Buying other party out of house

pollyanna24

What is the suggested percentage discount for buying someone out? I have a feeling that my house will be valued in the region of £320,000 (will get valuer in soon).

But for ease of sale, i.e. to me and not having to put it on market, and also the fact that there will be no selling fees, was going to factor this in.

kayfaz

Deduct what estate agents would normally charge you in the area (around 1% and 1.5%) deduct that plus a little more for the 'hassle' free transaction

pollyanna24

kayfaz wrote: »

Deduct what estate agents would normally charge you in the area (around 1% and 1.5%) deduct that plus a little more for the 'hassle' free transaction

Do people still knock money off the asking price though? I thought estate agents put them as slightly optimistic, knowing that an offer will be lower than the asking price.

harrys_dad

Get a proper valuer and not an estate agent, and probably more than one.

racing_blue

pollyanna24 wrote: »

What is the suggested percentage discount for buying someone out?

Whoa there... why assume you need to take a hit? My suggested discount is 0%.

antrobus

racing_blue wrote: »

Whoa there... why assume you need to take a hit? My suggested discount is 0%.

The valuation of the property would be a starting point for negotiation. Whether there was any discount or indeed premium, would depend on which of the two parties was most anxious to get the deal done.

pollyanna24

Didn't realise there was a difference between a valuer and an estate agent. Do I find a valuer on the internet?

pollyanna24

racing_blue wrote: »

Whoa there... why assume you need to take a hit? My suggested discount is 0%.

I just figured that as the other person doesn't have to worry about selling and can just go looking for their new property with the cash in their bank, that it is better than putting our house on the market, waiting for it to sell, then look for a property etc.

Plus we won't have to pay an estate agent or a solicitor (except for transferring the deeds into my name).

pollyanna24

antrobus wrote: »

The valuation of the property would be a starting point for negotiation. Whether there was any discount or indeed premium, would depend on which of the two parties was most anxious to get the deal done.

I want the house as it was mine originally.

The other person (my brother) is getting married and wants money out of the house so he can buy a family house for him and his to be wife.

Guess we are as desperate as each other for our own space.

EDIT: And there is the added bit that there is a maximum that the bank will lend me, so it all depends on whether my bro is willing to accept that figure.

G_M

racing_blue wrote: »

Whoa there... why assume you need to take a hit? My suggested discount is 0%.

Indeed.

You both jointly own this property, so by avoiding the EA fees, you are both saving money.

If you must offer a discount, then it should be 50% of what the EA fee would have been.

Didn't realise there was a difference between a valuer and an estate agent. Do I find a valuer on the internet?

EAs will be trying to get your business so their 'valuation' will be influenced by their commercial motives (convince you they can get a higher price).

If pushed they might give 2 figures: one to market it at initially the 2nd a so-called 'realistic' price to expect. but evn this will be influenced by their desire to sign you up.

A paid-for Valuation by a surveyor will be objective.

pollyanna24

Thanks everyone. So it's a surveyor I'm looking for. How much do they generally charge for a valuation?