Could I offer bellow 10% of the asking price

BrassicWoman

25_Years_On wrote: »

I thought all estate agents priced things higher to "test the market" and to leave room for negotiation.

I see it as buying a home and have never been one for that kind of messing about. It annoys me to the point I won't deal wth people.


I tell the EA the price, they don't tell me...

societys_child

do you think we could offer below 10% the asking price?

Why not . .
I bet the seller would love to donate eighteen and a half thousand pounds to a worthwhile cause

jasmine1994

oops sorry, I worded the title badly! What I meant was offering a little bit more than 10% off of the asking price we were thinking 162,000. Obviously, we wouldn't offer 10% of the asking price (as lovely as it would be to get a property that cheap)!!!!

We wouldn't sign anything until the tenant is out in case they do any damage to the property!

alumende27

jasmine1994 wrote: »

It does need redecorating, a new kitchen and bathroom. The estate agent is pretty rubbish. It is also described as a grade two listed building in its description which it is not.

If it's the property off West Hill in Portishead with Doric columns, it got its grade II listing in 1981.

You might want to check how often and how much the ground rent and maintenance charge will go up. Currently £1042 a year.

And to your original question, they're not going to stop you making a higher offer if you offer 10% below the asking price and they decline your first offer.

I got my current house for 22% below the asking price, so you never know.

Cakeguts

jasmine1994 wrote: »

oops sorry, I worded the title badly! What I meant was offering a little bit more than 10% off of the asking price we were thinking 162,000. Obviously, we wouldn't offer 10% of the asking price (as lovely as it would be to get a property that cheap)!!!!

We wouldn't sign anything until the tenant is out in case they do any damage to the property!

It isn't because they might do damage to the property it is because if you exchange on a property that has a tenant you could finish up buying a property that has a tenant.



If you think that the tenant might damage the property there is no point in making an offer until the property is vacant. This is because if you offer now and then it gets damaged later your offer will be for a property that isn't damaged.



The way to handle this situation is to wait until the tenant has vacated the property before you make an offer on it. That way you can see exactly what you are offering on. No one else except a landlord can buy it while the tenant is still there so you lose nothing by waiting and if a landlord buys it with the tenant still there then there is nothing you can do because you can't do this.

Gwendo40

Are you sure it's not Grade II listed? Can't see why the EA would mention that if it's not.

If it is listed then repairs and maintenance could be complicated and potentially very costly. Which is possibly putting off other potential buyers.

SeasideSally

jasmine1994 wrote: »

It is also described as a grade two listed building in its description which it is not.

If it is the property called 'La Sainte' that used to be a school site, it definitely is listed.

Maintaining a listed building can be an expensive business. Often, more importantly, it can involve long, drawn out processes that make you want to scream. Our house is listed and in a conservation area, like La Sainte, and there have been moments when I wanted to pull my hair out (or the planning officer's) going through the planning process.

But it's one thing living in a listed freehold house (where you have control over what you maintain and when) and quite another living in a listed block of flats, where decisions are taken by a group of leaseholders or a freeholder. The listed block near our house has leaks all over the place, because the inmates don't want to spend the huge amount of money it will take to repair the place properly. And it takes a long time for one of those flats to sell.

EachPenny

SeasideSally wrote: »

If it is the property called 'La Sainte' that used to be a school site, it definitely is listed.

If it is that property, then being a 1 bed with no bathroom (shower only) might make me wonder about its suitability for a young couple if it is proving to be so hard to sell (the tenant can't be the only issue).

I'd not want to be hanging around waiting to sell for nearly 2 years if there were any plans in the not too distant future to start a family. A 1 bed shower-only apartment is not compatible with family life, and 2 years would feel like an eternity if the baby urge suddenly arrives. Selling at a loss at that life-stage could be a disaster.

lookstraightahead

As a general rule when I now look at house prices I'm knocking 10% off in my head for everything. Yep it's up to the vendor, but that's my rule of thumb. Eg, if I can afford £270000 I'm looking at properties up to £300000.

Smi1er

A few years back we saw a flat and decided our final offer would be 5.9% below asking price.

I put in a very very cheeky offer of 13% below asking price whilst selling the agent the advantage of selling to us (no chain, ready to go etc etc). The flat was a recent conversion and had a tenant in place as the seller got bored with the market.

We ended up paying 11.75% below asking:j

If you don't try, you don't get