budget is 200 K perhaps this house isn't for you or your parents as outside the price range. How annoying!

Still, you won't know until you actually make the offer. Go ahead and offer 195 and see what the feedback is.

Personally, I don't think that being a cash buyer gives you a particular advantage over any other prospective buyer unless your offer is VERY close to the asking price. No one writes off 40 K or more from a 250K house just because a seller offers cash. If the house was priced at around 1 million it may be a different kettle of fish, but not for a more modest property.

Could your parents perhaps chip in something until their own house has sold? Could they perhaps borrow against their current property to make up the shortfall?

IF they like that bungalow as much as you do, that is!:)

Good luck and keep us posted.