Buying property
Discussion
Hi Guys,
No flames please ...
Have decided to take the plunge, put in an offer on a gaff 3 weeks ago (The posh part of Croydon if there is such a thing!!!), offered 40k under the asking price, had a load of b
ks from the agent saying the vendor has turned this price down several times. YEAH YEAH! Had the offer accepted within 3 hours! Now had the survey completed. Sadly they have found damp and a few other issues. I've asked for a further 15k off due to market conditions etc. Agent said there's someone else that's been calling every other day wanting the property. I've not heard back from them since Friday. Called the agent this morning, she said that she could not get a return from the vendor.
What do you think ?
To me it sounds like she's bullsh*tting. Oh forgot to mention that the gaff needs about 15-20k of work on it.
Cheers
Sunil
No flames please ...
Have decided to take the plunge, put in an offer on a gaff 3 weeks ago (The posh part of Croydon if there is such a thing!!!), offered 40k under the asking price, had a load of b
ks from the agent saying the vendor has turned this price down several times. YEAH YEAH! Had the offer accepted within 3 hours! Now had the survey completed. Sadly they have found damp and a few other issues. I've asked for a further 15k off due to market conditions etc. Agent said there's someone else that's been calling every other day wanting the property. I've not heard back from them since Friday. Called the agent this morning, she said that she could not get a return from the vendor.What do you think ?
To me it sounds like she's bullsh*tting. Oh forgot to mention that the gaff needs about 15-20k of work on it.
Cheers
Sunil
If it needs 20k spending on it you should have been offering 60k under the asking price
House prices are still heading south and will be for a while yet so even if you think you are getting it for 40k under market value think again in a years time you will be looking at if you are lucky market value
If you don't have to buy at the moment then stay put for at least another 9 months
Not aimed at the OP but I can see another lot of burnt fingers in 6 months time from part time investors/developers thinking they are grabbing bargains at the moment
House prices are still heading south and will be for a while yet so even if you think you are getting it for 40k under market value think again in a years time you will be looking at if you are lucky market value
If you don't have to buy at the moment then stay put for at least another 9 months
Not aimed at the OP but I can see another lot of burnt fingers in 6 months time from part time investors/developers thinking they are grabbing bargains at the moment
Oh, the old "There is now another buyer interested" line.
I fell for that a few years back when we looked into moving. We were interested in a particular property for renovation, and agreed a decent price.
Just before we started formalities, we went to look at another property that the same agent had for sale - out of interest. We decided that property 2 was just out of our reach, so we wanted to start formalities on property 1.
All of a sudden, there was a "new buyer", and we entered a bidding war, which we won, but agreed to pay £15,500 more than our original "accepted" offer.
The whole thing fell through many months later anyway and we decided to stay where we were and extend - but I subsequently found via a friend who (unknown to me at the time) knew the house's vendor - and there was never a second interested party.
Regarding your potential purchase - damp isn't that much of an issue if it is not too severe - and certainly shouldn't cost £15k to put right!
I fell for that a few years back when we looked into moving. We were interested in a particular property for renovation, and agreed a decent price.
Just before we started formalities, we went to look at another property that the same agent had for sale - out of interest. We decided that property 2 was just out of our reach, so we wanted to start formalities on property 1.
All of a sudden, there was a "new buyer", and we entered a bidding war, which we won, but agreed to pay £15,500 more than our original "accepted" offer.
The whole thing fell through many months later anyway and we decided to stay where we were and extend - but I subsequently found via a friend who (unknown to me at the time) knew the house's vendor - and there was never a second interested party.
Regarding your potential purchase - damp isn't that much of an issue if it is not too severe - and certainly shouldn't cost £15k to put right!
Gassing Station | The Pie & Piston Archive | Top of Page | What's New | My Stuff