Fair offer

eddddy

jo03gra said:

the estate agent (online agent not local)...

Is it an estate agent who gets paid upfront - whether the property sells or not?  If so, that might be a downside for you.

If it was a 'regular' estate agent they'd try to persuade the seller to accept a low offer, because they want to get their fee. (But they'd also try to persuade you in increase your offer.)

But if the agent has already been paid, they're more likely to just pass on the offer without any attempt at persuasion.  

jo03gra

mi-key said:

jo03gra said:

@propertyrental and @dimbo61 i could move in on completion as working kitchen, bathroom etc.. it’s just not been re-wired since 1998 and had a boiler same time so I’d like to get those done straight away. 

Needs two ceilings replacing which I assume is age related. All the walls probably need skimming. Some work is removing wallpaper and tiles and flooring, the usual.

I’d be buying with mortgage which I don’t want to increase or stretch out ideally but I need to get off the estate I’m living on and this is a very nice road, so although I can see some nightmares ahead I believe it would be worth it once done.  Plus it’s 4 bed 1920’s detached and I’m currently in 3 bed detached new build.
I’m kind of wondering why it’s still on the market. The vendor obviously isn’t desperate for his inheritance. 
 

No I don’t have money in the bank to do big jobs which is mainly the kitchen knocking through dining room. 

I’d have enough initially to do electrics and new boiler and possibly replace the bathroom suite. I’d need to live with the rest until I can draw down some pension money. My hubby gets decent bonus each year which could hack away some jobs. 
I reckon needs between £30k and 40k to bring upto date with new kitchen, floors and knocking through a wall. 

Is it acceptable to reduce the price of works from his asking price? He’s obviously wanting as much as he can get but not one offer in almost 18 months 🤷‍♀️ 
I’d definitely be getting a good survey obviously. 

Thank you 

If it was rewired in 1998 then there is no reason to do it again. There are loads of houses from the 20s and 30s that have never been rewired. I would bet most houses from the 60s onwards have never been rewired either other than adding things needed for modern appliances etc...

I assume the boiler is working fine? in which case no need to replace that either straight away. Walls probably won't need skimming once wallpaper is removed unless they are really bad. 

From the list you have given, nearly all of it is just things you would like to do, rather than things that actually need doing. You cant really expect a seller to reduce the price significantly because you want to change the flooring or tiles, or knocking through walls and changing layout or fancy a new kitchen.

From the sound of it the actual work that NEEDS doing is very little ? and most could be done as ongoing projects once you live there.

Really it depends what the house is worth to you and how it fits in with your budget, but you can also consider is it worth buying and doing all the work over a few years, and then what will it be worth in 10 years if you wanted to move? 

The problem with buying an inherited property is often the seller doesn't need to sell it at all, and whatever they get is going to be a free money, so they can afford to hang on until a buyer comes along who will pay the price

mi-key said:

jo03gra said:

@propertyrental and @dimbo61 i could move in on completion as working kitchen, bathroom etc.. it’s just not been re-wired since 1998 and had a boiler same time so I’d like to get those done straight away. 

Needs two ceilings replacing which I assume is age related. All the walls probably need skimming. Some work is removing wallpaper and tiles and flooring, the usual.

I’d be buying with mortgage which I don’t want to increase or stretch out ideally but I need to get off the estate I’m living on and this is a very nice road, so although I can see some nightmares ahead I believe it would be worth it once done.  Plus it’s 4 bed 1920’s detached and I’m currently in 3 bed detached new build.
I’m kind of wondering why it’s still on the market. The vendor obviously isn’t desperate for his inheritance. 
 

No I don’t have money in the bank to do big jobs which is mainly the kitchen knocking through dining room. 

I’d have enough initially to do electrics and new boiler and possibly replace the bathroom suite. I’d need to live with the rest until I can draw down some pension money. My hubby gets decent bonus each year which could hack away some jobs. 
I reckon needs between £30k and 40k to bring upto date with new kitchen, floors and knocking through a wall. 

Is it acceptable to reduce the price of works from his asking price? He’s obviously wanting as much as he can get but not one offer in almost 18 months 🤷‍♀️ 
I’d definitely be getting a good survey obviously. 

Thank you 

If it was rewired in 1998 then there is no reason to do it again. There are loads of houses from the 20s and 30s that have never been rewired. I would bet most houses from the 60s onwards have never been rewired either other than adding things needed for modern appliances etc...

I assume the boiler is working fine? in which case no need to replace that either straight away. Walls probably won't need skimming once wallpaper is removed unless they are really bad. 

From the list you have given, nearly all of it is just things you would like to do, rather than things that actually need doing. You cant really expect a seller to reduce the price significantly because you want to change the flooring or tiles, or knocking through walls and changing layout or fancy a new kitchen.

From the sound of it the actual work that NEEDS doing is very little ? and most could be done as ongoing projects once you live there.

Really it depends what the house is worth to you and how it fits in with your budget, but you can also consider is it worth buying and doing all the work over a few years, and then what will it be worth in 10 years if you wanted to move? 

The problem with buying an inherited property is often the seller doesn't need to sell it at all, and whatever they get is going to be a free money, so they can afford to hang on until a buyer comes along who will pay the price

I have to agree with everything you’ve said. BUT if it’s worth the price he’s put t up for on that road it would have sold. It’s the Mayfair of this area. Over the last few years houses in this area have had multiple offers on them because in such demand but this one 18 months on still no offers and 4 viewings. It’s not that I’m trying to get the vendor to pay for my renovation but I know the area well and the market here and local agents are saying the top price is pushing about £400k when it’s turn key 

jo03gra

eddddy said:

jo03gra said:

the estate agent (online agent not local)...

Is it an estate agent who gets paid upfront - whether the property sells or not?  If so, that might be a downside for you.

If it was a 'regular' estate agent they'd try to persuade the seller to accept a low offer, because they want to get their fee. (But they'd also try to persuade you in increase your offer.)

But if the agent has already been paid, they're more likely to just pass on the offer without any attempt at persuasion.  

This is exactly the story. The agent looks so uninterested too. I asked to view this property months ago and nobody got back to me which obviously can’t help the vendor. The house was originally put up with a local agent but then moved to the pay up front one fee lasts a lifetime agent. 

jo03gra

propertyrental said:

jo03gra said:

I can actually see it was valued professionally, as it’s on the deeds and plan I purchased on land registry that in 2019 it was £350k 

That doesn't mean it was 'valued professionally'. It just means that's what the current owner paid - and he may have paid an 'unfair' amount!

Plus 2019 is 4 years ago so not really relevant now.

It’s the current sellers parents house. They died and it’s the vendor’s inheritance. The valuation is on the title register. I wondered if valued for social care maybe? 

jo03gra

diystarter7 said:

Hi

Reading through this thread, I feel it has to be said

A  property is only worth what a buyer is prepared to pay and seller willig to accept

A seller may be offended by an offer but it goes via EA but anyone serious about selling will sell even to the buyer they were offended by.

A seller, a sensible seller will not just look at the offer, but the buyers ability to complete within timescales they want

Valuations are helpful as a guide but can be off the mark

We never take an EA's word for it, we do our own research and what we want and how much we are prepared to pay.

The last property, we aka our kid bought on our raod a detached house has offers of over xx.
As there were 2 interested parties, our kid paid nore than we all anticipated but gald we got the place.
We did not let on that we aka our son and family was buying otherwise they may have held off for more.

There is always an element of luck and how often a property of that type in that location comes on the market

The most diffuct to value are houses on a nice raod where every other proert is different, different in size and plot.

It is what it is and unless you try, you dont know

Even if offer is accpeted, not until exchange is it almost a cert

Thnaks

Yes and I think because it’s the worst house on the best road I think the seller is expecting top whack even though everything needs pulling out… maybe not on day one but still needs a lot spending on it. 

mi-key

joThnaks

Yes and I think because it’s the worst house on the best road I think the seller is expecting top whack even though everything needs pulling out… maybe not on day one but still needs a lot spending on it. 

Have any other houses on the road sold since this one was listed? Sometimes people will price them higher if its a desirable area and they are the only one selling there. 

It could also be the estate agent is really useless at arranging viewings or getting back to people, or pushing the house which could have lead to a lack of viewings.

I bought an inherited house. The owners brother had inherited it, and he was in his 70s and lived hundreds of miles away. He was also pretty well off and owned his own house outright, so really didn't need the money ( from what I gather he was going to give the proceeds to his children ). He basically said to the agent to list it and just leave it there until it sold. 

jo03gra

molenpad said:

If I were you I'd do some research into what you think the likely valuation of a house in its current state would go for. Find reference points in recent sales of nearby similar properties on Zoopla, OnTheMarket etc and if the asking price is way above that, then you can make an informed decision. If you're not worried about a slight down valuation then set what you are prepared to pay, make your offer(s) and be prepared to walk away if you can't get the house at a price you think is fair.

In my case, I believe the house I am buying was £15k higher than it should be, based on recent sales of similar properties in the immediate area that were in an almost like for like condition. The house has a bigger south-facing garden compared to them though, with a lovely greenhouse and great views of the countryside, it also has a longer driveway which is perfect for when family come to visit. Those things may not add the necessary value but to me it was worth it paying the bit extra on top of what I thought the fair valuation should have been.

I feel like I have done the research, but it’s very difficult to compare to other houses on that road because none are the same and it’s a small road with quite a few having no sales for 30 or 40 years. It’s not a typical house for this area. Like you, I’d have paid the extra for the view etc.. 

jo03gra

mi-key said:

joThnaks

Yes and I think because it’s the worst house on the best road I think the seller is expecting top whack even though everything needs pulling out… maybe not on day one but still needs a lot spending on it. 

Have any other houses on the road sold since this one was listed? Sometimes people will price them higher if its a desirable area and they are the only one selling there. 

It could also be the estate agent is really useless at arranging viewings or getting back to people, or pushing the house which could have lead to a lack of viewings.

I bought an inherited house. The owners brother had inherited it, and he was in his 70s and lived hundreds of miles away. He was also pretty well off and owned his own house outright, so really didn't need the money ( from what I gather he was going to give the proceeds to his children ). He basically said to the agent to list it and just leave it there until it sold. 

No recent sales… except a 1960s 2 bed bungalow which needed gutting but had open aspect over farmland. Up for £350 sold for £310k

 I’m looking at 4 bed detached without the views 

Sarahspangles

I used to overlook a bungalow which literally became uninhabitable because the executors of the will could not agree to accept reasonable offers they were made.  It went on for so long they were actually paying 200% Council tax.  Maybe that just made them even more stubborn/determined?  Anyway, eventually all
the estate agents sacked them off their books and it went to auction and was demolished.

I think make an offer that you can afford but don’t invest too much energy unless they’re up to negotiate.

jo03gra

Sarahspangles said:

I used to overlook a bungalow which literally became uninhabitable because the executors of the will could not agree to accept reasonable offers they were made.  It went on for so long they were actually paying 200% Council tax.  Maybe that just made them even more stubborn/determined?  Anyway, eventually all
the estate agents sacked them off their books and it went to auction and was demolished.

I think make an offer that you can afford but don’t invest too much energy unless they’re up to negotiate.

Yes I will do. I’ll start lower and see can we agree somewhere in the middle. My dads house sold within couple of weeks and that’s just how I wanted it