Making An Offer On A House- Help Needed

[deejaybenj]

Hi

First time buyer here. The property I wish to buy is a one bedroom ground floor flat with garden, which I am currently living in already, but as rented. It has been valued at 150,000.

I have made an offer of 140,000 which was rejected and Estate Agent claims the vendor will not budge at all on 150,000. The Estate Agent says the vendor will only accept the asking price, no room for negotiation and if we do not offer 150,000 the property will be put on the market.

Not sure how to play this, we feel the property (although v nice) is over valued by about 10,000. We do not wish to lose the property we are in and have it go to market and go to someone else but equally do not want to be taken for mugs!

Does anyone have any advice for inexperienced first time buyers on how to play this situation?

[Zacs-Master]

Welcome to the irrational world of house buying. You simply have to decide whether it is worth losing the house for 10k.

[hc4361]

Have you done your own research in to the value of the flat?
You can check online for similar flats that have recently sold and are currently for sale.

[hc4361]

By the way, is it being sold as tenanted or will the seller have to evict you?

[mazie]

Hi deejay.... try this link and good luck with the property

http://www.zoopla.co.uk/house-prices/

[deejaybenj]

Zoopla suggests a value of 140,000. The above flat (which does not have a garden or garage) sold for 119,000 within the last year.

[mazie]

As Zacs says you have to make a decision if you want to keep the flat

[woofgang]

The flat is worth to you what you think its worth. If you really don't want to leave the flat then offer the asking price.....

[losgigs]

Has the owner only just decided to sell? If you feel it is overvalued, maybe offer just slightly below the price, if you can afford to. Also, is the property being sold to include any furniture or fittings? This would obviously increase the value and may be a bartering point. Good luck!

[hc4361]

Also contact your landlord directly. The estate agent may not have passed on your offer.
Make sure you have a mortgage offer in place if you are not paying cash.

[ladybirder]

If you are getting a mortgage then the bank will want another survey done. If that survey comes in below £150k then if you still want to but it then you will have to make up the discrepancy yourselves.
Can I suggest you view two or three similar flats in that price range and see how they compare then you will get an up to date view of the market in your area to better compare with your current abode.

[RATTER15]

Have they asked your permission to show people around your flat?

[woofgang]

Ratter I hink that falls under "reasonable access" The tenant can't refuse; the landlord has to keep the access reasonable.

[ladybirder]

Property's not even on the open market yet and may not be.

[hc4361]

How do you know that, ladybirder?

[woofgang]

because the OP said it!

[hc4361]

Oh yes, must learn to read every word.

[hc4361]

I wonder why the landlord didn't make the offer directly to the OP, cutting out the estate agent fees

[EDDIE51]

Go direct to the landlord and offer him £140,000 tell him to cut out the estate agent and he will end up with the same money.

[VHG]

The couple next door to me put their house up for sale the other day at £284,950 and the next day someone offered the asking price and it was sold.

There are buyers markets and sellers markets, and currently it is a sellers market, there are more buyers than houses and the old method of knocking £10,000 or more off the asking price does not apply any at this time.

Mind you, your landlord may also be assuming that as you are already living there you may be willing to pay over the odds.

Call his bluff, wait for a bit and if nobody offers £150,000 he may be willing to take your lower offer.