Posted 4th Apr 2023
Going to put an offer on a house that's been part exchanged. An offer by somebody else is in but Barrett are still open to other offers
Listed at 240k. What should I open with?
Thanks
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sorted byThanks all for the advice
What are peoples experience of this
If they really want it they should offer the asking price (areas differ so much so impossible really to say otherwise). They can look at Rightmove and the Government website to see what similar properties have sold for, although this can take over three months to update. Get them to talk to the estate agents as they will want the sale to go through. Once secured and following a survey there may be work needed which will enable them to negotiate the price.
You dont say your nephews position ....i.e. first time buyers/ house to sell/etc if theres nothing to sell that will work in his favour.
Price is just one part of the equation. I'd be happy to give the builder my mortgage in principle and proof of deposit (bank statements ) up front to prove Im proceedable and serious.
Just be careful with a new build as part of the chain....there are often delays with the new build which ripple down the chain.
As @JimboParrot says you can use Rightmove or the Govt's Land Registry's Price Paid Data to get an idea of what prices have been achieved historically ...
landregistry.data.gov.uk/app…pd/
But have a chat with the local estate agents as well .....to see what prices are being currently achieved locally. They wont give you exact prices but you should be able to get a feel for the local market.
Part ex's are usually low ball offers so I find it odd that someone would do this? Did they not try and sell the property? If so, why didn't the property sell and they were desperate enough to part ex the house?
There is usually something glaringly obviously wrong with the house or the area if it's been part ex'd.........Unless the sellers were just utterly clueless to the actual value of their property and thought that part ex was the done thing?
Go in at 210k and see what happens.
However I'm not certain how you calculated an additional cost of £1 per month to repay £5000 over 25 years ? Even with no interest I make it approx £17 pcm.
I also think the rising cost of housing has distorted people's view of money. £5k is not an insignificant sum for a lot of people and they bandy these and larger amounts without really considering the value imo. If you were to lay out £5k in bank notes on your table would it still seem so small ? Perhaps it would, perhaps it doesn't. Just my perception others may have a different view
If you end up buying this part-ex wait until the very last moment, say 24 hours before exchange, then tell 'em your finances have changed and reduce your offer by £6k.
I'd never do this to an individual seller but the major house builders have been gouging money from tax payers for years now. (edited)