2 houses - same agent !! HELP!!

Doozergirl

it's good to try and get some haggling going.

Are they seasoned developers? If they are then they may have a good profit in it and are more likely to price it sensibly. If not, then they may be trying to clawback overspend. Is the finish good? Ask the agent how many houses they've renovated and what they have done to it in terms of plumbing, electrics, roof, damp proofing, plastering,windows etc. and if they will be able to provide certificates.

If they've just come on the market they'll be cocky, so there's no real hope of knocking more than a couple of grand off the price yet. If it is overpriced though, it won't go. You'll have to wait if you want it cheaper!

Can you do some major house shopping this weekend, see how it stands up to others in the town/areain terms of price/finish?

Do I ask enough questions? I'm sorry!

LouLouHelen

Hi Doozer

Good call on asking them to provide certificates for works done - I will be using that.

Think they are new comers - surely seasoned property developers wouldn't put a property on at end of Aug with the intention of catching the upturn in market in Sept. That would only mean adding a week to length of time on market which is something buyers look at when considering offering on a property.

The finish isn't the smartest. They really have only put in a new (cheap) kitchen, new carpet throughout (again cheap) and magnolia'd and gloss'd for Britain. We don't mind paying the going rate for the property but I really don't want to overpay in a potentially downturning market because someone is possibly playing at being a property developer.

Its been on since 18th and no one else has offered. The agent says they aren't in a hurry and has said they will let it out if need be.

Do I ask all the questions now and risk them thinking I am a difficult buyer or do I ask if they could provide evidence/confirmation of works carried out if need be before I increase my offer? (I am thinking that they will turn my offer of £215 down.)

Surely people cannot seriously expect to get asking price in this market!?!?

Really appreciate the advice by the way! :-)

Doozergirl

Paying slightly over the odds maybe worth it if this is a long term move, you have plenty of equity and you are guaranteed not to have to spend any money on any major maintainence in the forseeable future. You must establish that you're not spending thousands more on number 14 wearing make-up though!

You don't have to see the certificates right now. Any work carried out should carry some kind of guarantee and, exactly what you suggested you say, you will expect these to be produced during the buying process in order for you to up your offer. Maybe ask them to go round the house with you and explain what they've done as you go round? It might be worth it to befriend and flatter them also. Sometimes people will take a little less if they like you!

Asking price in this market? It really depends on how realistic the asking price is. It's been easy for people to overvalue their houses in the past as the market has caught up with too high asking prices so quickly. That's not happening now. If the asking price is realistic, they will get it - I can't really help you guage that. That's why I think you should view as many houses as you can this weekend - you may find that £225k is a really good price. It does seem quite good compared to number 14?

Thanks for appreciating me! I think you know what you're doing, but if I can be a sounding board for you, I 'm happy

rictic

Go to https://www.192.com do a search for the name of one of the vendors in the street, the first house you saw is probably best. When the search comes through check the Directory enquiry listing for them, on the directory enquiry page it should give you an option to check property values in the area, hopefully one of the values that comes up will be the purchase price that property number 2 was sold for a few months ago.

LouLouHelen

So the story so far.

I have been roudn to the property again. This time I have taken photos of the fuse box, the boiler, the waste pipe and anything else that I would like a second opinion on. Our sofas would fit. I have made sure the drain chamber is accessible. The water runs ok, the lights all work, the electric fire works and there are enough plug sockets. I have checked the stability of the fences and checked for any suspicious areas of brickwork etc.

Ultimately thought the house is in pretty good nick for a 40 year old house.

The vendor wants our best offer over £220k AND completion by end of Sept. We have accepted an offer on my house and the valuer is coming round Tuesday so I don't think exchange by end of month is that unreaslistic.

We have looked at our finances and really cannot offer anymore than £220k. Are they really going to haggle over a few pounds and come back to us asking for £220250 or £220500? Surely a £220k offer on a property of £224950 is pretty good these days?

Having gone back I really like it but will not be able to offer anymore so will have to walk away if they don't accept this offer.

FINGERS CROSSED!!!

xueta

Hi LLH,
Just catching up on how things are progressing.
Sounds like the vendor is making all the demands now. Offer £220K by all means if that is the maximum you would be comfortable with, but DO NOT promise a completion date by the end of September. Although it is quite possible to achieve - I once managed to make an offer and complete within 11 days! - do not be rushed!! It sounds like the vendor is trying to make sure the sale goes through and that you do not change your mind - what are they afraid of? ...Is there a reason why they think you might want to change your mind? Also, I am sure that you are aware that there are penalties if you do not complete by an agreed date. Just let them know that you will do your best, but cannot make any promises and that the process will take however long it takes. It would be worthwhile getting a full structural survey, too, as you could use it to negotiate a further reduction on an already agreed purchase price if work still requires to be done (or alternatively make sure that all necessary work is carried out to your satisfaction).
Hope you get it! ...Can't wait to see how this ends!

Doozergirl

:j Getting close! :j

They're asking for end of September as they don't want another month's mortgage. Simple as. This house could be costing them £800 a month or more!

Agree to it, it's the only way you're going to get this house at £220k. If you're in a short chain it's possible to complete in time, but what the vendor is looking for is just as quick a turn around as possible. Tell them exactly what you've told us "I really like it but will not be able to offer anymore so will have to walk away if they don't accept this offer". And tell them you're really not bluffing,this is the final offer. You've sold, you're in a great position to move.

We've bought and sold many times on the 'complete by' premise and we have neither incurred nor imposed penalties. I have to admit, when buying, we have purposely strung it out too.

I really hope you get it. Be gushing about how much you love it and they will really have to think hard about this offer.

Good Luck! :j

LouLouHelen

Talk about empowering - as soon as I have the second opinions of others on this site it really helps.

Right I have left a message with the estate agent (he's not in until 2.30pm) which means by the time he passes our offer on they are going to leave us hanging on over the weekend.

£220k it is then. I am now aware that the fuse box in the house is old and not within current regulation as there isn't an earth trip switch.

If they accept our offer, once we have done the valuation (just in case anything else comes up) .....

could we then go back and ask for the fuse box to be upgraded by them as officially from 01/05 I don't think they can sell a house that doesn't adher to the new regulation? What do you think?

Will keep you posted!!!!!!!!!

Hopefully by the time I next post I will be :j

Doozergirl

You can ask them to do what ever you like, as long as you wait for them to stop reeling from the effects of your offer!

I'm afraid I don't know about the regulations as we wouldn't sell a house that hadn't been fully modernised to meet regulations . Would somebody on the DIY board know exactly, otherwise I could check with our electrician? Plenty of ammunition is good!


Message to vendor: Say yes, say yes,say yes! :T

LouLouHelen

Good point, I'm off to the DIY Board!

By the way typing with your fingers crossed isn't very easy!!:rotfl:

Keep sending those messages to the vendor for me! :T