Same house being sold 10 months on, WWYD

[loyganroyal]

We’ve seen a house we think has massive potential, suits all our needs. Sellers bought it for 560 in November, now it’s up for 575. They’re selling for personal reasons. They haven’t done anything to it, but it seems a good price for the house to us. It will def go up, but will be our forever home.

So what would you offer? Market has slowed here, while before homes sold in hours above asking. But it’s still a v popular area..

House prices have at best stayed static since November. Most areas have seen reductions by now. I expect the sellers are trying to recoup some of the costs of buying - at that price fees and stamp duty would be about £20k.
If it’s only just on the market they may want to hold out for close to asking price but if you are chain free and/or able to move quickly they may accept an offer. I think I’d go in at £550 and be prepared to go up to £560.

I would go for a lower offer - 550ish which is still 95% of the total. They must know that the market has dropped/ slowed.

I would also probe a bit deeper into why they are selling. Are there issues with the neighbours/ is it noisy/ is anew development planned nearby/ are there unexpected issues with the house etc etc that could affect you as well? Du!e dilligence and all that

I'd be a bit concerned about what those personal reasons were. Anything untoward would become your problem.

Thanks, yeah I was thinking 550, then 555, maybe up to 565 and stop there. We would be willing to accept 10 less for ours too. I got the impression it was a divorce but I’m not sure, will try to dig around a bit. Seeing it tomorrow!

I'd offer at the price it sold last year, on the basis nothing has been changed or improved in the property.

@SD1978 Thanks, I agree. They removed an electric in built fireplace and added carpet upstairs..everything else the same

I would be curious what the 'personal reasons' are. If it needs work they might have uncovered something bad or expensive. If you proceed then get a good survey.
The price they paid is irrelevant really, the market has changed a lot this year. They will of course want to minimise any losses, but house prices have fallen and less people are buying. Cost of materials and tradesmen for renovations have gone up too. I would factor all this in your offer.

You can't really negotiate until you've sold yours though

Maybe the running costs over the winter surprised them?

Agree but it could be personal circumstances/affordability and nothing to do with the actual house

I'd definitely be trying to find out why they're selling so soon. If it's a divorce or something then fair enough but if it's something to do with the actual house or neighbours etc then I'd be a bit more worried.
Do you know how long the owners before had lived there?

@rainbowstardrops last owners there for 7 years. And @Quitelikeacatslife we can buy this our home and rent our current one out.

@rainbowstardrops and before that, owners were there for five years

I’d look very closely at the neighbours including any potential planning permission wars or anti-social behaviour.

Some mortgage companies won’t lend on a property that is up for resale within a year.

Do your homework on this one!

For me, that's quite a lot of changes. 5 years, 7 years, 10 months but maybe people in my street just stay here a lot longer

Agreed. Obviously the potential owners aren't going to say anything

Or it really might just be divorce or a genuine change in other circumstances