Gazunder on a probate property?

n6600

Hi all

The seller and the estate agent have been pressing me to exchange contracts on a one bedroom flat at £150k but I just found out that less than 200m down the road, 2 x two bedroom flats have been sold at auction both in the region of £140,000 and £145,000. The conditions of the properties are pretty similar to mine and in fact those 2 x two bedroom flats are even closer to the train station!

I love my one bedroom flat but I feel like it is not right to pay more than £140k (or even less!)

Shall I ask the seller to reduce the price as I understand from my solicitors that it is a probate property. I feel bad to ask for reduction but I don't known whether I will regret once contracts have been exchanged.

Please help!

getmore4less

Auction is a different market.

Running_Horse

Be prepared to lose it.

People can be funny about what they think their loved one's property is worth.

If you can buy something else cheaper, then why don't you

n6600

Running Horse, I have the same feeling but will try and see whether the seller are prepared to lower the sale price to £140k. No harm asking but if i compare the price with auction properties, like getmore4 less says, auction is a different market and the seller may not buy it. The estate agent may kill me too! Do I need a good reason to reduce the price? what is the best reason?

G_M

Walk away.

Wait for the Executers to put the property into auction.

Then buy it for the knock-down price you want.

chewmylegoff

n6600 wrote: »

Hi all

The seller and the estate agent have been pressing me to exchange contracts on a one bedroom flat at £150k but I just found out that less than 200m down the road, 2 x two bedroom flats have been sold at auction both in the region of £140,000 and £145,000. The conditions of the properties are pretty similar to mine and in fact those 2 x two bedroom flats are even closer to the train station!

I love my one bedroom flat but I feel like it is not right to pay more than £140k (or even less!)

Shall I ask the seller to reduce the price as I understand from my solicitors that it is a probate property. I feel bad to ask for reduction but I don't known whether I will regret once contracts have been exchanged.

Please help!

if you are not happy paying more than £140k, then reduce your offer to £140k. obviously, they don't have to accept your reduced offer.

Running_Horse

n6600 wrote: »

The estate agent may kill me too! Do I need a good reason to reduce the price? what is the best reason?

The estate agent will not kill you. The best reason is what you think the property is actually worth. Research recent sold prices in the area and show them comparables.

Emmzi

people buying at auction have to have all surveys done etc in advance, and they may lose a bit of money if they then lose houses. Also they tend to have 28 days to exchange etc which is a very tight timescale. So they tend to have ore ready cash and a brilliant solicitor.

You are having your survey, mortgage fees etc after offer accepted. Do you have ready cash? Do you have a brilliant solicitor who will whiz your stuff through ahead of anyone else's? Can you complete inside a month?

Probably not. That is why you pay more.

Reduce the offer if you wish in the knowledge it is a gamble an they may refuse to do business with you. After all, if a similar property went for £145 at auction, maybe theirs is worth £155k if they have to wait longer to complete?

pararct

It's a buyers market.... On that basis it's your call. You will either get the reduction or you will lose the property. It may in due course go to Auction it may not.If it does you may be in a position to proceed immediatley (ie you not needing a mortgage) you may not. If you are buying this flat cash, mortgage free then that should play a significant part in your decision as it gives you so many more options elsewhere and not only at auction.

Red or Black it really is your choice.

wublet

Remember the Estate Agent is on a % commission. He also works for the Seller, so it's always in their interest to get the highest possible price. The £10k you save could do a one bed place up like a palace if the offer is accepted.

Or meet them half way if you really like it?

n6600

Thank u all for your valuable inputs.

Seller's solicitor is away for 2 weeks, do I speak with the estate agent about the reducing 10k? I am happy with meeting half way. But if the seller refused, I can still proceed with the price previously agreed right?