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Vendor suggesting price during viewing: what to do?
Comments
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Don't buy a leasehold, buy a real house that you can afford
For people in loads of cities and towns that's a bit like saying 'don't buy a house made of bricks'. Around here there are miles and miles of leasehold streets which people have lived in for generations without any apparent ill effects.0 -
The lease could make a big difference, if it's below 80 years some lenders can be sniffy and won't lend.
Also, check the terms of the lease for increments in ground rent which can also have a big effect on values/mortgagability.0 -
Never really understand the point of guide prices with a range - surely it's an indication that they'll accept the bottom end of the range?
Not necessarily.
I'd accept a lower offer from someone who's proceedable straighaway without a mortgage/chain than from someone in a long chain who doesn't have a buyer.
I currently have a property for sale that's in need of decorating.
If someone will take it off my hands in it's current state then I'd be willing to go lower than if I have to paint/carpet/clean it.
So depends on a number of factors.0 -
Op, just offer what the property is worth to you. The only relevant consideration is what you could buy elsewhere for the same money.
It sounds like the vendor is waiting for a bit to see what offers they get.Never really understand the point of guide prices with a range - surely it's an indication that they'll accept the bottom end of the range?
Sure, the vendor would probably end up accepting the bottom of the range if that was the only offer on the table.
But if someone else offers top of the range, they'll take that instead. The vendor may well be prepared to wait for a bit to see if that happens.0 -
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Thank you everyone, ever so helpful! I shall keep you posted.0
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