Does this mean anything?..

fimonkey

I've been looking at a one bed flat in Christchurch, Dorset. It's a complete wreck inside and out and has been on the market for the past 4 months (rare for this area which still seems to be booming). Originally it was on for 149500 and two weeks ago the vendor dropped the price to 144950.

TIt's a complete wreck, it needs completely gutting and starting again, and though I like it's 'quirkiness' I do think it's overvalued given the price of other 1 beds in the area that don't need work doing.

Anyway, yesterday I made a cheeky offer of 134000K and the vendor replied that he wouldn't go any lower than 138K. I'm taking an architect friend to have another look today to see if it really is worth it... BUT....

Last night I had a call from another estate agent about a 1 bed flat they'd just put on their books, I asked them to e-mail me the details, and it's this exact flat I've been looking at! So now it's on with two estate agents.

What does this mean? It's vacant possession by the way so not part of a chain, and I would have thought the vendor was keen to sell as it's been on the market for so long, BUT is it in my favour that he's put it with another estate agent too? Should I let onto either estate agent (ie the one I've looked with so far, should I tell them about my phone call last night)? Or the ones who phoned me last night, I'm sure they know it's already with another estate agent though.

Basically, could this be used to my advantage?

Many thanks

maninthestreet

A property being marketed by two EAs concurrently isnt anything out of the ordinary, especially if the property has been on the market for a while and not sold. You says it's a 'wreck', and the vendor has indicated that 138K is his minimum - what price do similar flats in a good condition in the same area sell for?

fimonkey

Hi, they sell for 135 - 140 when they don;t need improvements. This is a 'quirky' flat and share of freehold, ... but I don't think it warrants the price he's indicated.. (138) ... Just thought it weird that I offer 134, then that evening he goes and puts it on with another estate agent. Does that mean he's really not considering my offer?

sortofok

fimonkey wrote: »

Hi, they sell for 135 - 140 when they don;t need improvements. This is a 'quirky' flat and share of freehold, ... but I don't think it warrants the price he's indicated.. (138) ... Just thought it weird that I offer 134, then that evening he goes and puts it on with another estate agent. Does that mean he's really not considering my offer?

This guy has dropped the price form £149k to (effectively) £138k

Is this correct?

If it is, and you offered £134k then him going to another EA does not mean he has dismissed your offer.

What it means is that he's a f**king chancer who thinks HPI will come to his rescue.

Do not fall for this trick. It is aimed at forcing your hand.

Stick to your guns. Do not increase your offer.

In fact when he comes back to you in a month's time offer him less.

fimonkey

Ha ha, Cheers sortofolk. Though the new HIPS won't affect him now as this is just a one bed flat.

I've had a third look, this time with an architect frind, and I'm not going to offer any more, especially as Jeremy vine and his guests have put the fear into me! (re: house price crash). Not gonna start yet another thread on that topic, but needless to say I'm erring on the side of caution and have no intention of playing his game...

Thanks all.

sortofok

you sound very level-headed.

keep looking around and good luck.