Offered asking price on house- no repsonse

ognum

Stephny691 wrote: »

Fortunately we are atm in a a great position to buy, we don't have anything to sell and have quite a good deposit. We've arranged another viewing through the EA on Tuesday, so it will be poker faces at dawn. (I think that's a mixed metaphor).

make sure you have a mortgage agreed as well

nubbins

Thats good. Start getting your info together as the EA will probably want to know what position you are in, have you got a solicitor lined up, do you have a decision in principle on a mortgage, they may want to see proof of a deposit. I presume you've checked sold prices for that road and it is actually worth 250k? If not then check, if there has never been a recent house sale on the street for similar properties over 225k when you go and get your compulsory valuation from the lender they could come back and say its only worth 225k. Then you will either have to renegotiate the price or stump up 25k!

Stephny691

nubbins wrote: »

Thats good. Start getting your info together as the EA will probably want to know what position you are in, have you got a solicitor lined up, do you have a decision in principle on a mortgage, they may want to see proof of a deposit. I presume you've checked sold prices for that road and it is actually worth 250k? If not then check, if there has never been a recent house sale on the street for similar properties over 225k when you go and get your compulsory valuation from the lender they could come back and say its only worth 225k. Then you will either have to renegotiate the price or stump up 25k!

We have a solicitor lined up, we have a decision in principle but that ran out end of January but we can get that revalidated.

Most houses the same on that street have sold for 270, but due to the amount of work this one needs, that's why it's going for 250.

phoebe1989seb

Good luck with it OP - I guess it is because the house is a probate sale that the vendor wants/needs to achieve the best price for the beneficiaries. This happened when an uncle of mine passed away a few years back and my dad was executor - despite having a good offer early on, he waited (on the EA's advice) till a few more viewings had taken place before deciding whether to accept......

Otoh, you get the people that purchased our last house last year - they had an EA round to value theirs, the EA said a price and told them they had someone (a BTL investor) lined up to view before the house hit RM etc. That person duly viewed and offered asking price - on the understanding that the house wouldn't be advertised.

The vendors, being happy not to have to go through multiple viewings/declutterings etc, agreed and all was hunky dory - or so they thought. They in turn offered asking price on ours, then at the eleventh hour, and after a perfect survey and valuation at agreed price, their BTL investor (a female charity worker, fwiw) dropped their offer by £10k

Our buyers were desperate not to lose their sale - or purchase - so reluctantly agreed, but were fuming that had they not been bamboozled into accepting this offer before the house went live online, they could have potentially achieved a higher price.....

So you can see why this vendor might think they can get more