Going to view - tenants still there!
oktoknowit · 27/03/2023 20:57
I am going to view a property on Friday. It says offers over £375. Would there be any point in offering £345-£350? It's been in since 8/3/2023
There are tenants still there and the estate agent said that they have been served notice. I thought this lowered the value if tenants were still there.
I am no chain sold mine and am in rented. so is Seller is no chain too. I don't have a Mortgage in principle yet as I have only just stated looking.
I do like in a popular area however. I am splitting with oh and am a low earner, so I really want/need to get the property for a low as possible.
Could anyway offer any advice.
iwasthewalrus · 27/03/2023 21:04
The tenants still being there is unlikely to lower the value much. Your solicitor will require them to be gone before exchange if you proceed.
If you think it has been overvalued based on your knowledge of the area, a lower offer is fine. Imho unless they are desperate to move it’s unlikely an offer that much lower will be accepted after less than 3 weeks on the market. But no one really knows.
You and your OH could buy differing percentages of the property if you are contributing different deposits and with different incomes. Your solicitor can easily sort that.
oktoknowit · 27/03/2023 21:09
Sorry, I meant splitting up! Which is why I really don't want to overstretch myself, but I suppose it's not meant to be if they don't accept that.
I will just have to wait for properties to keep reducing, as houses are being reduced despite it being a popular area.
rainingsnoring · 27/03/2023 21:41
The tenants being there still is a potential issue. Even if they are trying to find another rental there aren't that many rentals available and the cost is very high. There is a chance that they may not move out and many take a very long time to evict. It might not usually happen but there is a chance.
If prices are coming down in your area, as they are in most areas now, perhaps continue to watch the market for now, no harm in doing some viewings so that you can see what is available and make comparisons.
TwoBlueFish · 27/03/2023 21:53
You can make an offer at whatever you want and are comfortable with. As it’s not been on long then they may just say no or may counter with a higher offer. If it’s tenanted they may just want to get it sold. I’d try and get a mortgage in principal as it shows you’re more proceedable.
HAF1119 · 28/03/2023 08:08
It's always worth offering, worst they can do is say no... 4 years ago our house was on for 350, we offered 280 (max budget 300) they turned it down and we upped to 290, they accepted. Was expecting to have to go up to the 300 so that was a nice surprise :) and most people said not to do our offers as they may be seen as insulting, but really I think most sellers don't mind having any offer even if they won't take it
At least then all future viewers can know they 'have offers' and it sounds more in demand :)
iwasthewalrus · 28/03/2023 13:51
Sorry I misunderstood what you meant by splitting.
I’d suggest you go to see the house and in the meantime try to secure a mortgage agreement in principle and arrange a solicitor so that you’re in a good position to proceed when you find a place you like.
mondaytosunday · 28/03/2023 14:49
The tenants being there does not lower the value at all. I've sold property I've rented out and the requirement is for them to have vacated by exchange and they always have, sometimes well before. I would definitely give a deadline though, and the sellers may also have one.
The road was presumably taken into account when price was decided, but you can always make an offer regardless of any concrete reasons for doing so.
If you like it and proceed, be sure you tell your solicitor it is tenanted as he/she will want s copy of the lease etc.
oktoknowit · 29/03/2023 19:35
I will just offer what I think it is worth. It is by a motorway, has tenants and a couple of bad points.
They confined my viewing g for today, so I will see whether I should offer or not. Property is being reduced daily, so I will not be overpaying .
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