Buying a house that is not on the market

[NaomiBlues]

My husband and I are interested in buying a property that is not currently on the market. It has a lot of sentimental value (family reasons) and we'd really like to approach the current occupiers (who we know a little but not well) with an offer. They have not lived in the property for a long time (less than six months) and do not have any emotional attachment to that particular house as we do. Does anyone have any experience of doing anything like this? Any advice that you'd give in our situation?

OP, I may be wide off the mark here, but do you know or are you related to the owners?

Was the house formerly owned by a mutual relative?

Good luck OP, this house clearly means a great deal to you.

If you know them slightly, what are the chances of making things weird socially if you do approach them?

We've been in the situation of buying privately and had a bit of an odd reaction from some people as if we'd 'cheated' by buying the house before it went on the market. It was actually quite upsetting and made me feel pretty uncomfortable. We're not outsiders by any means either, so had no less 'right' to the house if people think in those terms.

In practical terms, you'd have to offer me pretty much double what I paid for the house to get me even to consider it. Enough to make a huge difference to what I could buy next. £50k may not even cover what it'll rise in the next six months, knowing this insane market.

I'd only send a really polite letter in terms of 'if you happen to decide to move again in the future please do come to us first and we'll make you a very good offer'. I absolutely wouldn't make some kind of open (hostile!) bid!

Well, wish us luck. We have written a letter to the current occupiers of the house and we're going to put it through their letterbox today.

@NaomiBlues

Well, wish us luck. We have written a letter to the current occupiers of the house and we're going to put it through their letterbox today.

Good luck!! Keep us updated

Good luck. 👍

It’s worth a try but you’d have to offer me a whole lot more than that to move six months after I just bought. A LOT more.

Interesting to see how this pans out!

FWIW market value is likely to be a fair bit higher than what they paid 6m ago especially if private sale. We bought just over 12m ago, and very similar house down the road just sold for £120k more (over 20% more).

Most people have a price I guess.

Op out of interest how do you know the purchase price if it was a private sale ? sold prices are not usually updated online that quickly

Placemarking . Good luck, OP.

@SierraHotelIndiaTango

Op out of interest how do you know the purchase price if it was a private sale ? sold prices are not usually updated online that quickly

They don’t? The plan is to offer them 50k over market price, presumably to be determined by independent valuation.

Good luck, I too this week put a note through the door of a house I’d love to buy. Nothing to lose

@SierraHotelIndiaTango I can see sold prices in my area on Rightmove from December 2021, which are pulled directly from Land Registry, so I think it happens pretty swiftly these days.

It usually takes 3 months for them to be updated online. During covid it has been taking longer, but generally within 6 months.

Good Luck OP - let us know how you get on!

Good luck!

I just thought I'd update everyone. It's good news! They have accepted an offer after a bit of negotiation.

We offered market value + £50k + their moving costs + their solicitors fees + the stamp duty on their new home.

Ultimately, we settled on the above but changed the £50k to £75k.

I couldn't be happier. Just goes to prove that there is no harm in trying. You have nothing to lose and sometimes it works out the way you hoped.

Massive congratulations!!!!

That's wonderful, congratulations.

Oh wow, well done!!!!

Wow. You obviously really want the house.
Well it just goes to show what can be negotiated with money! Well done

That’s amazing! You must share your secrets to writing a really persuasive letter 😂 Well done!

Fair play op. In fairness I love my house but would probably move for 75k over plus all my moving costs and stamp duty as it would get me in the next bracket.

Would love to know the reason it means so much but understand why you wouldn't want to share.

Wow obviously worth trying for that result.

Well done Op. Great result.