Your browser isn't supported
It looks like you're using an old web browser. To get the most out of the site and to ensure guides display correctly, we suggest upgrading your browser now. Download the latest:

Welcome to the MSE Forums

We're home to a fantastic community of MoneySavers but anyone can post. Please exercise caution & report spam, illegal, offensive or libellous posts/messages: click "report" or email forumteam@.

Search
  • FIRST POST
    • diego_94
    • By diego_94 14th Apr 18, 7:17 AM
    • 3Posts
    • 0Thanks
    diego_94
    Advice on negotiating sale price
    • #1
    • 14th Apr 18, 7:17 AM
    Advice on negotiating sale price 14th Apr 18 at 7:17 AM
    Hi there,

    Id like a bit of advice on negociating sale prices of possible and how to deal with estate agents. I am a first time buyer so have not done this before. Bit of background on the house

    - On the market as a guide price of 355k
    - Been on the market since mid November
    - Has tennants in currently
    - Is in ok condition, but needs a bit of TLc to bring it up to scratch
    - Tennants supposedly moving out In the next few months
    - Owner lives abroad

    I have offered 320k which was rejected, estate agent has said that the owner wants near to the asking price. They were asking also whether this is my final offer. Im going to revise my offer to 325k, and am going to say that I fee this is a good offer due to the time it has been on the market and my position to move quickly.

    Any advice or help would be greatly appreciated
Page 1
    • OUNN
    • By OUNN 14th Apr 18, 8:09 AM
    • 44 Posts
    • 68 Thanks
    OUNN
    • #2
    • 14th Apr 18, 8:09 AM
    • #2
    • 14th Apr 18, 8:09 AM
    What do you believe the property to be worth?

    It will have been on the market so long because it has tenants in situ. This will put off a lot of buyers - if you do have an offer accepted, make sure it's with a vacant possession and that the tenants move out long before you even approach exchange (or start spending serious money).

    Because it's being sold by a landlord, they will be more willing to wait for a price that they want - they aren't in a rush to sell usually because they aren't in a chain, just realising cash.

    And all the time there are tenants in it, someone else is paying the mortgage or providing them cash!

    People in chains etc are usually more willing to negotiate on price than landlords!
    Last edited by OUNN; 14-04-2018 at 8:52 AM. Reason: Missed the word vacant. D'oh
    • diego_94
    • By diego_94 14th Apr 18, 8:41 AM
    • 3 Posts
    • 0 Thanks
    diego_94
    • #3
    • 14th Apr 18, 8:41 AM
    • #3
    • 14th Apr 18, 8:41 AM
    Thanks for the information, and what you say makes perfect sense. I honestly believe the property to be worth in the region of 335k - 340k in its current state.

    Has anyone else got any negociation advise they could give me?
    • AnotherJoe
    • By AnotherJoe 14th Apr 18, 8:46 AM
    • 11,851 Posts
    • 13,820 Thanks
    AnotherJoe
    • #4
    • 14th Apr 18, 8:46 AM
    • #4
    • 14th Apr 18, 8:46 AM
    What Ounn said, odds are it's an unrealistic landlord expecting the same price for a tenanted house as one with vacant possession and expecting to have the tenants paying his mortgage right up until the day of exchange.

    Given how long it's been on sale for and what the EA has said, make your final bid, making it clear it is your final, and then start looking elsewhere. It's quite possible this house will be on sale for a very long time.
Welcome to our new Forum!

Our aim is to save you money quickly and easily. We hope you like it!

Forum Team Contact us

Live Stats

565Posts Today

4,751Users online

Martin's Twitter