Starting offer

Crumble2018

Looking for some advice please!

We are currently trying to buy a flat, but after 3 months, our vendors are still yet to find anywhere to move to.

Another flat in the same block has come up for sale again after the buyer dropped out (we don't know why) According to the agent (which I have learn't to take with a large pinch of salt) the vendor has somewhere to go and the chain is complete.

Now if this is the case, we would probably be willing to take the hit on the money we've already spent on solicitors etc, and make an offer on this flat.

The flat is up for £230,000 - so if we decided to make an offer, what should we be going in at?

Thanks x

muhandis

If you share the RM ad for the flat that has come up, that would be helpful. Without knowing the specific area, recent sold price data, comparables up for sale, etc, it's hard to say if 230k is reasonable or not.

Crumble2018 wrote: »

The flat is up for £230,000 - so if we decided to make an offer, what should we be going in at?

Thanks x

letitbe90

Impossible to say, too many factors. Best you analyse surrounding areas, recent sold prices, how much interest is in the area etc.

comedyseeker123

My solicitor wouldn’t charge extra if I changed properties - as long as the new property was instructed within 6 months. Perhaps have a word with them, especially as it’s within the same block

Crumble2018

A bit relectant to share links, just in case my current vendor is on here!


Only recent sale in this block was over a year ago, and it went for £235,000. Our current offer was accepted at £226,000 in June. Not much seems to be selling and a lot of other flats in the area have been reduced lately, but this is a fair bit larger with a separate kitchen, which is rare around here.

eddddy

Crumble2018 wrote: »

The flat is up for £230,000 - so if we decided to make an offer, what should we be going in at?

It's also a case of what the vendors will accept.

If they accepted an offer some months ago, and property prices have been dropping over the last few months - they might have high expectations.

And/or they might need a particular amount in order to afford their next place.


In your position, I would have an 'exploratory discussion' with the EA.

Suggest that you could be persuaded to switch across to this property if the price is right, and what does the EA think is the lowest acceptable offer.

Obviously, the EA might play some 'games' with you. But the EA wants the property sold (to get their commission), so they'll be wanting to help you get an offer accepted (even if it's a lowish offer).

Crumble2018

eddddy wrote: »

It's also a case of what the vendors will accept.

If they accepted an offer some months ago, and property prices have been dropping over the last few months - they might have high expectations.

And/or they might need a particular amount in order to afford their next place.


In your position, I would have an 'exploratory discussion' with the EA.

Suggest that you could be persuaded to switch across to this property if the price is right, and what does the EA think is the lowest acceptable offer.

Obviously, the EA might play some 'games' with you. But the EA wants the property sold (to get their commission), so they'll be wanting to help you get an offer accepted (even if it's a lowish offer).

Yes - very true, but I was also thinking if the chain really is complete above, they might be keen enough to get a buyer that they may accept a lower offer. And we have no chain behind us as we are currently renting.


But that seems like sound advice - if we decide to go ahead, I'll have a chat with the EA in the morning. Thanks.