Estate agents say offer well below asking price and be cheeky!

chinatown_2

Well we went to view it again with my dad whos a builder and handy man. We made a note of all the main issues of the house:
Kitchen needs updating, very old fashioned.
Bathroom was vile, green and old tatty looking, possible water problem behind bath tiles and they were bulging, plus old vent in ceiling needs renewing (no windows in bathroom).
Front of house windows were aluminium double glazed but so old there was a gap and rattled when closed.
Heating was on and in the 1/2 hour we were there it kept clunking and banging noisily, very old system.
Outhouse/utility room had rotting wood on the top and bottom that needed repairing.

So with all this in mind it 'could' be made nice but would cost a fair bit to do up. We didnt mind this if we got it cheap enough though as the size and location were great.

Never saw vendor as they always have assisted viewings for us with EA.

Put offer in at 88950, came back 2 mins later far too low so we put in 92k, after 5 mins EA said its still too low and they have had previous higher offers than that with a different agent. We left it at that as the repairs would take a lot of money.

We think the property is empty. No personal possesions around, no lived in look or feel. Its very old fashioned with not much furniture. Our guess is (Ive seen the vendor from the car, shes about late 40's-50) it was their parents home (old peoples style wardrobe/carpets etc) and theyve died or moved into a home. We know its been up ages with at least 2 different agents so I presume the old people have paid the mortgage so they are in no hurry to sell it lower price as its not costing much to keep.
The EA said they are looking for around 100k. We said sorry but no.

Back to the house hunting then! Thanks for all the advice.

harryhound

If you pay 6GBP, or perhaps a bit more depending on what you find, to the Land Registry on-line. You will know what you are legally buying and you may get an insight into the position of the seller.
Someone who has been waiting months should be getting desperate by now.

Nenen

Well... they might not be in any desperate hurry to sell, but if they're not careful they could really shoot themselves in the foot by trying to hang out for 8K.

Just before the last HPC my dh and I made a final offer of 67K on a very similar sounding house to the one you've been looking at, that had been left to adult children by deceased parents. They turned us down and said they wouldn't take less than 70K. We found another property and they couldn't sell theirs. After the crash it finally sold for 42K... 37% drop! :eek:

chinatown_2

After all this a house we absolutely loved that needed nothing at all done to it was up for £120k, we couldnt afford it. Anyway the EA phoned us and said the vendor (a builder who part exchanged it, the house is empty) would be willing to accept lower offer maybe 110k. Its a stunning house so we're going to speak to our financial advisor tomorow and see if we would be able to afford that instead. Fingers crossed.

stationx

Hi there,

Sorry if this is a bit of an essay...

I am looking at buying my first place in Reading, Berks. and have found a property I immediately fell in love with. It is a mid terrace house, set over four floors, three bedrooms, two reception rooms, near the town centre, has river access and a mooring at the back. The asking price is £249,950.

The EA told me that it has been for sale since before christmas with another agent, and they have taken it on this year. I viewed it on friday last week, and wanted to go and see it again with my Dad. However, the EA told me on tuesday that I couldn't have a second viewing because the vendors had an offer they were happy with. The EA told me that I could make an offer though.
I said thanks but no thanks unless I could have a second viewing.

I got a call on friday saying that the buyers had retracted their offer, and that I could now have my second viewing.

I am sure this is all EA tricks trying to make me panic.

Anyway, I went along with my dad. The chimney stack at the back is falling apart, the back of the house is really high, and the only way to get the scaffolding in is through the house... so it's not a small job to get to the back of the roof... unless they come by boat over the river.
There is slight subsidence in the front bay window too, and a few other little bits here and there, damp in the bathroom, needs a new window on the front top floor etc....

So I want to put in an offer, but was wondering what you experts think would be too cheeky or not.

My dad said I should start at 210k and go from there, and mention the things we saw wrong with it. Would that be taking the p%ss a bit?

I only wrote the above novel, trying to give as much info as possible, what do you think about the EA's tactics so far?

any help, thoughts or advice is much appreciated,

thanks,

Jamie

[Deleted User]

Jamie, you should start your own thread....

I agree with your Dad, I wouldn't offer anything more than that. You never know...and you can always increase your offer if you wish.

stationx

Thanks a lot, I will have a go at copying and pasting this into a new thread then, see if it gets any interest...

cheers

harryhound

This is not a novel, it is half a page of the Readers Digest; by the time you have moved in and spent 6 months in the place, you will have enough information to write a block buster.
"I immediately fell in love" - OMG.
Have you checked the flood map?
Reading area is partly protected by improved measures.
I wanted to buy a wreck for my first house and when I was trying to explain my requirements to the "girl" on the reception, her boss came back from a liquid lunch.
Feeling expansive he gave me the basic advice about buying in the correct part of the property cycle plus the advice about buying the "cheapest" house in the street not the "most expensive" because you can never lift the price of the street.
Have you asked for the HIP ? Do you know the area's status on the Local Authority development plan?
Have you checked the Land Registry? Talked to the neighbours?
I would put a lot of thought into future heating bills / carbon taxes, together with "parking" & education. and the possibility of extending/adapting the property as your circumstances are changing?
Most of the links you will need are on the main "moneysavingexpert" web site.
Knowledge is power.
Good luck.
Harry. .