Sandwiched between investor properties

jcuurthht

TBagpuss said:

You don't even need to reject the offer, you can just say to the agents that you want to proceed with the other viewings which are already booked so are not in a position to accept yet.
worst case scenario they withdraw the offer but if it's in a hot area that's probably not a major issue - if you'd had it on the market for3 months and this was the first offer then obviously it would be a bit different.
I agree that it may be that the agent is a bit too close to the investor and it may be worth you raising that with them and asking them to clarify why they are pushing this offer, given that the market is hot and there are multiple other interested people. It may be that there is a valid reason, in which case they should be happy to give you a fuller explanation.
 

Can I go back to the investor with a counter offer? E.g I'm potentially leaving money on the table by not getting others offers, so the investor has to pay over asking price

lesalanos

jcuurthht said:

TBagpuss said:

You don't even need to reject the offer, you can just say to the agents that you want to proceed with the other viewings which are already booked so are not in a position to accept yet.
worst case scenario they withdraw the offer but if it's in a hot area that's probably not a major issue - if you'd had it on the market for3 months and this was the first offer then obviously it would be a bit different.
I agree that it may be that the agent is a bit too close to the investor and it may be worth you raising that with them and asking them to clarify why they are pushing this offer, given that the market is hot and there are multiple other interested people. It may be that there is a valid reason, in which case they should be happy to give you a fuller explanation.
 

Can I go back to the investor with a counter offer? E.g I'm potentially leaving money on the table by not getting others offers, so the investor has to pay over asking price

You can ask for whatever you want.  Investors will be working purely off figures though and will most likely have a number of other options so withdraw his offer altogether.

EA has done a great job getting you an offer so quickly of asking price 

jcuurthht

lesalanos said:

jcuurthht said:

TBagpuss said:

You don't even need to reject the offer, you can just say to the agents that you want to proceed with the other viewings which are already booked so are not in a position to accept yet.
worst case scenario they withdraw the offer but if it's in a hot area that's probably not a major issue - if you'd had it on the market for3 months and this was the first offer then obviously it would be a bit different.
I agree that it may be that the agent is a bit too close to the investor and it may be worth you raising that with them and asking them to clarify why they are pushing this offer, given that the market is hot and there are multiple other interested people. It may be that there is a valid reason, in which case they should be happy to give you a fuller explanation.
 

Can I go back to the investor with a counter offer? E.g I'm potentially leaving money on the table by not getting others offers, so the investor has to pay over asking price

You can ask for whatever you want.  Investors will be working purely off figures though and will most likely have a number of other options so withdraw his offer altogether.

EA has done a great job getting you an offer so quickly of asking price 

Yes it's also a cash offer which EA said was a plus. And EA suggested we can ask for an increase on the offer.

dimbo61

So you took your estate agents advice about what price to put the property on the market even though other Estate agents said it was worth more.
Go ahead and allow other viewings.
At the same time take a good look at the property and consider Does it need a complete Rewire ? Alarm system, Mains wired smoke alarms
How many plugs in each bedroom ? Kitchen, Living Rooms.
Does it need a new kitchen/bathrooms/ major building works ?
Would it pass a survey with flying colours as most buyers need a mortgage hence a survey.
Will it sell to a young family with kids if 6 students living next door !
The Investor is going to pay 3% extra stamp duty, Spend £££,£££ on a complete refurbishment to HMO standards and hopefully get a HMO Licence and make money if he can get tenants.
Your there to get the best price possible but consider your options

jcuurthht

dimbo61 said:

So you took your estate agents advice about what price to put the property on the market even though other Estate agents said it was worth more.
Go ahead and allow other viewings.
At the same time take a good look at the property and consider Does it need a complete Rewire ? Alarm system, Mains wired smoke alarms
How many plugs in each bedroom ? Kitchen, Living Rooms.
Does it need a new kitchen/bathrooms/ major building works ?
Would it pass a survey with flying colours as most buyers need a mortgage hence a survey.
Will it sell to a young family with kids if 6 students living next door !
The Investor is going to pay 3% extra stamp duty, Spend £££,£££ on a complete refurbishment to HMO standards and hopefully get a HMO Licence and make money if he can get tenants.
Your there to get the best price possible but consider your options

The valuation was around the middle of 3 valuations. I know some EA value high, some low. EA said property would probably need 20k+ refurb. It's an inherited property so I'm not really fussed about getting much more than asking price. Just want it sold. Perhaps I'll ask for 5% extra to take it off the market and cancel other viewings.

deannagone

Remember an investor can offer anything to get you to take it off the market, then reduce the offer 'due to survey results etc' or for any other reason once you have started paying legal fees and are committed to the sale mentally.  What they are offering isn't necessarily what you will end up with.  Investors with cash can be game players.

If its a hot area, and you aren't in a huge rush to sell (you don't have to sell it in a couple of weeks), I'd leave the house on the market, test the market to see what offers you get.

New floors and decorating aren't going to cost £20k.  Someone isn't telling you everything.  I'd probably be wondering if I had the right EA.  

jcuurthht

deannagone said:

Remember an investor can offer anything to get you to take it off the market, then reduce the offer 'due to survey results etc' or for any other reason once you have started paying legal fees and are committed to the sale mentally.  What they are offering isn't necessarily what you will end up with.  Investors with cash can be game players.

If its a hot area, and you aren't in a huge rush to sell (you don't have to sell it in a couple of weeks), I'd leave the house on the market, test the market to see what offers you get.

New floors and decorating aren't going to cost £20k.  Someone isn't telling you everything.  I'd probably be wondering if I had the right EA.  

Yes given the high interest on day 1, including from other investors, a better strategy would be to allow the viewings, hopefully get multiple offers, to then choose the best one. This investor can still offer if they want. I assume they want to get in early because they know they are getting a good deal. Also if a deal falls through, there are other potential buyers who have already seen the property and made an offer.

steve866

Have you got many viewings this weekend? In a really hot area I would expect the agent to have a queue of people ready to view straight away. 

Buyers know how quickly properties are getting snapped up and also wouldn’t want to book viewings for a week into the future.

Unfortunately estate agents as a whole have a bad reputation which creates distrust. It may well be that this investor offer is worth taking. 

The agent could tell the investor that there are so many viewings booked in that you’d only cancel them for £xk more. I wouldn’t get too greedy, a buyer with a mortgage might offer over asking price and then then property might get down valued. 

jcuurthht

steve866 said:

Have you got many viewings this weekend? In a really hot area I would expect the agent to have a queue of people ready to view straight away. 

Buyers know how quickly properties are getting snapped up and also wouldn’t want to book viewings for a week into the future.

Unfortunately estate agents as a whole have a bad reputation which creates distrust. It may well be that this investor offer is worth taking. 

The agent could tell the investor that there are so many viewings booked in that you’d only cancel them for £xk more. I wouldn’t get too greedy, a buyer with a mortgage might offer over asking price and then then property might get down valued. 

Yeah they are booking for the end of next week. It could be they don't have availability sooner. Or it could be EA purposfully booking them later to increase this investor's chances.

dimbo61

Reading in the paper today there is a huge shortage of properties for sale and rent in many parts of the country.
Do you think it will make a good family home.
Yes get the best price but the Investor will want it ready for students by September.
Do you know who the Investor is ?
Article 4 in your area ?