How cheeky is too cheeky?

Wickedkitten

kunekune wrote: »

But OP says this is Scotland, and that's a bit different. Is this a fixed price or offers over?

Even in Scotland there is no rule saying it has to be offers over.

crob83

It's an offers over. But still an offer is an offer and the vendors are moving abroad and have an open ticket, they are just waiting on a house sale. They did say they would consider any offers!!!

TDS_2

I offered 15% less than asking when we were looking last Summer. I remember it being a pretty awkward conversation with the EA. Offer was rejected (no surprise), but they did come back after a few days with a counter offer of around 10% off asking. We still thought that was too much, but it illustrates that there are vendors out there that will budge.

You don't lose anything by asking, and potentially have a lot to gain.

Good luck!

mitchaa

Difference being in Scotland im afraid, you need to understand the terms OO and fixed price.

Generally if a house is valued at £200k, it has 2 options, put on the market for a fixed price of £200k, or put on the market for say OO £175k

This is the way the market works in Scotland, so if the house is on at OO £175k, it's valuation is somewhat higher than that.

If you are offering under OO, you are offering quite a bit below the real valuation that the fixed price would be sold at.

Sellers will soon cotton onto this and in the example above, they will ask for OO £200k if people are going to come in at bids 10-15% lower.

You are getting a double whammy discount by offering under the offers over, most sellers i presume will reject the offers.

Totally different ball game north of the border.

DAB1209

We have just offered 90k for house on offers over 115k,it also needs work done mainly cosmetic but needs new kitchen/bathroom.Bid was not accepted even though its been on market since last summer and its empty! I would put your first bid in around 95k thats not cheeky!

mitchaa

tommy75 wrote: »

85,750 first offer. Wait 3-5 days. 91,250 final offer. Wait 1-2 weeks. Sold.

Like your optimism, can't fault you for that:rotfl:

Sellers will accept stupidly low offers nowadays, they have obviously lost their marbles in the last 18mths;)

If it is on at OO £129k it's valuation is likely to be around £140k. House prices have fallen by around 5% in Scotland not 35%

mitchaa

DAB1209 wrote: »

We have just offered 90k for house on offers over 115k,it also needs work done mainly cosmetic but needs new kitchen/bathroom.Bid was not accepted even though its been on market since last summer and its empty! I would put your first bid in around 95k thats not cheeky!

A £95k offer on a property valued at £140k and you dont find that cheeky especially in an area where houses have not dropped much. I'd be telling you on your bike.

I think you've been reading too much of the drivel sprouted on here, no wonder your bid was rejected, i doubt it was even put forward.

Estate agents earn commission on sales, it's not in their interests to forward ''stupid'' offers.

DAB1209

mitchaa wrote: »

A £95k offer on a property valued at £140k and you dont find that cheeky especially in an area where houses have not dropped much. I'd be telling you on your bike.

I think you've been reading too much of the drivel sprouted on here, no wonder your bid was rejected, i doubt it was even put forward.

Estate agents earn commission on sales, it's not in their interests to forward ''stupid'' offers.

Actually no I dont find it cheeky if thats ok with you.Yes chances of actually getting it for that price is slim but why jump straight in when there could be a possibility of getting it for less.There are no active bids on the property and it has not gained any popularity despite being on market six months so why should the couple not chance their arm with a low start bid?

Ps I find you very arrogant....have a nice day!

Wickedkitten

mitchaa wrote: »

Difference being in Scotland im afraid, you need to understand the terms OO and fixed price.

Generally if a house is valued at £200k, it has 2 options, put on the market for a fixed price of £200k, or put on the market for say OO £175k

This is the way the market works in Scotland, so if the house is on at OO £175k, it's valuation is somewhat higher than that.

If you are offering under OO, you are offering quite a bit below the real valuation that the fixed price would be sold at.

Sellers will soon cotton onto this and in the example above, they will ask for OO £200k if people are going to come in at bids 10-15% lower.

You are getting a double whammy discount by offering under the offers over, most sellers i presume will reject the offers.

Totally different ball game north of the border.

Difference being just because it says offers over, that doesn't mean they won't accept offers under. My partners aunt who lives near Bathgate has managed to buy property for offers under the asking price even before the crash.

mitchaa

DAB1209 wrote: »

Actually no I dont find it cheeky if thats ok with you.Yes chances of actually getting it for that price is slim but why jump straight in when there could be a possibility of getting it for less.There are no active bids on the property and it has not gained any popularity despite being on market six months so why should the couple not chance their arm with a low start bid?

Ps I find you very arrogant....have a nice day!

You find me arrogant because i disagree with you...Great:rolleyes: