If you are or have ever looked into property investing, you will know just how difficult it is to get a below market value bargain. There are times when you think you have bagged a top quality property, only to be let down by vendors pulling out, or receiving a higher offer on the open market.
It is not easy trying to convince someone to sell their property for lower than what they think it is worth, but in order to get a good investment to add to your portfolio, you ideally need to purchase the property for 20 per cent less than what the vendor is asking for it.
There are tools however that can help you convince buyers to accept reduced offers, and below we have highlighted some of the best on the internet, and how you can use them to your advantage.
Government Advice – The UK’s government offers free advice for home sellers, and clearly states on the front page of the site that you should expect to wait 2 – 3 months for estate agents to find you a buyer. If you can ‘hammer home’ to a seller this, and how long all of the various paperwork will take them, you may convince them that a quick sale is what they want, especially if you can purchase in 7 days like www.topcashoffer.co.uk claims to be able to do in the UK.
NetHousePrices – This website is particularly good to show your seller exactly what property has sold for in their street. If they think their property is worth £110,000 but next door sold for £100,000 just a month ago, you can show them the facts. Unless there is something completely different between the two properties, such as the one for £110,000 had an extra bedroom, you should be able to convince them to lower their asking price.
Other tools online that you can use to your advantage include Zoopla and Rightmove. Both of which can show you previous sale history, similar to NetHousePrices, but more importantly they can show you and your potential seller what property is currently selling for on a particular street.
This can be very advantageous for you as a buyer, and a powerful weapon against a stubborn seller. Remember, as a buyer, especially if you have cash, you are in control and hold all the cards, so make sure you negotiate as much as possible to get the best price. That way you know you will be making a good profit if you come to sell the property again in the future.