I need to sabotage a bid.
Discussion
Just lie say you had sold were close to exchange etc, I'm not one for lying but when I last bought a place everyone was doing it, the estate agent, the seller, other people after the house so why not got in on the act. Also just offer a lot more than you have now get the seller to accept and then nearer the time (after survey) reduce the offer.
Probate takes a relatively long time so I would doubt cash is the appeal, the house opposite to me was the same owner died went on the market, talking to the owners of it now they said the reason the selling family went with there offer was not the £ but the fact they were in no rush to move so were happy to wait for probate to be sorted vs someone in a chain that might not be able to wait.
Probate takes a relatively long time so I would doubt cash is the appeal, the house opposite to me was the same owner died went on the market, talking to the owners of it now they said the reason the selling family went with there offer was not the £ but the fact they were in no rush to move so were happy to wait for probate to be sorted vs someone in a chain that might not be able to wait.
EJH said:
The content of our letter was quite simple, explaining:
- our relationship with and ties to the area
- our desire to remain in the area
- our love of the house and how it would fit our lives (similar age & situation to the vendors when they bought and moved in) and
- how the house would allow us to continue to remain in the area (and had a garage for my stupid car)
More time was taken on how it was written (Mrs EJH to Mrs Vendor but without labouring that point overly) than the content. I don’t think I kept a copy of it but if it’s of use I can have a look and see if I still have one somewhere.
Thanks - that would be great!- our relationship with and ties to the area
- our desire to remain in the area
- our love of the house and how it would fit our lives (similar age & situation to the vendors when they bought and moved in) and
- how the house would allow us to continue to remain in the area (and had a garage for my stupid car)
More time was taken on how it was written (Mrs EJH to Mrs Vendor but without labouring that point overly) than the content. I don’t think I kept a copy of it but if it’s of use I can have a look and see if I still have one somewhere.
On the probate point, it looks like the house has gone through probate, so he just wants rid of it fast. He is the old owner's brother, who died in the house, so I suspect of a similar age (elderly) and wants the money quickly, life being short and all that.
Harry Flashman said:
Thanks - that would be great!
On the probate point, it looks like the house has gone through probate, so he just wants rid of it fast. He is the old owner's brother, who died in the house, so I suspect of a similar age (elderly) and wants the money quickly, life being short and all that.
I was in a similar situation on a property I wanted I even did the 'write a letter to the vendor' thing but didn't work, if its any consolation in the end it was the best thing to happen I didn't get the house but literally 2 months later another property same street came up and it was better for us. I now walk past daily the one I didn't get on the way to work and think 'Thank god I didn't get it'. When the next one came up I was a lot more ready to 'play' the game and do what I had to (lie) to secure it.On the probate point, it looks like the house has gone through probate, so he just wants rid of it fast. He is the old owner's brother, who died in the house, so I suspect of a similar age (elderly) and wants the money quickly, life being short and all that.
B17NNS said:
8-P said:
Who turns down 100K even if it takes 3 months thats still a huge amount of money
It is strange isn't it.Add in possible need to pay HMRC given the property's value, current council tax bills, if Labour get in...
Or there might just be an additional brown envelope involved and the agreed price just keeps stamp duty down (and stamp on the purchase would nuke the idea of offering an instant buy from the developer at a 50 or even 100k increase).
Key points to me are that your bid is £100k higher but likely to take a good few months, so guessing that he needs the money quickly...or some of it.
Wondering if you could offer your existing bid, but with a 10% exchange deposit now....and an open ended completion with an end stop? Say 6 months down the line (or whatever is realistic + a safety net). That way he gets a good chunk of cash straight away (you could offer an exchange within 14 days which would be achievable if it's freehold) and he knows he'll have the rest within a certain time frame. Shouldn't be too difficult to sort legally and potentially win win for him (extra £100k but also wedge of cash now)....with the risk on you that you'd have to complete within a certain timeframe.
Just a thought!
Dom
Wondering if you could offer your existing bid, but with a 10% exchange deposit now....and an open ended completion with an end stop? Say 6 months down the line (or whatever is realistic + a safety net). That way he gets a good chunk of cash straight away (you could offer an exchange within 14 days which would be achievable if it's freehold) and he knows he'll have the rest within a certain time frame. Shouldn't be too difficult to sort legally and potentially win win for him (extra £100k but also wedge of cash now)....with the risk on you that you'd have to complete within a certain timeframe.
Just a thought!
Dom
Harry Flashman said:
Absolutely - we got our current place because I was a chain free buyer.
Very little stock out there at the moment that I can see, and I'm specifically after a detached Victorian with a decent garden. Streatham Hill/Telford Park is pricier than our area next door. That said - any leads? The draw with this one is the hard work on it has been done. Most of the big derelictsi see round here need hundreds of thousands spent - this needs less than 100k.
GT3 - I know you work in this field: any ideas would be greatly appreciated. I am considering calling a developer friend and asking for advice.
Lady F will likely kill me if I suggest selling our newly renovated house to free cash and move back to my flat and wait for a house we like to come to market. We both fell in love with this one!
Choose an area and do your research. Know the houses that might be suitable, get to know the local agents, absolutely nail on your finances so you can move quickly. Probate solicitors/agents/executors value transaction certainty over squeezing the last few quid out of a flakey transaction. Very little stock out there at the moment that I can see, and I'm specifically after a detached Victorian with a decent garden. Streatham Hill/Telford Park is pricier than our area next door. That said - any leads? The draw with this one is the hard work on it has been done. Most of the big derelictsi see round here need hundreds of thousands spent - this needs less than 100k.
GT3 - I know you work in this field: any ideas would be greatly appreciated. I am considering calling a developer friend and asking for advice.
Lady F will likely kill me if I suggest selling our newly renovated house to free cash and move back to my flat and wait for a house we like to come to market. We both fell in love with this one!
It's also worth getting to know local builders as they often get wind of properties that are coming up for sale before they get to the market.
Finally, don't discount getting to know locals/drinking in the local boozer to snout out your Intel. 20 years ago, it was how I found out that a house in Trinity Gardens in Brixton was going to hit the market and how dire the vendors' financial position was that allowed me to get the house before it came to market for £25k less than the agent had advised they market it for
Harry Flashman said:
Lady F will likely kill me if I suggest selling our newly renovated house to free cash and move back to my flat and wait for a house we like to come to market. We both fell in love with this one!
Yeah but the market's sliding and if you can cash out now with a big fat profit you should just do it.Then you can get the next one in the same way as the developer and pay less into the bargain.
I sold my last development last year and have had to "endure" (first world problems) living in what by our standards is a sh*tter for a year due to the strange practices of out local planning department.
But the money's in the bank and more than makes up for it.
Serious answer from me. Phone the developer and offer him your price on the condition that he doesn't market it until you have sold your place. Offer a small non returnable and maybe offer to pay his legal fees.
As a developer I would usually take a "land turn" over the risk of developing, especially with an election and BREXIT on the horizon
As a developer I would usually take a "land turn" over the risk of developing, especially with an election and BREXIT on the horizon
Less serious answer from me:
Hire a white van for a few days.
Buy a sign for it, advertising "Subsidence Surveys" or similar.
Park it outside the house that is for sale for a day.
Let word get round.
...get another sign advertising "Japanese Knotweed Removal" for another day if necessary!
Hire a white van for a few days.
Buy a sign for it, advertising "Subsidence Surveys" or similar.
Park it outside the house that is for sale for a day.
Let word get round.
...get another sign advertising "Japanese Knotweed Removal" for another day if necessary!
Someone who works in property told me one the main ways that developers source houses is through Probate solicitors...quite often the relatives/beneficiaries don't live in the area so are not in touch with the market.
I tried to buy a house that was being sold through probate a few years ago. House went to sealed bids, Estate Agent (Knight Frank so you would hope upstanding) gave us no communication for three weeks after bids went in and told us ours was under consideration. Eventually we were told we were outside by "tens of thousands"...checked property register a few months later. House sold for less than our bid. Admittedly we had to sell our place but had a cash buyer for it.
The inference from the bloke who told me about probate solicitors/developers was that the solicitors get "looked after".
OP you need to somehow make sure your bid is being reflected to the family. Maybe a letter through the letterbox of the house? They might be in there trying to clear some things?
I tried to buy a house that was being sold through probate a few years ago. House went to sealed bids, Estate Agent (Knight Frank so you would hope upstanding) gave us no communication for three weeks after bids went in and told us ours was under consideration. Eventually we were told we were outside by "tens of thousands"...checked property register a few months later. House sold for less than our bid. Admittedly we had to sell our place but had a cash buyer for it.
The inference from the bloke who told me about probate solicitors/developers was that the solicitors get "looked after".
OP you need to somehow make sure your bid is being reflected to the family. Maybe a letter through the letterbox of the house? They might be in there trying to clear some things?
Cheib said:
Someone who works in property told me one the main ways that developers source houses is through Probate solicitors...quite often the relatives/beneficiaries don't live in the area so are not in touch with the market.
I tried to buy a house that was being sold through probate a few years ago. House went to sealed bids, Estate Agent (Knight Frank so you would hope upstanding) gave us no communication for three weeks after bids went in and told us ours was under consideration. Eventually we were told we were outside by "tens of thousands"...checked property register a few months later. House sold for less than our bid. Admittedly we had to sell our place but had a cash buyer for it.
The inference from the bloke who told me about probate solicitors/developers was that the solicitors get "looked after".
OP you need to somehow make sure your bid is being reflected to the family. Maybe a letter through the letterbox of the house? They might be in there trying to clear some things?
It's easy to assume sharp practice in a circumstance like that, but it's much more likely that the survey/conveyancing threw up a whole heap of issues and they just negotiated the price down.I tried to buy a house that was being sold through probate a few years ago. House went to sealed bids, Estate Agent (Knight Frank so you would hope upstanding) gave us no communication for three weeks after bids went in and told us ours was under consideration. Eventually we were told we were outside by "tens of thousands"...checked property register a few months later. House sold for less than our bid. Admittedly we had to sell our place but had a cash buyer for it.
The inference from the bloke who told me about probate solicitors/developers was that the solicitors get "looked after".
OP you need to somehow make sure your bid is being reflected to the family. Maybe a letter through the letterbox of the house? They might be in there trying to clear some things?
Inkyfingers said:
Cheib said:
Someone who works in property told me one the main ways that developers source houses is through Probate solicitors...quite often the relatives/beneficiaries don't live in the area so are not in touch with the market.
I tried to buy a house that was being sold through probate a few years ago. House went to sealed bids, Estate Agent (Knight Frank so you would hope upstanding) gave us no communication for three weeks after bids went in and told us ours was under consideration. Eventually we were told we were outside by "tens of thousands"...checked property register a few months later. House sold for less than our bid. Admittedly we had to sell our place but had a cash buyer for it.
The inference from the bloke who told me about probate solicitors/developers was that the solicitors get "looked after".
OP you need to somehow make sure your bid is being reflected to the family. Maybe a letter through the letterbox of the house? They might be in there trying to clear some things?
It's easy to assume sharp practice in a circumstance like that, but it's much more likely that the survey/conveyancing threw up a whole heap of issues and they just negotiated the price down.I tried to buy a house that was being sold through probate a few years ago. House went to sealed bids, Estate Agent (Knight Frank so you would hope upstanding) gave us no communication for three weeks after bids went in and told us ours was under consideration. Eventually we were told we were outside by "tens of thousands"...checked property register a few months later. House sold for less than our bid. Admittedly we had to sell our place but had a cash buyer for it.
The inference from the bloke who told me about probate solicitors/developers was that the solicitors get "looked after".
OP you need to somehow make sure your bid is being reflected to the family. Maybe a letter through the letterbox of the house? They might be in there trying to clear some things?
The conversion about probate solicitors and developers was totally separate and quite a few years before.
blueg33 said:
Serious answer from me. Phone the developer and offer him your price on the condition that he doesn't market it until you have sold your place. Offer a small non returnable and maybe offer to pay his legal fees.
As a developer I would usually take a "land turn" over the risk of developing, especially with an election and BREXIT on the horizon
Won't work - he will be liable for stamp duty on buy, no? Wipes out his land turn profit.As a developer I would usually take a "land turn" over the risk of developing, especially with an election and BREXIT on the horizon
Harry Flashman said:
Won't work - he will be liable for stamp duty on buy, no? Wipes out his land turn profit.
No, they should be able to get subsale relief if structured properly. You will however face difficulties getting a mortgage as the vendor won't have owned the property for 6 months. It's not impossible, but it will take a little explaining to get the vendor on board.B17NNS said:
8-P said:
Who turns down 100K even if it takes 3 months thats still a huge amount of money
It is strange isn't it.The seller's agent makes a tiny eff-all additional commission on the additional 100k. However, they might well will hit some company bonus target for the month by closing the deal now that is worth more to them personally than holding out for extra commission.
Basically, your selling agent does not work for you, they work for their boss, and one should never assume they have your interests in mind.
B17NNS said:
8-P said:
Who turns down 100K even if it takes 3 months thats still a huge amount of money
It is strange isn't it.It wont be 100k to them... Given the amounts talked it's 60k.
It could be getting split multiple ways making each share of the additional 60k fairly small
They could want quick closure for emotional reasons or they could have been greedily sat waiting for years already to get their hands on the money.
Or one of the beneficiaries is in a similar position to the OP and it makes financial sense to take a lower offer for instant cash.
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