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Is it a thing?
We're just starting the process of looking to buy a new, bigger, house and have seen a few come up locally on Rightmove that fit the bill.
All 3 are 4 bed, 2 are vacant, 1 currently lived in.
The 2 vacant ones seem to be much more expensive that the other taking the condition into account.
All in similar, nice, area (within a couple of miles of each other) have similar amounts of land. The vacant houses need much more work doing to them to get them to the same condition as the other one.
So I'm just wondering, do the EA overprice these kind of house expecting lower offers then accept the highest offer?
House prices don't really exist as something like other commodities, being vacant means you can move straight away or get renters in so a premium for zero chain etc.
Go and squat in it, that should lower the price for you 🙂
Surely, the vendor sets the price. The agent can advise but it's the owner's property and they can ask whatever they like.
then accept the highest offer?
Of course.
An estate agents valuation is just a starting point, as they have are obliged to pass on any offer to their clients, just offer what you think it's worth.
My house is on the market at the moment and I know I would accept an offer less then the listed price.
I know with probate cases Estate agents can value at XXX and then say they would market it as significantly above that. I guess the reason being that if theres not a mega rush may as well chance your arm.
Vacant house so vendor not necessarily needing to sell = higher price?
Been a long time since I bought but when I was looking the agent would take me round all the vacant ones first and they were all the cheaper ones having been on the market for a long time. i.e. the stuff they wanted to get rid of. All with location issues, though I did end up with one as it wasn't too much of an issue and the drop in price was significant over equivalent occupied houses.
Maybe it was also relevant that I was first time buyer and the seller obviously had no chain. Simple sale.
A vacant house needing some modernisation screams probate sale to me.
In which case you have a cabal of greedy relatives to negotiate with.
Good luck!
I think 1 is almost definitely a probate.
A vacant house needing some modernisation screams probate sale to me.
really? if it has red 'do not use tape' over toilet/bath/cooker/sink etc and the agent says it’s a probate sale then yes its probate but i looked aplenty of properties that were empty but not probate.
if in doubt then ask.
I'd hazard a guess that the reason it's vacant is because the current owners have moved and can't sell it because they're asking too much.
I'd hazard a guess that the reason it's vacant is because the current owners have moved and can't sell it because they're asking too much.
Both have been added in the last week so don't think it's that.
What's the market doing where you are, could they have fallen through, moved anyway and now be trying to sell again at last years prices (if they're falling)?
OTOH I'd go with either sellers not in a hurry either ex rental and mortgage paid off, or probate. Or just that vacant houses are worth more both to people who don't want a chain, or landlords who view it as 3 months extra rent not waiting for it to go through.
A vacant house needing some modernisation screams probate sale to me.In which case you have a cabal of greedy relatives to negotiate with.
Good luck!
Indeed! Last summer I put in an offer on a wee cottage that had been in the same family for over a hundred years. My initial offer was declined so I then offered the asking price. Some of the half dozen beneficiaries decided that if someone was willing to offer the asking, then someone would surely offer more. It's still for sale.
Often though, probate sales don't get to market, especially if the house offers "potential" . It'll go straight to the EA's builder chum with the promise of a repeat fee and/or bung in 12 months time...
A couple of miles can make a huge difference in terms of access to schools, shops, road system, etc.All in similar, nice, area (within a couple of miles of each other)
It'll go straight to the EA's builder chum with the promise of a repeat fee and/or bung in 12 months time..
How does that work then?
It's not up to the EA to accept offers, it's the sellers.
We're on the other end, a greedy relative waiting for a probate sale to for a deposit to buy a place.
It's been on the market 3 months, desirable house, desirable area all that. Estate Agent says not much interest, few viewings, mostly tyre kickers, no requests for stuff to be done etc.
Told the market is "flat", or "quiet" if Estate Agents were of this earth, less sellers which makes it look like a sellers market to buyers due to lack of supply, but not many buyers which had the opposite effect - it's not like cars, there aren't any special books you can use to price something. Big changes on the horizon means lots of people are in a "wait and see" mood with expectations of a 'correction' in the market soon, might be local to us though - there’s a massive new housing project happening now with thousands of new houses being completed soon at 6 sites around the city.
The Estate Agent is another relative so not reason to disbelieve them, other then well, they’re an Estate Agent, Mum was for 30 years and even she can’t trust them.
If you like a place make an offer in the form of a note to say you're prepared to enter negotiations at:
The can call you or ignore you. The EA has to inform the vendor of offers.
How does that work then?It's not up to the EA to accept offers, it's the sellers.
If a house is a probate sale then the Executor may well take the EA's advice on price, marketing and viability of offers. It is simple enough to promote a favoured offer whilst still remaining within the law or professional guidelines.
"In my view this buyer is not proceedable" carries a lot of weight with a busy solicitor or vendor. Happened to me last year, from both directions.
The EA has to inform the vendor of offers.
He may be required to, but how would you know if he didn't?
if it has red 'do not use tape' over toilet/bath/cooker/sink etc
I've only ever seen that in repo houses.
In which case you have a cabal of greedy relatives to negotiate with.
This is what I was going to say, having seen members of the extended family be very unrealistic about pricing a deceased relative's home.
Could also be repo jobs though, and the banks selling them will have a firm lower price.
Could also be repo jobs though, and the banks selling them will have a firm lower price.
Depends how long they've had it - they usually punt it off to a specialist services company who will have a sliding scale of how long / how much they are willing to accept.
ScottChegg - Member
if it has red 'do not use tape' over toilet/bath/cooker/sink etcI've only ever seen that in repo houses.
What's the reason behind it anyway?
Go and squat in it, that should lower the price for you
😯
I suspect our definition of 'squat' may be at odds here. Either way, it'll definitely add an argument for reducing the price.
OP price set by seller who are too ambitious / can wait. My sister had two houses for sale for 18 months, one vacant for 6m and one 12m. Renting brings in some £ but makes selling more complex and rent taxable anyway so why bother was her logic. It's wrong to assume probate sales will be quick, I know a few which have been very slow waiting for the right price especially if there is no IHT to pay.
@gobuchal that's exactiy how dodgy EAs work. Builder friend of mine said many builders pay the agents a "retainer" and gurantee agent will get house sale when it's done up. Seller does mae the decsion but the agent feeds them the info as to how the sale is going.