Active discussions

Meet the Other Phone. Flexible and made to last.

Meet the Other Phone.
Flexible and made to last.

Buy now

Please or to access all these features

Talk
Property/DIY

Join our Property forum for renovation, DIY, and house selling advice.

Original poster

House not yet on the market...

53 replies

Instagrrr · 03/08/2019 10:24

Recently we posted some letters through doors of a local area we were interested in buying in. Local market is always painfully slow and people tend to buy here and stay here.

Anyway, we had a call from an older couple who are looking to sell up and retire to Cornwall and want to sell their house to a local family and they are interested in us buying.

They are getting the house valued next week and want us to come and have a look.

House next door to them is a mirror image and has recently sold, was up for £189k and sold almost immediately.

How do things work if they choose to not use an estate agent, how do we know the value is correct? Will they ask for it to be inflated as they know someone is interested? Do we arrange our own valuation? How do we put in an offer and then what happens?

We are first time buyers so pretty clueless if I’m honest. The house will be perfect size wise and local to our children’s school as well.

Any tips or any help would be gratefully received Flowers

OP posts:
Doubleraspberry · 04/08/2019 10:53

In which case, Alexa, you might want to brace yourself for the mortgage valuation coming in at 10K under your asking price!

Blobby10 · 04/08/2019 10:57

@Instagrrr I've just sold my house to someone privately although mine was due to go on with an agent the day my friend offered to buy it!! I'd had an estate agent value the house and agreed to sell at £10k under the marketed price. Yes I could have got more through the agent but i would have had to pay them 1% plus VAT as well as run the risk of the buyer messing us about. This won't happen with our friend who is buying it!

As far as offers go, how much can you afford? Whatever price the sellers want, deduct the cost of the agents fees as a minimum. Your mortgage company will do a valuation as well so should back up your agreed price.

Good luck - don't forget to impress on the sellers how many benefits selling to you will bring them!!!

TiredTigger · 04/08/2019 12:16

I think you need to decide how much you really want the house after having viewed it. Find out what figure the vendors are hoping for and ask politely if they will give you a few days to think about it.

If you really like the property I would probably not offer too low unless you think it is highly overpriced. The vendors are obviously saving the EA fees (£2500-3000?), but may feel that they are missing out on the best achievable price by not going on the open market.

Pipandmum · 04/08/2019 12:27

I think there’s less room for negotiation than if it went on the open market. Say they get agent valuation and they say £189k, hoping to achieve above £185k. Say the neighbours house sold for £187k (if it sold quickly one can assume it was close to asking). If the house is in similar condition the vendors will want the same. They may split the equivalent agents fee - you save a little they gain a little. I’d think that was fair. If you offer too low (£180 say) what’s in it for them? They’d put it on the open market and may well get a higher offer that you can’t beat.

Cohle · 04/08/2019 12:50

In which case, Alexa, you might want to brace yourself for the mortgage valuation coming in at 10K under your asking price!

I'm never sure why people talk about mortgage valuations like it's some kind of trump card. It's not the seller's problem where the buyer has to find the extra 10k.

Especially when the seller still has the option of going to the open market.

Doubleraspberry · 04/08/2019 13:35

It's not the seller's problem where the buyer has to find the extra 10k.

Well, it becomes their problem if the buyer can’t and the process begins again. And yes of course they can then go to the open market, pay agents’ fees, and find out possibly that they only get what the original seller was able to pay, this time minus agents fees.

msmith501 · 04/08/2019 14:00

Houses don't really have an absolute worth do they. The actual cost of bricks and mirror etc, even for a new build, bears very little relationship to the price that a house will sell for. There are too many factors: the sellers may need to raise a certain amount in order to leave, the buyers have a budget, the houses around set a sort of ceiling price provided they are of a similar standard and size, the estate events try to play both sides off to get themselves the best deal and failing that, a quick rushed (cheaper price) deal to get the house off the market as long-term for sale properties tend to be unpopular. In the end, it comes down to what you can afford, how badly you want the house, what you believe it to be worth and then make an offer and see. On the whole, vendors expect a lower price to be offered which is why they often inflate the sale price.

Neet90 · 07/08/2019 01:30

I'm glad you've found a house by doing this, good to know it works. Offer what you think is fair, that you are happy to.pay and can afford, it will get valued as part of yoir mortgage though. If you don't have an estate agent involved maybe try to use a local solicitor to help communication and chasing along etc

Neet90 · 07/08/2019 01:32

Also if the mortgage company you use downvalues you can try to negotiate or get a different mortgage company if hey aren't prepared to lend.

Original poster
Instagrrr · 09/08/2019 09:52

Still not heard from the couple. They said it was being valued this week... today is our only day off for the next week? Would you give them a call?

House down the road just sold within 2 days of going on the market Shock

OP posts:
Mosaic123 · 09/08/2019 10:04

Not really. You will just look over keen. If you happen to be going away, you could ring next week and say this and you were wondering if there was any news.

Alexalee · 09/08/2019 11:00

Why didnt you view and offer on the house down the road?

Original poster
Instagrrr · 09/08/2019 12:08

@Alexalee because it wasn’t big enough, crap parking and no double glazing.

OP posts:
Alexalee · 09/08/2019 12:27

And what was that on the market for?

Original poster
Instagrrr · 09/08/2019 12:29

Was on for £190k but was empty.

OP posts:
Original poster
Instagrrr · 09/08/2019 12:31

It was also on with the “expensive” estate agent, would be interesting to know what it sold for

OP posts:
Alexalee · 09/08/2019 12:44

Again if it sold within 2 days it would be asking price or very close... and if this is less desirable ie no parking and no double glazing then I would think your vendor would be looking at more and maybe 200k

Alexalee · 09/08/2019 12:45

Maybe preempt them and say you are willing to pay 189k as that is what next door was on for when it sold.

Original poster
Instagrrr · 09/08/2019 13:45

I think you’re right @Alexalee re what they will want for it. The other house did have some parking, but we require parking for 3 vehicles Confused

I’m tempted to ring them today before we go on holiday Blush What’s the worst that can happen Grin

OP posts:
nellyitsme · 09/08/2019 15:49

I would - just to tell them you're still interested and to check they still want to sell it - as you say, what's the worst that can happen? If it was me I'd be fretting and wanting to get things moving

Doubleraspberry · 09/08/2019 18:26

To be frank, if the houses are selling so fast, they will be very tempted to market it and see if they can generate a bidding war. It depends what sort of things are important to them I guess. If they need every penny, then this will be attractive, and agents will have been telling them this when valuing. Offering them the asking price of a less attractive house is only worth the agents’ fee saving - that might be enough, if you also figure in the hassle of no marketing etc - but it might not be.

Original poster
Instagrrr · 10/08/2019 11:42

Spoke to the homeowners late yesterday. They apologised for not getting in touch, they had some lead flashing to sort at the back of the property (before it’s valued) and the crap weather has meant they haven’t been able to do it. They have said they do not want to use an estate agent if they can get away with it due to having a horrible previous experience and said they are happy to “strike a deal” if we can all come to an agreement.

They said to us to pop next weekend and they’ll have sorted some valuations.

They seem like a sweet, genuine couple, they have said that we can call whenever we need to if we have any questions... I have lots Grin

Trying not to get too excited though Halo

OP posts:
nellyitsme · 10/08/2019 17:05

Yay!! That's very positive. Fingers Xxx'd for you 😀

Totalwasteofpaper · 12/08/2019 08:28

I feel we are in a good position to barter a little.

You approached them!
Be sensible - while you may not like the conservatory they will have spend money on it and see their house as “worth more”

Given how infrequently these house come up I wouldn’t be playing hardball over £10k if you want a home for the foreseeable future

Original poster
Instagrrr · 17/08/2019 07:09

So, we went and viewed the house yesterday. They still have not had it valued because their other house had sold but they are still looking for somewhere.

So decor wise, the whole house (top to bottom has been wallpapered (with borders) but I don’t think it has been touched since probably the 90s, the carpets certainly haven’t been changed in that long, they looked like 70s style, and everywhere smelt of dog (we’d obviously strip all the wallpaper and rip up all the carpets, I have allergies)

There is no bathroom, just a very small shower room. I’m not sure if a bath would even fit in it? There is a downstairs toilet though.

All of the rooms are very big, they have high vaulted ceilings and are spacious. We’d have enough space to bring the kids up here, the bedrooms are bigger than we have here

The loft has been boarded and supported so looks like it wouldn’t be crazy money to convert at some point.

The kitchen has recently been redone, but really poorly. Ie they had their fridge freezer in the dining room?? There is a utility at the end of the kitchen which would be useful but it kind of makes the kitchen look cut in half if that makes sense?

It’s kind of hard to look past ALL the stuff they had in the house too, everything was completely overbearing in terms of patterned wallpaper, carpets, their own decor items etc.

The garden is big but very un-tended, so we’d probably need to flatten it and start again. The garden will come with an impressive shed/unit which we would possibly keep.

Do you think it would be worth drawing up a cost of everything we would need to do. I mean the place is liveable, but the decor, set up of kitchen and bathroom would be something we’d tackle immediately I think 🤔

OP posts: