Interested in property not yet for sale - wait or approach owner?

Escapees

Just wondering what people's thoughts are on this scenario - don't know the owner personally, but heard through the grapevine that they're thinking of selling an unused property they have. House is quite particular so I'm not certain of its market value but I'd be willing to pay a bit more anyway for it.

Is it best to just wait for it to come up for sale or to privately approach the owner and make what seems to be a fair offer? House would not appeal to most but if I wait for it to go officially on sale, there might be unexpected competition from another bidder etc. Alternatively if I approach owner now, they might decline but know that I'm really interested. Their auctioneer might then use this fact to get a higher bid from me.

Also, if I do nothing and wait, I suspect the owner might never get around to putting it up for sale.

Maybe folk have experiences of this situation?

dori_dormer

I'd approach and see if they are interested. We were approached by a friend of a friend when we were thinking of selling our property. We told them we were getting some evaluations done and we'd call them when we had a price.

We offered them the evaluation price minus 2000 ( which would have been the ea fee) they were too slow viewing the place and getting back to us on a decision though so we put it on the market. Ended up getting 8 grand over evaluation price. So it was their loss. They were part of the bidding process too and lost out.

We would have been happy to sell to them though if they hadn't messed us around

ABajaninCork

Yes, I'd approach the vendor. They might be willing to do a quick sale (as long as you don't take the piss with the price) and cut out the middle man.

Make sure your ducks are in a row, and be ready to roll straight away. Have the AIP (if you need one), solicitor and surveyor on standby.

Good luck!

delthedriver

ABajaninCork wrote: »

Yes, I'd approach the vendor. They might be willing to do a quick sale (as long as you don't take the piss with the price) and cut out the middle man.

Make sure your ducks are in a row, and be ready to roll straight away. Have the AIP (if you need one), solicitor and surveyor on standby.

Good luck!

Absolutely,

Go for it !

spaceHopper

I'd go talk to them or put a note in the door if you are straight with them and don't mess around thete is every chance they would go for it. You'd save them a tonn of time getting it ready for viewings and picking an ea

Escapees

Thanks for all the responses - need to put a price on the place so! It's very 'particular' as I mentioned and I'm also relatively new to the area so will need to do some sussing on land prices etc.