Is this an estate agency common line?

itsgototstop

This is a MSE site, lets save the OP some money! a grand is a grand, he might get more off, take alot of switching utilities to get this amount;)

VFR-Rider

No idea*, only you & your OH know if you would be willing to gamble losing the the place...
However something is always worth only what someone is willing to pay, to you that house appears to be worth 124k.

* As I've said before... currently I am choosing not to buy because I personally believe prices will fall & am willing to gamble losing out if they do not.

ruggedtoast

If you put in an offer below what they want regardless of what they say they'll be looking for a better offer right up to completion. Honestly they will. Put in what you can afford and think its worth.

It sounds like youve already been pushed up 24 grand from what you wanted to pay. And for what - a house that hasnt had a single offer in that region for whats approaching a year.?

itsgototstop

ruggedtoast wrote: »

If you put in an offer below what they want regardless of what they say they'll be looking for a better offer right up to completion. Honestly they will. Put in what you can afford and think its worth.

It sounds like youve already been pushed up 24 grand from what you wanted to pay. And for what - a house that hasnt had a single offer in that region for whats approaching a year.?

You do have a point there!!

closing_2

one thing that I fogot to mention that the property is subject to a covenant so that would be why theres been few viewings far and few between. I believe its 10% of the agreed price that has to be paid for the covenant to be bought out.

House prices in this area are extreme to say the least. Looking at the weekly paper here it seems that renting is just as, if not more expensive than purchasing. It's in a nice area as well.

I know there are people waiting for the house prices to fall and it might be a bad time to purchase, however in the long run, wont prices come back up? (trying to look at the good side of things)

itsgototstop

Hi,

What does covenant restrict? 10% would be £10k plus????

closing_2

its designed to keep properties local. So to purchase the property you have to prove that you work local or have lived in the local catchment area for 3 years or more.

This also has the nock on effect of mortgage lenders. Because of the property restrictions it can make it harder for the banks to sell in the event of a foreclosure etc.

itsgototstop

In that case in this market I would not pay £124

Is that on top of sale price when you buy if you are not local?.

Falling market, property been on market 9 months, restricted resale value....No don't do it to be honest.

piggeh

You could always time limit your offer. It's on the table for a week and then being withdrawn as you've seen another house you like.

Pressure is on them to accept the offer or risk it that the two viewings will be more profitable (unlikely for them).

closing_2

Im not bound by the covenant as Ive been in the area for about 5 years, but for anyone else coming into the area thats not local or not worked local for 3 years then yes, its 10% on top