how much to offer in a private sale?

Discussion in 'General Property Investment Discussion' started by di7, Mar 16, 2019.

  1. di7

    di7 New Member

    My upstairs neighbour claims that his flat has been valued on 475k. The agent told us that it was going to be advertised at 460k. If we buy from him directly, he saves 1.5% fees (~7,000) and would not have the hassle (we have the money), although he is not in a rush. We want the flat to extend ours. How much would you offer? thanks
     
  2. realdeals

    realdeals Active Member

    Personally I would approach him directly and ask what he would take for a face to face sale (obviously with the legal checks etc) pointing out savings, etc. That way you can go away and have a think, then make him an offer which is in the ballpark and one which should not offend him. The problem is that if you go in blind with a low offer you might offend him but on the flip side of the coin, you dont want to go in too high :)
     
  3. Longterminvestor

    Longterminvestor Active Member

    If you start too low then you risk alienating the seller - I would also try and get in touch and see if there is some middle ground.
     
  4. FWL

    FWL Member

    If there are savings of £7k in fees then your base point is £453k but a quick cash sale is worth a few pounds as well. Personally I would start at £430k and work my way up if needed.
     
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