How to buy/deal with a very motivated seller

Natalie48

Hi all, this is my first post here so please bear with me.

This is our situation, I hope someone can offer me some advice. We are FTB and have a mortgage in principle for a 95% mortgage, so we need to buy on the cheap. We have our solicitor sorted and a few surveyors in line. We're in no rush but we'd like to move from our rented flat.

We came upon a house that is in the area we want and in a "seemingly" good state of repair for £155k. Once we walked in the house for our first viewing, we discovered the house was vacant, it had been completly trashed and it smelled really badly, after a few questions EA said that after a very violent break up, the couple had gone to court to settle their differences as it's only the guy whose name appears on all the documentation although she put some money in for their deposit. EA was very clear they guy was up for negociating and if we put an offer in he'd advice the vendor to seriously consider as the property has been on the market for 12 weeks and some people have not even walked in the house and turn away it is that bad. EA also mentioned that the seller wants to move really quickly, which is definitely something we can do as we've put ourselves in that position in order to offer on this property.

From the pictures in Rightmove, it looked like a normal house, once we went in, as I mentioned, it had been trashed by, I assume, one of the owners. Looking past the smells and the damage, it looks like with some cosmetic work and elbow grease it could be a habitable house. However, we need to reflect the costs of these changes in our offer. We are not looking to renovate at this point as we're only looking at cleaning and clearing up and a brush of paint here and there and of course, making the house safe. Considering the house is a 3 bed, detached, with garage, conservatory, decking and large garden but in need of some serious work, how much should we offer?

We are thinking £120k, is this realistic?

Any views would be much appreciated.

Thanks very much.

19lottie82

What have comparable properties (in walk in condition) sold for?

If about 155k, I don't really think you can expect to shave £35k off if all it needs is a bit of decorating. But then again, I guess it all depends how desperate the vendor is to sell.

Natalie48

Estimate prices for that particular estate vary from £140ish to £220ish. We've been looking for houses in that area and have seen lovely 3 beds detached ones at £145 without garage, no conservatory nor decking. That's why I think this particular property is over priced, even though it's bigger, IMO.

They must be really desperate as they have gone to court and are both renting and waiting for the house to be sold to part ways. Although EA didn't say much, he didn't need to, he winked so hard when he said vendor was willing to negociate. We just don't know how low an offer is too low...

buglawton

Have you had your solicitor run a search with the local council for any neighbour disputes?

Natalie48

Not yet, our solicitor is doing preliminary checks on us at this stage. I thought checks with the council was something we needed to do after the offer had been accepted? To sort of clear any police claims that might have occured towards the house?

AMO

I think the final figure you settle on is the most important.

You looked at the property because it seemed a bargain. So how much would you have expected to pay if it was done up as in the pictures.

Then work out how much work you would have to do and how much you'd then have to knock off.

Then go a further £20K under that and set at £10K under.

GrowingUp

put in a lowish offer (around 120 as suggested) if kicked back. then leave it a while and ask to re-visit with a contractor (someone who can do the work) use it as opertunity to look for any major faults at the same time i.e chimneys etc

then get a "fix up" price from the contractor. deduct it from the price you would be happy to pay if it was in an "ok" condition.

check houses in the area and make sure you deduct a bit for the hassle of having to organise work yourself

Caveat_Mortgagor

Reading between the lines I wonder if the price you offer is less important than your conviction when making said offer.

They need to sell. You have used the words 'motivated seller' in the thread title. They are what every buyer wants.

However in your case most buyers are put off.

I'd say you are in control here. Offer low, and make it clear to the agent that its your best offer.

If its rejected you can consider if you want to up your offer by a couple of grand. It might seem like you will lose face if it comes to this, but if you play hardball from the outset, the agents are less likely to try to play you.

Its no good you offering £120K if the tone of your voice doesn't back up the numbers you say.

Ivana_Tinkle

Whatever you decide, work on the assumption that this will not be a straightforward purchase. Expect lots of hassle and delays, as the couple continue to bicker over every single detail, and lower your offer accordingly! If I were a FTB, I wouldn't go ahead with this unless I was sure I was getting a bargain - it's just not worth the stress.