Getting property at a discount is a full-time job for an expert unless you are very lucky. The first step is to know the local market inside out, so that you know the genuine value of the property types and locations, in which you are interested. Experts suggest that about one in every 150 properties they view turns out to be a bargain – and they will already have vetted many from the particulars.
All the non-agent methods listed above should offer some kind of discount, because the seller is not paying commission to an agent. Indeed, auction properties are more than a third cheaper than similar ones bought through high street agencies.
But not everyone is willing or able to wait for the right property to come up at auction and risk money on what could be a wasted survey. By keeping in contact with estate agents you stand a good chance of hearing about a reduction due to a seller needing to move quickly, because of changing circumstances. Other reasons for discounted sales are as follows:
- Repossessions, when the loan company takes over a property and will want to get rid of it quickly.
- Relocations, when someone needs to move to a new job. Large firms that offer relocation packages to senior staff are prepared to sell fast.
- A chain collapsing and a seller needing a new buyer quickly to ensure their own purchase goes through. This can be caused by a buyer dying, separating from a partner or hitting financial problems. In such circumstances you become the hero who saves the day.
Another route is to talk to property developers who are offering part-exchange deals to encourage buyer for their estate. They will be keen to sell the homes their buyers have left as quickly as possible. That may mean the price is right for you.
