Property been up for 13 months, want to ask

A_Sober_Paddy

So myself and the oh are viewing a property on Tuesday, it's listed since April 15...is the asking price more flexible with it being so long on the market...

Also is it possible to find out weather it's a private person, or a bank selling the property?

P. Breathnach

I take it you mean April 2015.

You can ask the EA about the vendor, but you might not get a clear answer.

I don't think it is possible to gauge price flexibility on the simple basis of how long a property has been on the market.

If it is in a place where properties generally sell, then I would consider the possibility that the vendor has dug his heels in and is not for budging.

If it is a somewhat non-standard property (e.g. unusual design, remote location, needing major work) then it might be that there is a scarcity of potential purchasers, and you might find some flexibility.

Or you might find why it is slow to sell - that there are major issues that the average purchaser would not take on, and which you might also be unwilling to face. I am aware of a property for sale at what looks a good price, but I also know that the vendor's title is, at best, questionable, and that any purchaser would be taking a big risk.

A_Sober_Paddy

P. Breathnach wrote: »

I take it you mean April 2015.

You can ask the EA about the vendor, but you might not get a clear answer.

I don't think it is possible to gauge price flexibility on the simple basis of how long a property has been on the market.

If it is in a place where properties generally sell, then I would consider the possibility that the vendor has dug his heels in and is not for budging.

If it is a somewhat non-standard property (e.g. unusual design, remote location, needing major work) then it might be that there is a scarcity of potential purchasers, and you might find some flexibility.

Or you might find why it is slow to sell - that there are major issues that the average purchaser would not take on, and which you might also be unwilling to face. I am aware of a property for sale at what looks a good price, but I also know that the vendor's title is, at best, questionable, and that any purchaser would be taking a big risk.

Vendors title? Can you explain?

P. Breathnach

A_Sober_Paddy wrote: »

Vendors title? Can you explain?

Proof of ownership

A_Sober_Paddy

P. Breathnach wrote: »

Proof of ownership

Assume that's the job if a solicitor to make sure that's all above board

P. Breathnach

A_Sober_Paddy wrote: »

Assume that's the job if a solicitor to make sure that's all above board

Of course it is. But a flawed title might explain why a property is slow to sell. For all you know, there might have been people who were interested in purchasing, but who backed off when a problem came to light.

A_Sober_Paddy

P. Breathnach wrote: »

Of course it is. But a flawed title might explain why a property is slow to sell. For all you know, there might have been people who were interested in purchasing, but who backed off when a problem came to light.

Is it possible to get that checked before paying a structural surveyor or valuation fee?

P. Breathnach

A_Sober_Paddy wrote: »

Is it possible to get that checked before paying a structural surveyor or valuation fee?

I suppose it's possible, but it's not the usual sequence.

I don't mean to alarm you unduly: most people selling property have good clean title. I think that the most likely situation where you might encounter a problem is an older rural dwelling that has been in the same family for many years (that's the situation with the one I mentioned up-thread).

It won't hurt to ask the EA, when negotiating on price, if there is any issue with the title. You can't rely wholly on the answer, because the EA might not know, and give you a reckless assurance. If the EA uses guarded language, be cautious (that's probably a good general guideline for dealing with EAs).

You could have a word with your solicitor, asking him or her to get a general assurance from the vendor's solicitor about title before incurring the costs of a survey. Your solicitor would probably charge you a modest amount for doing so.

A_Sober_Paddy

P. Breathnach wrote: »

I suppose it's possible, but it's not the usual sequence.

I don't mean to alarm you unduly: most people selling property have good clean title. I think that the most likely situation where you might encounter a problem is an older rural dwelling that has been in the same family for many years (that's the situation with the one I mentioned up-thread).

It won't hurt to ask the EA, when negotiating on price, if there is any issue with the title. You can't rely wholly on the answer, because the EA might not know, and give you a reckless assurance. If the EA uses guarded language, be cautious (that's probably a good general guideline for dealing with EAs).

You could have a word with your solicitor, asking him or her to get a general assurance from the vendor's solicitor about title before incurring the costs of a survey. Your solicitor would probably charge you a modest amount for doing so.

Cheers, it's a new house maybe 20 years old

mitresize5

Asking an EA if there is flexibility in the price, viewing the house and putting in a offer appropriate to you if you like it isnt going to cost you a single penny so no harm in doing all the above.

Having said that we have house for sale for the last 18 months which is mortgage free as it was inherited. We have had four offers, some just stupid and one 20% lower than the asking price. We have it priced at what we think is a reasonable price compared to the market locally and while we would move a few grand on it we are happy to wait until we achieve what we think is a reasonable price.

the summarize the vendor may be holding out for close to the asking price

intheclouds

mitresize5 wrote: »

Having said that we have house for sale for the last 18 months which is mortgage free as it was inherited. We have had four offers, some just stupid and one 20% lower than the asking price. We have it priced at what we think is a reasonable price compared to the market locally and while we would move a few grand on it we are happy to wait until we achieve what we think is a reasonable price.

Is there not a cost to you to have it with an estate agents for so long?

I viewed a house recently that had an asking price waaay lower than usual in the area, the place was THRONGED with people looking for a bargain, I called a week later and there were 4 sets of people all furiously bidding against each other. It went sale agreed much higher than the asking price, but if the price it went sale agreed on had been the asking price I doubt it would have generated nearly as much interest.

Im viewing one later on that is overpriced for the area - the vendor has already dropped the price by 20k this year but its still a bit high. If I make an offer it will definitely be lower than the asking price.

There is no harm making the offer for what you think it is worth.

A_Sober_Paddy

intheclouds wrote: »

Is there not a cost to you to have it with an estate agents for so long?

I viewed a house recently that had an asking price waaay lower than usual in the area, the place was THRONGED with people looking for a bargain, I called a week later and there were 4 sets of people all furiously bidding against each other. It went sale agreed much higher than the asking price, but if the price it went sale agreed on had been the asking price I doubt it would have generated nearly as much interest.

Im viewing one later on that is overpriced for the area - the vendor has already dropped the price by 20k this year but its still a bit high. If I make an offer it will definitely be lower than the asking price.

There is no harm making the offer for what you think it is worth.

Well in the last 18 months 4 property's have sold for 95k, 97k, 120k and 120k..all houses are pretty much the same...the one I'm looking at is 120k...

mitresize5

intheclouds wrote: »

Is there not a cost to you to have it with an estate agents for so long?

...

There is no harm making the offer for what you think it is worth.

No additional fixed cost, the advertising certainly will be higher but thats a cost we will bear.

Your 100% right on and potential buyer make an offer on a property and the vendor accepting or refusing. It costs either side nothing.

El_Dangeroso

In my experience if a property hasn't sold in 6 months there's something seriously wrong. Go for a viewing, put in your offer, but if there's any funny business just walk away.

A_Sober_Paddy

El_Dangeroso wrote: »

In my experience if a property hasn't sold in 6 months there's something seriously wrong. Go for a viewing, put in your offer, but if there's any funny business just walk away.

Well there are people renting it I've just found out, maybe that is an issue

SB_Part2

A_Sober_Paddy wrote: »

Well there are people renting it I've just found out, maybe that is an issue

Ah yes that'll be an issue. The bank will want the tenants out before they'll consider giving you a mortgage.