Had an offer....what is this a joke?!!

lethal0r

OP you seem to agree with the people who say you wont lose that much and ignore those who say otherwise.

is this because you believe what they say or because its what you want to hear?

hethmar

suckers2008 wrote: »

newly married woman who has worked hard her whole life and brought her first house at 22 in london which is probably more than any of you lot have ever done

Hey - I bought my first house at 18 in London! I was onto a farmhouse with an acre at the age of 22. (But then, I didnt have kids til I was 30 - as planned)

the_flying_pig

QTPie wrote: »

Oh if this was always true! The £700k houses that I am looking at would be £475/£525k instead...

QT

i do think that there have been very slightly bigger falls at the bottom end of the price spectrum, but not much. and the very, very top end in london, the type that was mostly only affordable to bankers, has been hit very hard indeed.

i completely agree that asking prices have barely fallen from the 2007 peak, but you'll find that selling prices can go much lower. i'm also looking at '£700k in the peak' sorts of places and even a very quick call with an EA will confirm that most of these sellers will snap your hand off for £600-625k, and some may go lower if you're not in a chain.


as for the original poster, based on the facts on this thread you've received a great offer. i doubt there will be many like it around in six months' time. i'd certainly accept now if i were you.

ghostbusters

I am waiting to buy at the end of this year and if we do get another 15-20% fall this year as predicted I will be offering in Dec 09 250k on anything that is 350-300k now and 175k on anything 250k now ... agree with others on this thread .. I wouldn't look at a one bed .. prefer 2 beds in case I ever have to rent out...far more practical

...210k I would take immediately..

hethmar

Just re read the thread and see you have 13 viewings over the weekend! Thats incredible, then surely you should get a better offer. May be you can point out to people the opportunity to put a large bedroom in the loft.

mikelivingstone

~Beanie~ wrote: »

Turn down the offer then although you may come regret it in six months time when your house is still unsold...

What is the asking price and what have similar properties been selling for recently?

If you missed location location, you'll realise that you should take any offer you can get these days. On tonights programme, the buyers put in a low offer £310k, it was accepted but the vendor refused to take the house off the market. Eventually the buyers gave up and when the vendor did sell it was £40k less. I'd count yourself lucky to have an offer at all. ROund here (Surrey) I am seeing sales prices often several hundred grand below the asking prices. One house on at £1.6m in Kingswood, eventually sold for just £900k. In this crash prices are going to end up 50% lower. If you can get out 20% below peak then you will have done well.

Running_Horse

suckers2008 wrote: »

FOr less that we pay on the mortgae on a one bed flat where we are we are looking at 3-4 bed houses down in South East London/ Kent way!!

So having made one bad decision, you now want to compound it by moving from owning in Crouch End to rent in SEL-Kent??? Do you have no concerns for your unborn child?

QTPie

the_flying_pig wrote: »

i do think that there have been very slightly bigger falls at the bottom end of the price spectrum, but not much. and the very, very top end in london, the type that was mostly only affordable to bankers, has been hit very hard indeed.

I think that has a LOT to do with bankers being "hit very hard" (sorry, bad joke against bankers).

London and the "suburbs popular with bankers" will certainly see a few bargains further up the ladder as of recent months...

Unfortunately we don't have many bankers here, the houses I am looking at are owned by Doctors, Accountants, Solicitors etc... most of whom still have their jobs.

the_flying_pig wrote: »

i completely agree that asking prices have barely fallen from the 2007 peak, but you'll find that selling prices can go much lower. i'm also looking at '£700k in the peak' sorts of places and even a very quick call with an EA will confirm that most of these sellers will snap your hand off for £600-625k, and some may go lower if you're not in a chain.

You could be right - I am a pretty "straightforward" person and assume that someone would be hugely offended by a 15% off offer on a £700k house - I need to toughen up

I did have a chat with my Estate Agent today and voiced my frustration at the "disparity" in property prices. She said that she had just sold a property with an asking price of £695k for £550k - so there is, sometimes, less disparity than there seems... BUT it all depends on the RIGHT house being up for negotiation at the RIGHT price: I am not looking for "A house" at the moment, I am looking for "THE house" (sounds like you may be too).

At the moment - after a painful gazunder and unless we have any serious interest soon - we are edging towards renting out our current house and moving into rented ourselves, then going from there. We would have a reasonable amount of cash saving allowing us to possibly go on to buy whilst retaining our current house (being let out): although the thought of the mortgage payments, on the new house, doing it that way is a bit off-putting...

QT

QTPie

abaxas wrote: »

This thread is amazing.

Just goes to show you what greed does to people.

Why???

QT

the_flying_pig

QTPie wrote: »

...I am a pretty "straightforward" person and assume that someone would be hugely offended by a 15% off offer on a £700k house - I need to toughen up

I did have a chat with my Estate Agent today and voiced my frustration at the "disparity" in property prices. She said that she had just sold a property with an asking price of £695k for £550k - so there is, sometimes, less disparity than there seems... BUT it all depends on the RIGHT house being up for negotiation at the RIGHT price: I am not looking for "A house" at the moment, I am looking for "THE house" (sounds like you may be too). ...

well, you've got to try.

if you can bear it i'd try to regularly speak to as many EAs as you can to understand as much as you can about conditions in your local sub-market.

i'm planning to really, really, shop around this time. looking at the net house prices etc sites i reckoned that the £250k i paid for my current place in 2002 was at least £15k over the top. I wouldn't be all that surprised to see prices dip down below what I paid for it probably sometime in 2010. which is galling.

i'm not generally all that much of a haggler or a shopper-around but for your home you're talking huge sums of money, need to get it right if you can. assuming you're not too busy - i anticipate probably putting in at least a couple of hundred hours into searching, viewing, putting in offers, negotiating, etc next time.