House haggling

[Lloyd90]

Come on then lads, about to start the big game of plucking a house price out of thin air.

 

House has been for sale for 12 months and only had an offer from a developer which was rejected. The developer then bought the house next door but that sale has also fallen through now.

 

House is up for 400k. We don't want to pay over 360 as absolute max. After that we'd walk away. That max price would also be pending them fixing a few things, e.g. replacing one of two rotten boards, tidying up a sag in the guttering etc

 

Was thinking of going in with a start of 345 just under 15% below and not mention having the things fixed as I'm fairly certain they're going to turn down the first offer regardless.

 

It's all a big game really. What's everyone's best advice or tips?

[ShootingEgg]

Its all down to the vendor and if they actually want to sell at the price you offer pal. Id use the things you want fixed as a bargaining tool so you're offering 345 due to repairs being needed.

 

It is as you say a big game. Hope you get lucky

[Harnser]

Its all down to the vendor and if they actually want to sell at the price you offer pal. Id use the things you want fixed as a bargaining tool so you're offering 345 due to repairs being needed.

It is as you say a big game. Hope you get lucky

 

And they will say , the asking price takes in the need for the repairs . Just offer them what you want to pay . If not acceptable ,look for another place .

 

Harnser

[GingerCat]

320 and site the repairs. When they reject it move it up a notch to 345. They will reject that so you can say 355 final offer and see what happens.

Worth a shot.

[Lloyd90]

320 and site the repairs. When they reject it move it up a notch to 345. They will reject that so you can say 355 final offer and see what happens.

Worth a shot.

Went along those lines, pretty much refusing to say anywhere near what they'd accept.

 

I told them it's pointless if they're not willing to give any indication what soever.

 

They hinted around 380 so we said no thanks. Let us know if anything else comes up.

[scotslad]

Have u had the house surveyed? Did that not give u a price.

 

Most folk have totally unrealistic values on there house, althou it would depend wot else needs done to it. But many folk think threr run down house ids worth the same as a fully renovated house

How does the price compare to other houses in area

[Muddy Funker]

Have you looked at zoopla and right move to get an idea of similar/same properties in area?

 

I'd base it on that.

[Dougy]

It's OK looking at rightmove if there are other properties similar, if not then it's waste of time. Get a survey done, they will pick faults and drop the price. Far better they do it than the prospective purchaser.

[McSpredder]

Have you looked at zoopla and right move to get an idea of similar/same properties in area?

 

I'd base it on that.

It is also worthwhile searching the Land Registry database, which will list all the actual selling prices in the locality.

https://www.gov.uk/search-house-prices

 

Mouseprice.com website gives useful history. For an example, have a look at this property, and see how the asking price has been reduced several times, the house has repeatedly been “under offer” and “sold subject to contract”, but always been back on the market a few weeks later.

http://www.mouseprice.com/property-for-sale/ref-11969684/highsteads+medomsley+consett+durham+

[Mice!]

You need to binge watch some Phil and Kirsty mate, they always seem to get the asking price down.

 

Have a look on right move see what price other houses have sold at in the area.

 

If memory serves this is your first house? So no chain which has to be a good thing in your favour, then its all a game we had a good survey done but still only so much they can tell you. The vendor will have a figure they want realistic or not all depends on how much you want it, like it.

 

Could look at a few others with the same estate agents so they don't think your putting all your eggs in one basket.

[das]

If a house has been for sale for a length of time it usually means one thing, the asking price is too high.

[Winston72]

And they will say , the asking price takes in the need for the repairs . Just offer them what you want to pay . If not acceptable ,look for another place .

 

Harnser

for once i agree with this man

[vampire]

And they will say , the asking price takes in the need for the repairs . Just offer them what you want to pay . If not acceptable ,look for another place .

 

Harnser

As Harnser said,just offer the price you want to pay as a best and final offer subject to survey.If you want it then either wait for them to reduce the price,keep haggling or pay the price.

[figgy]

If it's been on that long and they haven't reduced its price any more or done the repairs and it's sale has fallen through in the past your wasting your time even trying. Go and find something else.

[Lloyd90]

I was under the impression you offer a price subject to survey, they accept it if they want to, survey gets done to point out any issues, you can revise your offer then hence the subject to survey part.

 

I've never met anyone who's had a survey carried out on a house before agreeing a rough price subject to survey, so can't see why people are saying have a survey done first. If we are only willing to pay a certain amount and they want an extra £20-30k what's the point of paying for a survey?

 

There aren't other similar houses nearby as most of them were converted to guest houses of 8-9 beds around 10 years ago. Zoopla estimated it at £480k but it's been on the market for over a year priced at £400k and only had one other offer they described as 'very cheeky' from a developer.

 

We have told them no problem, let us know if you have anything else come in. I would have thought as above, it's been for sale for over a year and only had 2 offers even, one of them from us. If they don't even want to negotiate then they can't want to sell that much.

 

We will just move onto the next lot of houses and make offers until we find something we like for what we want to pay.

[ShootingEgg]

Sounds loke the vendor is in no rush to sell bud. You could get a surveyor in, get ot done then go back saying here is a final offer. Or look elsewhere for a property of that type. Are you looking in area you are in at the moment?

[Lloyd90]

Yea mate it's convenient for both our works plus good transport links, close enough to the city whilst not too close etc etc, need to be north end of the city really.

[Harnser]

Sounds loke the vendor is in no rush to sell bud. You could get a surveyor in, get ot done then go back saying here is a final offer. Or look elsewhere for a property of that type. Are you looking in area you are in at the moment?

No point paying for a survey before your offer is accepted . Make an offer subject to survey .

 

Harnser

[oowee]

The great thing with houses there is always another to look at.

[ShootingEgg]

Yea mate it's convenient for both our works plus good transport links, close enough to the city whilst not too close etc etc, need to be north end of the city really.

But south is so much better haha

[lord_seagrave]

You need to binge watch some Phil and Kirsty mate...

 

The Hon. Kirstie Allsopp

 

 

Her and Nigella.

 

 

What was the question again?

 

LS

[Mice!]

Someone went to sleep happy 😏

[Cosd]

You already want to drop it 10% so starting even lower as some have suggested just seems a waste of time and could even scupper the deal.

 

Make your best offer and if it's turned down leave it on the table and walk away.