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  • Property-a-holics

    RICS Homebuyer report notes some issues

    I would agree with Paul.  Walk away from this one.  You could find yourself with a property needing substantial work which may be uninsurable until the work is done.  There are lots of properties out there!

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    Are those advertised / listed prices or confirmed sold prices? Are the properties in similar condition or better?

    If it does need a new bathroom, paint, doors, carpet, windows, then as Paul suggested, it should be going for a lot less than £137k based on the info you've provided. However, just depends on how much you want it, how the property works with your goals, how the property stacks up in terms of numbers etc.

    If you did want it, then perhaps just try one more email to the agent and list point by point the reasons for the price reduction (survey, works required, previous sales on the street, current comparables) and then leave it as your full and final and mention that you have other options that you'll be pursuing. If they say no, then at least you've tried and can walk away from it.

    Given you're a cash buyer, I'm sure there'll be more (and most likely better) opportunities for you if you decide to hold out. If the vendor goes with the mortgage buyer, that'll mean it probably won't complete until Feb 2018, so that'll cost them. As for the agent, they are hired by the vendor so best interest is with them rather than you. The agent won't be keen with a reduction as that means less commission for them, especially if the mortgage buyer is willing to match your price.

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    Those are confirmed sold prices on Zoopla.

    I am not sure what the condition of those houses were when they sold as they don't show that on Zoopla.


    Thanks for the advice. I do know that there was another buyer interested in the property and that we both originally offered the same amount. The estate agents then asked for both our best offers and mine was accepted due to it being a cash offer even though the estate agent said the other buyer offered a lot more.  This is why I think there is demand for the property. Rental purposes the estate agent told me that it had been vacant for 2-3 months and had people look at it but no one was interested in it in the current condition. There is also the hospital near by and a good secondary school and 2 good primary schools. Also by going to less than a 3 minute walk away from this house you are surrounded by houses in different streets which are around 180k (rent around £800-850), however this street as they are ex council houses don't go for that much, more circa 130-140k with rent at £600-650.


    I will list all the points you mentioned in your message above to the estate agent and take it from there.

    The other option I have seen is a house at £170k which is now back on the market as the 2 sellers backed out, 1 for not being able to get a mortgage and the other changing their mind so it looks like a deal may be able to be had there.




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    Estate agents lie. Imho

    "This is why I think there is demand for the property" - don't assume, know.

    The other buyer may not even exist.

    If you are still considering it.

    Put final offer in writing and with short deadline. 24-48 hours.

    Walk away if this deal does not stack. Don't buy somebody else's problems.

    More options and oppurnuties will come. Advice is to be patient.

    I have made the mistake of buying retail when I should have paid wholesale prices. ( Last ones bought at auction)

    Cash is king and I would urge you to use that power to your advantage.

    In your position i would consider making up simple printed  leaflet to rest of street/ avenue.

    Another landlord/ motivated seller may take you up on offer of cash.

    Have a nice day.

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    Coming soon Investorsk8.com

    Wisdom - an integration of knowledge, experience, and deep understanding that incorporates tolerance for the uncertainties of life as well as its ups and downs.