Buyers Agent

GDB2222

Smalltownhypocrite said:

propertyrental said:

Smalltownhypocrite said:

Grizebeck said:

Yes I know the area
What you need is a Surveryor to do a valuation for you
Stanley is a cheap area! Especially round south moor etc. Do you actually know stanley at all? Some areas I would avoid
Consett is decent 

I know what the house value is, its valued between £80-£84k and last sold for £72k (2 years ago) we have a max budget of £110k but would obviously prefer to get it for in say the £90k range. 

They obviously want more to move than the 'value' to make moving worth their while. ...

Can I just clarify: is this property on the market? Is the owner wanting to sell?

Or are you approaching the owner on a purely speculative basis? Clearly that will impact on what price they might accept.

An owner who has not considered selling is only going to re-consider if offered a significant incentive.

But assuming this is a property on the market, with a owner wanting to sell, then the figures you quote above make clear you don't need an agent. You have a clear understanding of the market, so make a offer based on that.

The house was for sale a couple of years ago, we loved it but couldn't buy at the time and was bought so we approached the owners now we can buy with a letter of interest in buying and they have reached out and are considering selling it to us... this is why we need a professional negotiator who deals with non on the market properties (which buyer agents can do).

I suggest that you hire a local estate agent to act on your behalf. There's no conflict of interest, as you'll need to tempt the house owner with significantly over market value. It's the sort of negotiation that estate agents are  good at. The agent can earn double bubble on this, ie acting for you on a fee plus selling a house to the chap you want to buy off.

Smalltownhypocrite

BlueVeranda said:

Previous thread: https://forums.moneysavingexpert.com/discussion/6461269/buying-a-house-thats-not-for-sale/p1

Summary: no the house isn't for sale but the current owner did respond to OPs letter, so that to me doesn't immediately scream that they aren't interested in selling.

I'm also not a great negotiator, but sometimes you just have to step up and try your best. Try to put your personal feelings about the house to one side as best you can. It's hard to believe but if this doesn't work out, something else will come up at some point.

If you know they paid £72k two years ago that's a start - you can assume they definitely won't accept less than that. Where has the figure of £80-84k come from? You can either run with £84k as the expected current value or ask them to arrange an independent valuation (you could offer to cover any costs for this as they wouldn't need a valuation if you weren't wanting to buy).

If you will need a mortgage then your offer needs to be somewhat close to market value as the lender will do their own valuation on the property and won't lend more than they think it is worth. Don't forget that you will also need to pay your own costs (moving, surveys, solicitors) out of your budget as well.

Thank you for not coming in with accusation.

The valuations are from several valuations sites Propertychecker, MousePrice, Nationwide, Zoopla, OntheMarket etc... they all say basically the same thing (only a couple of thousand range). 

I have also been tracking it since it was for sale years ago, it appeared accurate then and has tracked inline with others. The current owners have not done any work so nothing new that would add value.

silvercar

Buyer's agents are experienced in finding houses for buyers, you have already found your house, so I'm not sure that it is the right person. They also tend to operate in the higher price brackets.

That said, you either need an estate agent, though agree a fee beforehand - you have done all the work, they don't need to market the property and they don't need to find the buyer - or someone you know who is good at negotiating. 

EssexHebridean

Have you asked the current owners what sort of figure they would be willing to accept? What did they say? Ultimately, if they come back with a figure that you think is reasonable and is within what the property would be worth to you, then grand - say "OK then" and instruct a solicitor/surveyor etc. If they provide a figure which is above what you can afford, or what you feel the house would be worth to you then probably accept that right now, the house isn't for you. I have to say I don't think this needs to be as complex as you think it is! 

CSI_Yorkshire

Smalltownhypocrite said:

propertyrental said:

Smalltownhypocrite said:

Grizebeck said:

Yes I know the area
What you need is a Surveryor to do a valuation for you
Stanley is a cheap area! Especially round south moor etc. Do you actually know stanley at all? Some areas I would avoid
Consett is decent 

I know what the house value is, its valued between £80-£84k and last sold for £72k (2 years ago) we have a max budget of £110k but would obviously prefer to get it for in say the £90k range. 

They obviously want more to move than the 'value' to make moving worth their while. ...

Can I just clarify: is this property on the market? Is the owner wanting to sell?

Or are you approaching the owner on a purely speculative basis? Clearly that will impact on what price they might accept.

An owner who has not considered selling is only going to re-consider if offered a significant incentive.

But assuming this is a property on the market, with a owner wanting to sell, then the figures you quote above make clear you don't need an agent. You have a clear understanding of the market, so make a offer based on that.

The house was for sale a couple of years ago, we loved it but couldn't buy at the time and was bought so we approached the owners now we can buy with a letter of interest in buying and they have reached out and are considering selling it to us... this is why we need a professional negotiator who deals with non on the market properties (which buyer agents can do).

But you don't need a professional negotiator, any more than you need a professional negotiator when you buy from an estate agent.  There's nothing fundamentally different from the buyer's perspective about the two routes.

GDB2222

Smalltownhypocrite said:

BlueVeranda said:

Previous thread: https://forums.moneysavingexpert.com/discussion/6461269/buying-a-house-thats-not-for-sale/p1

Summary: no the house isn't for sale but the current owner did respond to OPs letter, so that to me doesn't immediately scream that they aren't interested in selling.

I'm also not a great negotiator, but sometimes you just have to step up and try your best. Try to put your personal feelings about the house to one side as best you can. It's hard to believe but if this doesn't work out, something else will come up at some point.

If you know they paid £72k two years ago that's a start - you can assume they definitely won't accept less than that. Where has the figure of £80-84k come from? You can either run with £84k as the expected current value or ask them to arrange an independent valuation (you could offer to cover any costs for this as they wouldn't need a valuation if you weren't wanting to buy).

If you will need a mortgage then your offer needs to be somewhat close to market value as the lender will do their own valuation on the property and won't lend more than they think it is worth. Don't forget that you will also need to pay your own costs (moving, surveys, solicitors) out of your budget as well.

Thank you for not coming in with accusation.

The valuations are from several valuations sites Propertychecker, MousePrice, Nationwide, Zoopla, OntheMarket etc... they all say basically the same thing (only a couple of thousand range). 

I have also been tracking it since it was for sale years ago, it appeared accurate then and has tracked inline with others. The current owners have not done any work so nothing new that would add value.

Just an anecdote:

We holidayed in a house by the seaside, and the owner was renovating the house opposite. All of a sudden, the owner trotted across the road and said "Do you want to sell your car? How much do you think it's worth?" 

I was a bit perplexed, because we needed the car to get home. So, the last thing I actually wanted to do was sell it.

On the other hand, I didn't want to fall out with the neighbour, and also I thought he might possibly be deranged.  So, I said "Oh, I don't know - maybe £2000?"  I really didn't have a clue. 

He replied that that was far too much, and trotted back across the road, to continue his renovation work.

As it happens, we were involved in a minor accident a few weeks later, and the insurers paid us just over £2000 for the car. So, my off the cuff valuation was surprisingly accurate.

sheramber

Either ask the house owner what it would take for them to sell to you or tell them you will give them £xxx for the house  and see what they say.

Once you know the gap between what they want  to make them sell,  - which will be more than the value of the house as they will have costs incurred in moving and buying-  and what you want to pay, that is when you can try negotiating. Butt eh ball is firmly in the  house owner's court. They are going to want s lot more than the value of the house.  They see an opportunity to make some money easily.

By not paying someone to do that for you, you will have more money to put forward for the purchase.

hazyjo

Just do it all in writing, then you can say what you like. We can even write it for you and you can paste it in.

Don't trust the valuation sites, you need to check comparable sold properties or speak with a valuer or EA. Zoopla over-valued one of mine by over £150k, and undervalued another by £100k ish.