Question on bidding for buy to let property‏

Landlord Expert
By Landlord Expert September 6, 2013 00:04

I am about to buy my first buy to let property and I was looking at your website and found a lot of the information useful. However I am new to this and I have a question that I would be grateful for some advice on.

There is a property that I really like in the town centre (yield over 5%). Its a wonderful 1 bedroom studio with a great view and has a lot of interest from letting agents. Furthermore I wanted this property from the very start but someone had already made an offer when I began looking for buy to let properties. The estate agent also said it was under offer and the person had put in a few thousand less than the asking price. The vendor also wanted a quick sale as he is funding a London theatre show and I am a cash buyer.

Then last week unexpectedly the estate agent called me to say the previous buyer had pulled out and the property was available. So I rushed over there and on the advice of the estate agent put a bid at full asking price to take the property off the market (there was a real hard sell by the estate agent). The vendor has now accepted the offer.

However I feel I paid about £5000 more than I should have by bidding at full asking. I am now wishing I had started with a lower offer and then worked up, I know its a lesson Ill learn from.

Question is what would you do if you were in my position, do I have any options for renegotiating after the deal has been agreed? I don’t want to lose this property or aggravate the vendor so they pull out on me and I haven’t instructed a solicitor as yet.

Landlord Expert
By Landlord Expert September 6, 2013 00:04

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