Input on potential purchase

bobster2

https://forums.moneysavingexpert.com/discussion/comment/82143858#Comment_82143858

Every time I've bought or sold a property there's been a bit of haggling. Data show that homes sell for 3-5% below asking price on average. So a little bit of haggling is quite common - with sellers usually setting asking prices slightly above what they are willing to accept if they have to,

FlorayG

https://forums.moneysavingexpert.com/discussion/comment/82144495#Comment_82144495

Well I've always offered below asking price ( and had it accepted) so that makes sense

HouseHuntingAmy

Chain free with a mortgage in principle puts you near the front of the queue as buyers go - sellers and agents way certainty heavily, especially if they have had a sale fall through before. On price, ignore the asking price and look at sold prices for similar houses nearby (Land Registry sold data on the usual sites) - that is what a surveyor anchors to if the mortgage valuation gets picky. And do ask the agent what the rejected offer was - they will not always say, but they often hint at the ballpark, which tells you whether the sellers are realistic or fishing. When you do offer, put it in writing with your position spelled out: chain free, MIP in place, flexible on dates. Costs nothing and it shifts how an offer lands.

Albermarle

I would say there is no harm in looking at how the Nationwide index has moved in the last 10 years, particularly in that region, but recent sold prices in the area are a better guide.

Other points are;

1. They will need to have the proper building regulations sign off for the loft conversion. Often it is missing, which is a big problem, so worth checking that early in the process.
2. The more % flat roof a property has, the higher the insurance premium. Above 50% and you are looking at non standard policies, which will be more expensive still.
3. The fact that the property is fully modernised and presented so immaculately, means that the owners will be looking for a premium price. Ten years down the line that premium will not be achievable again. Like when you buy a new house.

Bigphil1474

I take it you've viewed it? EA's know how to take good pictures for a website but it will be different in person.

EA's tend to go one of 2 ways with the 'asking' price (more accurately the marketing price). They can price it low and hope to whip up a lot of interest, or high with an expectation that people will offer under. If there's a lot of interest (honestly rather than the EA saying so), then it may be priced accurately. Either way, I'd offer under and see what happens. Unless it's your dream forever property I'd always be cautious. As it's been on the market for only a couple of weeks, expect anything under marketing price to be rejected (for now). It'd be unusual to accept a low offer in the first month.

Albermarle

Also do not forget, even if the vendor receives multiple offers, not all offers are the same.

A higher offer may come from a buyer in a long chain for example.