UkWinds5353

I strive to be a fair businessman to myself and family, and with the person across the table. But please remember the first offer from both sides of the table is usually just the conversation starter. If the buyer or seller are suggesting a fair price, and one that can be supported by prices of other homes in the neighboring area for similar square footage and amenities, then we can at least have a basis to consider a offer. I don't know yet how it is in the UK but asking prices more than the home is worth happens quite often in the States. My motto is buyer beware.

Then from there we have to look at what properties are selling for in the current market. Maybe the current market has a huge supply of inventory which will hurt the asking price of the homes available, or the situation could be in the sellers favor were there are very few homes for sale which will put a premium on the asking price by at least 5% to 15%. Those are real world factors that do make a difference. I would love to tell a seller that has several people bidding on their home to accept my full offer despite the other bidder's additional 10% premium. Unless they give me extra consideration because of a heart felt worded letter with my full bid then chances are they are going to take the higher offer.

I just try to never get overly emotional about business because sometimes their interest is not going to be beneficial to me. If all that matches up then we can move on to see if the house needs an additional discount based on deficiencies and maybe it doesn't. I have bought a lot of properties and most of the time my decision making has been on point. It's rare you receive full disclosure if a property has any hidden issues despite a excellent inspection. You usually find out after the fact once it's too late . You can ask for a short term insurance policy to be paid for by the seller just in case you suspect there might be a hidden problem. I'm not sure if that's a option in the UK. So you have to make sure any potential issues is priced into the purchase offer. A bad decision can cost hundreds of thousands of dollars. And you never want to learn a lesson the hard way. Be fair but always be business minded.

UkWinds5353

This is a hot property.

https://search.savills.com/com/en/pr...bfarsfas190027

UkWinds5353

Dorset will definitely be on our list of places to check out in august. It's not far from the ocean and it's right in the area of the country for driving trips to Europe. Not sure where the best beaches are located in the UK. My wife has her opinion about what beaches we should spend time. But I'm really impressed with homes in that region of the country. This one is very affordable.

https://search.savills.com/com/en/pr...bwirswbs170043

UkWinds5353

Christmas

What do you think about this property? I like the price.

https://search.savills.com/com/en/pr...btwrstus160023

christmasoompa

Gorgeous house, but again, there's a reason it's that price. Hailsham is a bit of a dump (I'd steer clear of anywhere near Eastbourne personally), and have you seen where it's situated? Right by a load of offices and car park, wouldn't be my choice personally. Plus immediately next to the church which means bells at all hours and endless cars/people when there is a service on.

Love this, and love Odiham. One of my favourite towns around here. Beautifully decorated too, just my taste. By the church again but I could probably put up with that for that house, although it's also opposite a pub which may not be ideal on summer evenings......or could be really ideal depending on your viewpoint!

Or a conversation shut down.

That's my point - half a million off a £2.5M house, isn't a fair price.

Firstly, I would point out that the kind of properties you're looking at you're very unlikely to find similar homes, they will all be one of a kind. Secondly, the agent will have done all that and priced it accordingly, and they'll know the market a lot better than you.

Yes, you usually get money off a property, of course depending on how popular it is. Anything priced appropriately and in a popular area is likely to receive asking price or over it, our agents have done several over the asking price deals in the past couple of months, despite Brexit. But an offer is definitely a good idea, I just think 20% is taking the piss.

Again, not the kind of property you're looking at. If I compare our home to others on the market within say 10 miles, there is nothing else even similar. If you were looking at a semi detached house on an estate, then yes, you'll have a bigger inventory to choose from. But if you're looking at a Georgian home for a couple of million with acreage and a tennis court, you're likely to find only one within 10 or 20 miles of your chosen area. Ours hasn't been priced with any premium, it's been priced realistically and actually £100k less than it was valued at a couple of years ago, because of market conditions.

And as I've said, I don't think 20% less than market value is fair. If there are issues that are shown up during the survey, then that's when you renegotiate. You don't offer less just in case something shows up!

JMO though, but I think you run the risk of not being taken seriously if you offer that much below market value. Which again wouldn't be a problem if you were trying to buy a semi on an estate, but you may find agents don't bother to give you info of any hidden properties, or ones due to shortly come to market, if you are seen as a tyre kicker.

jenninedinburgh

Or Edinburgh! Expensive, but what a lovely city! Has everything they're looking for! Music, festivals, good schools in some areas and good transport links. I am a dual citizen originally from the USA and LOVE Edinburgh.

spouse of scouse

Having also bought and sold lots of properties I do agree with some of your points. My point was simply that making a very low offer and attempting to justify that by telling the sellers/agent that you plan to spend a lot of money moving a window to give you a better view, put in a tennis court etc, isn't likely to fly. You don't get deep discounts that way.

Jerseygirl

I agree.

Buying a home in the England is very different than buying in the US.

robtuck

Don't forget in the UK you can be gazumped as well, right up until Exchange of Contracts. Setting the tone early by pitching in well below asking could lead the the seller continuing to accept offers on the property. Even if you did get an offer accepted, it's not legally binding, sometimes for weeks and months. 20% under asking is a big drop, especially for one off style properties. I know the market I played is was well below this, but finding anything more than 10% over valued is rare in my experience. The agents may well be optimistic in an attempt to get the business, but as they usually only get paid in completion, they want to do as little work as possible to get that commission.

Jerseygirl

Worth mentioning...in the UK an agent is only used by the sellers. There is no buyers agent involved, like there is in the US. There is no one to look after your interests but you.

MidAtlantic

UkWinds5353

What is going on in Sussex? Because everyone is telling me not to include it in our home search including my wife. It must be the "Real" part of the UK.

I like both of those properties you commented on and my wife is the steering factor in deciding what style of home we'll ultimately select . She's a Georgian girl and ever since I agreed to buying a older home the move back to the UK has been all the more exciting for her. She has been awesome and very compromising in expanding the actual area in the UK that we will call home. This move for us has evolved more than even I had anticipated because we've gone from becoming a couple of empty nesters next year to most of our flock being included in our new reality. I had images of me and my lady being a couple middle aged wanna be hippies trekking our way around Europe. Like many good husbands, fathers and motor-heads we learn how to adjust to change.

And I will also do the same in business in the UK. I agree 20% is an aggressive offer and one which can be viewed as less than serious. I appreciate the wonderful advice received by you, spouse of scouse and all the other amazing posters that are helping to improve our odds of being successful in our home hunt. Very cool of you all. You guys are on the ground in the UK and have real world knowledge how things work there. And it's great we can tap into that.

Something you said did make me curious when you mentioned it wasn't the norm to see multiple expansive neighborhoods with row after row of multimillion dollar homes in the areas we've discussed. I'm paraphrasing of course. But I think you were pointing out how comparisons might not be in the same area of a actual property up for sale and could be 10 or 20 miles apart.. Is that quite normal when seeking out listed properties as opposed to newer properties? Am I misunderstanding your thoughts?

We are doing our homework and getting ready for this august trip and look forward to being on the ground and visiting the many areas up for consideration. We can gain some insight into a property online and eliminate certain possibilities, but to gain a true understanding of what an area offers we have to be there in person. In another five weeks here we come Europe! Even our youngest is starting to get on board with the concept of finishing school then moving to the UK. My wife the Chess player. We are going to stay a few nights at a castle for the kids which should be interesting. The plan is to visit several countries while over there and to spend time with my wife's family. It's going to feel like a whirlwind.

UkWinds5353

Hi there

My friends found their dream house in the Manchester area and are over the moon. He is actually from scotland but wanted to move back to the UK while keeping everything fresh and new. I'm looking forward to spending time showing my kids both Scotland and Ireland. Should be a lot of fun.

UkWinds5353

I appreciate your input it really does give our home search a frame of reference that can lead to greater success. Thanks to Christmasoopla , I've actually started looking at rental options that might be a purchase possibility. You never know where a great option can be located.

UkWinds5353

Some real good advice about setting a positive tone and having all sides motivated to conclude a deal that works. Thanks for that input.

When moving to a different country there are subtle and not so subtle changes everyone must adapt to. My good buddy from Scotland is already telling me(my wife already know) to get ready for the difference in customer service and the need for tipping good service.

I'll get use to the customer service difference in the UK vs USA.
A real estate agent in the States quite honestly can be open to performing a myriad of various functions to insure that property is sold. I accept the fact that is not the case in the UK.

We were selling a particular property which needed a few simple prep jobs and because we no longer lived in that city it was important to find an agent that was fully onboard with getting it sold. We interviewed a handful of possible choices some wanted to simply show up and put a sign in the yard and access their client list, while others offered a full service concept to achieving success.

We picked the agent that came in the home an began climbing up ladders to look for any imperfection that needed addressing and was only too happy to drive to the house to meet vendors that would perform the needed work. And I have to admit, I enjoy good customer service. Like a warm blanket! Almost like nurturing!!