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Making an offer on a property


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Hi,

 

Im guessing this is going to be a difficult one for people to answer, given the variables involved, but I thought I'd givebina go.

 

I'm looking to secure my first BTL property and have found one that seems to stack up.  

 

The property is listed for £125k, and has been on the market since August.  It had an offer accepted but fell through due to lack of funds in October, and by all accounts has been quiet with regards interest over the Xmas / new year period.

 

The vendor is an owner occupier that moved out just over a year ago, becoming an accidental landlord.  All factors considered I think the vendor will be a reasonably motivated seller.

 

A similar property in the same block sold for £113k in July, and according to Zoopla prices in the area have generally fallen slightly in the last 6-months.  As a result I think we have a good chance of knocking a fair bit off the asking price.

 

My question is, what is the likelihood of risking the deal by going in with an offer that the vendor considers far too low?  Does anybody have experience where they've aggravated the vendor by doing so such that further offers won't be discussed?  I want to chance my arm, but don't want to jeopardise it unduly.

 

I fully appreciate this is almost impossible to answer, as all deals and vendors vary, but if anyone has any experience, positive or negative, in this topic I'd love to hear about it.

 

thanks

Tom

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Hi Tom 

You need to put your sales hat on and sell ypur buying position e.g. chain free, fast completion,  no hastle sale etc... if you go in with a low offer explain why in a resonable manner. That way you'll be less likely to offend.

Have your mortgage decision in principle and proof of deposit avalible. Most reputable agents will insist on seeing the desision in principle before marking a property as sold stc.

When looking for predicted values don't soley rely on zoopla, the values it throws out can be very inaccurate. Use the land registry website for actual sold prices, you can export the values as a spresdsheet and manipulate the data to suit.

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