Made on offer but turned down

jammie*dodger

Well as we are hopefully close to exchange we thought we'd have a go at making an offer. We should be able to complete on a new property in about 6 weeks so in a good position. The property in question was £295k and I offered them £250k. A big drop but nothing ventured nothing gained

Anyway turns out they already have an offer of £280k that they would accept. Only problem is that that buyer needs to sell there house first. I suspect they'll regret that decision in 6 months time but i'm not willing to wait that long.

Oh, well, never mind. JD

Davesnave

Depends how long they've been on the market. A 15% drop is quite a leap psychologically. I've done it, but I'm not Joe Average, and even though it makes sense, it still hurts. My Property Bee tells me most drops in my area are in the 6% to 9% region. Your sellers probably don't visit this site or have Property Bee, so they'll be relying on local anecdote and their agents.

m00m00

property bee just shows changes in asking price. Any offers coming in at the moment will be some way below asking price in the vast majority of cases.

pickles110564

m00m00 wrote: »

Any offers coming in at the moment will be some way below asking price in the vast majority of cases.

And that is all they an offer.
Still takes the seller to accept it and it still seems that it is only the desperate are willing to drop the large amounts to seal a sale.

m00m00

as I've said a few times of late, absolutely nothing seems to be selling in the areas I look at, so a mexican standoff is developing.

either mortgage lending is going to get more lax (unlikely)
or sellers are going to start dropping a lot more (more likely, but not certain)

to get the market going again here.

Davesnave

m00m00 wrote: »

property bee just shows changes in asking price. Any offers coming in at the moment will be some way below asking price in the vast majority of cases.

Exactly, nobody knows for sure what level of offers are being accepted, just the odd anecdote. For example, I know a house in my road went for 6% below asking recently and local new builds are going for 18% below. That's all I know.

pickles110564

m00m00 wrote: »

as I've said a few times of late, absolutely nothing seems to be selling in the areas I look at, so a mexican standoff is developing.

either mortgage lending is going to get more lax (unlikely)
or sellers are going to start dropping a lot more (more likely, but not certain)

to get the market going again here.

You are right again, but I think that old British pride will get in the way of a lot of sellers dropping huge amounts and will probably wait until next spring before reality sinks in and they have no choice but to drop to gain their next home

pickles110564

Davesnave wrote: »

Exactly, nobody knows for sure what level of offers are being accepted, just the odd anecdote. For example, I know a house in my road went for 6% below asking recently and local new builds are going for 18% below. That's all I know.

5 properties that would be FTB's have recently gone to STC which has surprised me. Dont they read the papers and watch the news.:rolleyes:

d900

pay for a house what u think its worth and what u can afford happily.

BenL

What we need is a new superhero tv property show where the expert negotiates sellers downwards so far that it makes great viewing and gets the message across that houses are overpriced and this is now how the market works.

No more painting the walls and adding 10K to the price.

I think lots of people would tune in to watch the squirming negotiations.

lonestar1

BenL Only problem with a show like that is everyone wants to appear on a show where they make money but finding volunteers to appear on a show where they lose money tends to be harder (I imagine)