"cheaky offers"

toocan

Ive put at least 5 offers in on various properties at least 15% below asking price and ive just been laughed at over the past 4 weeks.

I know everyone on here is saying put bids of 20 - 30% below but has anyone actually tried it? Im a FTB and ive explained i dont need to buy and that the market is falling so they can either take me offer and leave it. either way no one is entertaining such low bids. either they are all deluded or some of the comments on here are out of touch with the real world.

GDB2222

I don't think that sellers will usually entertain such low offers. From their point of view, if they would accept say 20% below the asking price, they might as well reduce the asking price by at least 10%. That will stimulate more interest, and they can always come down from that reduced price.

If you don't mind being rejected, you can always keep going - nothing lost! Eventually, you may strike it lucky and find a seller who has just found his dream house and so is in a mood to sell quickly.

To be frank, if you want the prices that people expect will prevail in two years time, you are going to have to wait two years.

Marc1978

I'd love someone to put in a cheeky offer for the house I'm selling.

At least it would mean I have the option to accept but it would depend on being able to get the next property up at a similar % reduction. I've already reduced the asking price by nearly 20% since Feb 08, I don't want to reduce by much more until the properties I've been looking at buying start to come down.

I suppose it depends on individual circumstances as to whether people can accept low offers.

carolt

Many people can't afford to accept low offers - check nethouseprices etc for how much they bought it for, if recently.

Some people, on the other hand, are just greedy! They may not need to sell, or may do but are just unrealistic.

Advice given on here is to always check why people are selling, to get an indication of whether or not they are really 'motivated' sellers - and to ask the estate agent what is the lowest offer the vendor will accept. That way you're not wasting their time, and they don't play games over price - they know if their figure is too high, they've lost you as a potential buyer, rather than waiting around for you to raise your offer.

Also, lots of examples on here of buyers who made low offers - vendors said no, and then 2 weeks later or whatever, came back with their tails between their legs, pleading for the offer to be accepted.

So try the advice above, target your offers - and then be prepared to wait.

Or just wait yourself - prices are falling across the board, so asking prices will soon be at a level where 'silly' offers are not required.

WTF?_2

toocan wrote: »

Ive put at least 5 offers in on various properties at least 15% below asking price and ive just been laughed at over the past 4 weeks.

I know everyone on here is saying put bids of 20 - 30% below but has anyone actually tried it? Im a FTB and ive explained i dont need to buy and that the market is falling so they can either take me offer and leave it. either way no one is entertaining such low bids. either they are all deluded or some of the comments on here are out of touch with the real world.

Don't worry about it - bide your time. We are just at the beginning of the price falls. 10% off in a year already but probably another 20% (or more) to come over the next few years.

There are plenty of delusional people out there who still think we are in a 'blip' apparently but they will be brought down to earth with a bump as real world events develop.

Keep saving for your deposit and you'll win both ways as you need to borrow less ... and every pound less borrowed to buy a house is more than two pounds less to repay and more than three pounds less to earn.

lostinrates

toocan wrote: »

Ive put at least 5 offers in on various properties at least 15% below asking price and ive just been laughed at over the past 4 weeks.

I know everyone on here is saying put bids of 20 - 30% below but has anyone actually tried it? Im a FTB and ive explained i dont need to buy and that the market is falling so they can either take me offer and leave it. either way no one is entertaining such low bids. either they are all deluded or some of the comments on here are out of touch with the real world.

I haven't offered on anything for a while but I'm telling the agents that I'll not be prepared to offer high due to the current climate and have made it clear that the headlines of 30% below are my bench mark. The agents aren't laughing at me and are still calling to get me to look at things.

sarkin

toocan are you using property bee https://www.property-bee.com this will show who has droped you may have more chance with a vendor who is already cutting the price.

snoopy78

A few months ago my brother, who is looking in the Surbiton/kingston area put in an offer for a house at 15% below asking price. The house was overvalues to be fair, and they rejected the offer, now the house is still on the market and its asking price has gone under my brothers offer.

My brother has decided to sit out for a while so will onto buy it now but it still makes him laugh as they did not even entertain the offer at the time. And failed to sell at auction.

According to reports I've read the difference between asking price and accepted offers is 7-9% so some people must be getting away with asking for a 15% plus off.

carolt

snoopy78 wrote: »

According to reports I've read the difference between asking price and accepted offers is 7-9% so some people must be getting away with asking for a 15% plus off.

No it's over 9% on average now.

do_it_today!

All our low offers have been rejected!
I'm quite bored with the whole thing tbh!

do_it_today!

well the owners of one place did come back to us but by then we had found something bigger saving 18K on what we would have had to spend on that place.... unfortunately this seller then pulled out! to rent it out instead!
so back to square 0