Making an offer - bankrupt vendor

ReadySteadyPop

[Deleted User] said:

Happy new year to all.

So, my long term plan is to relocate at the end of 2025 or early 2026 to live nearer family. Naturally I cannot help but to take a peak at the properties available currently.

I have noticed a great property on with a well known estate agent. I will add a bit of colour: its 5000 sq ft and 600k, which save for a few properties is top end for the area.

After a google address search I have noticed that the owner was made bankrupt about 16 months ago. Apologies if this might seem to be an immoral question but is this potentially a scenario where I could try to land a bargain? I do presume its still the bankrupt vendor trying to sell it but at what point do creditors just want their money?

To be honest, I do sense that the property is keenly priced for a sale but the local market is generally a slow one. I would have planned to negotiate hard regarding a 5% discount irrespective of the bankruptcy. Should I now be aiming for 10%.

Look at price history, is it really worth 600k?

horsewithnoname

GDB2222 said:

horsewithnoname said:

Offer what you think it is worth/what you are prepared to pay, like with any other house. 

I don’t think that helps the op, really. He wants to negotiate, and he is wondering how best to do that. He has said it is a thin market, and the seller may well be keen to make a quick sale, and the op may be the only buyer for the time being. 

Bear in mind that 5000 sq ft may mean 7 or 8 bedrooms, and not that many people have need for so many. Many people want one more bedroom, but maybe not four more! 

That’s ok. They are free to ignore me. 

I would assume that people look at houses that are suitable for them, which would include a min/ max number of bedrooms. 

ReadySteadyPop

[Deleted User] said:

I appreciate all the replies. All points are relevant and help me to think it through. I have no idea what I will do but if anything exciting happens I will update!

To be clear, it would be a fine home first and foremost... but nobody likes to overpay. A drive by today shows me it needs painted and the drive is a bit overgrown now. Maybe it's now empty. The advert did say "no onward chain".

And so if I do offer it might be a bit lower but I am talking a few percent. If the IP wants to reject then they potentially risk no activity for 6 to 12 months in the local market, then that would be their choice.

Do you know if they have anyone else interested?

eddddy

If it really is an administrator's sale, it's often done by informal tender.

For example, something like this...

The house is marketed for 2 or 3 or 4 or 6 weeks, and prospective buyers are asked to make their best offer.

At the end of the marketing period, the administrator looks at all the offers and proceeds with the best one.


The best offer will often be the highest, but the administrator will also consider 'proceedability', mortgage vs cash buyers, etc.

dinosaur66

i saw a property actually loved it  just north of enniskillen by the airport a true walk in / .all decorated to my taste / i have not looked in 6 months  but as of the summer it had been for sale for 3 years /

it was from memory 4 or 5 bed all ensuite all large rooms all ultra modern / all gated /parking for 10 cars /100 foot proper log cabin in garden /kitchen bigger than most houses all bespoke/living room same size/

compared to where i live in essex it was going absolute pittance  and would have gone same day / but for the area which was very nice close to lakes and backing onto airport it was just to exepensive i have always guessed for anyone to buy as once bought it cannot be sold.

might be same case as this one.