A question for the LL's....

YoungBlueEyes

I asked the EA when I was looking round what it had been reduced from, £134950.

I hope they don't get more tenants, I'd like this house!

If she won't come down in price I'll have to go up.... Anyone wanna lend me £10k? !!!55357;!!!56859;

AnotherJoe

its not uncommon here to see words to the effect of "i cant sell my house so i'm going to rent it out" and of course " i cant sell my house" actually means "I cant sell my house for the amount I want for it".


So they may well be having a go and then put it back on rental if they dont get what they want (or need). Though 6 months is a long time to be waiting.


I know everyone is different but if someone offered me £15k less and then upped it by a pathetic £1k I'd think they were a timewaster. But you never know, and if thats your top line on price theres no harm done.

YoungBlueEyes

Yeah it was a small increase, I hope she doesnt think I'm a time waster. My pot is going to be £125k, but from that I'll need all the fees and solic stuff and furniture and removals etc etc. And I'll be keeping a little something in reserve. So it's about my limit.

That's what I was thinking. If you put your house on for x doesn't mean you'll get it/it's actually worth it.

Hopefully if they were testing the market and were going to rent it again, they'd have done it before now. It's been on since Nov...

We'll see what Monday brings...

AnotherJoe

YoungBlueEyes wrote: »

Yeah it was a small increase, I hope she doesnt think I'm a time waster. My pot is going to be £125k, but from that I'll need all the fees and solic stuff and furniture and removals etc etc. And I'll be keeping a little something in reserve. So it's about my limit.



In that case i suggest you go back to the EA and tell them that £1k was your last and final offer as you cant afford any more, in case they are thinking you may start upping your offer £1k at a time until you get to £129


That's what I was thinking. If you put your house on for x doesn't mean you'll get it/it's actually worth it.

Hopefully if they were testing the market and were going to rent it again, they'd have done it before now. It's been on since Nov...

We'll see what Monday brings...

or, "if they were going to take a lower price they'd have done it before now. It's been on since Nov..."

need_an_answer

OP...I've looked at the listings and this person is in no immediate hurry to sell.

My view is they need to achieve a certain figure to make it worthwhile and they are clearly happy to hold out for something much closer to the asking price than you are willing to go.

The only thing that may make a reduction possible in the future is if the property remains unoccupied for a full 12 months and additional CT payments are levied by the council(some do some don't).



The property may well be overpriced for the area but reading the previous listings it does seem as if some money has been spent on it since its purchase in 2009,how much that is I don't know but the vendor clearly has a figure in mind.
My feeling is that the vendor is nor relying on the sale of this to help an onward purchase they are simply wanting to take any equity and are prepared to wait for the return they want.

Is the property being lived in at present?

A question to perhaps ask the agent is when did tenants move out that may give you an idea of exactly how long its been empty.

You cant always assume that it has been empty since it was listed last November,tenants could still be or have been in situ,its just the agent could have used old photos to market the place that showed it empty rather than take new photos.

I also think the upstairs was converted between 2011 and 2015 during this vendors ownership.

You should be asking the EA about the loft conversion and establishing exactly what permissions it has and when it was done.

That could very well be why its not selling,but it was clearly an expensive occasional room they put in!

Does a potential lack of building regulations concern you,some people wont buy without them but others will be happy to use the space and not be concerned that its not technically a 3rd bedroom.I guess it depends what use you have for it and whether to plan to resell in a few years.

Its priced as a 3 bed IMO but without regs it cant be called one.That puts it in an area where its bigger than a 2 bed but not classed as a 3. I think you are pitching your price as if it were a 2 bed without the additional space which TBH might be a little ambitious on your side too!

Why this house?
Just curious as to why you want to go so low with the asking price when it looks to be in an area where there is lots similar for sale.

Is it simply that you are assuming that no one has lived there since last November...that may not be the case.

YoungBlueEyes

Lots of good points and things I hadn't considered, thank you all.

I'll not be going up incrementally til I get to AP ha haa!

It is empty now. It looks exactly like the photos except for the garden, which is waist high in grass that's gone to seed...

I did ask how long it's been stood empty for while I was looking round but I can't remember what the EA said. It was a "been a while/some time" type answer. No help really.

I'm looking for a home to live in so resale issues aren't an immediate concern. I'm a single woman so it's not like I need the loft as the kids bedroom or whatever. As long as it's safe I'd probably use it for storage.

I went in low because I made a number of assumptions (not dispelled by the EA) so I thought it might be accepted. Inexperience and ignorance played a part too evidently

There's nothing special about this house per se. It did have a good feeling as I was viewing it though. My list of requirements is small and I'm an 'enough is a feast' type person. I'm not holding out for "the wow factor" and "dream home" property; I'm not that kind of person and I only have a wee budget anyway. Of all the houses I saw none were without compromise, and this house has the fewest compromises. When the EA said the owner was keen to offload it, added to how long it's been on, added to it's an empty ex-rental (therefore not doing it's job of making money and poss costing just to sit there) added to peak selling season is about to be over, added to my good position = low offer.

Ah well, wrong again. Story of my life I'll keep looking.

Cakeguts

I compared this house to others in the road and I personally don't think they will sell this for less than £125k simply because others in the road which are not so good or as big have sold for that fairly recently.

YoungBlueEyes

Yeah unless/if I hear back differently from the EA, I'd say this is a non-starter. So the search continues...

Hope for the best while preparing for the worst

Crashy_Time

AnotherJoe wrote: »

The price it was sold for in 2009 is irrelevant. It's worth what it's worth (which is unlikely to be as high as 130) but the price they paid 9 years ago is really not a factor. Even aside inflation you don't know what state it was in and if it was cheap because it needed renovation. . If they'd bought it for £20k in 1989 would you offer £30k on the grounds "that's more than they paid for it".

What are nearby comparable houses selling for ?

2009 is very relevant because it is the last time prices actually adjusted in any meaningful way? Everything since then has been the PTB desperately trying to inflate property prices to protect the banks. Of course you can ignore 1989 prices, that is a different time and place, not part of the cheap credit experiment that started in the late 90`s, but from your post it sounds over-priced, it sounds like a sub 100k flat to me - OP any chance of a link? ( a real one, not a made up one )

Cakeguts

Have you considered looking at 1 bed houses in Belper?